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Committee approves $4.1 million preservation pilot to shore up at-risk affordable housing reserves
Summary
The Los Angeles City Council committee approved a LAHD proposal to use remaining preservation grant funds to stabilize operating deficits at select affordable housing projects, awarding up to about $15,000 per unit for capital or operating shortfalls and requiring a stabilization plan before funds are released.
The Los Angeles City Council Homelessness and Housing Committee voted unanimously May 14 to approve the Los Angeles Housing Department’s proposal to use remaining preservation grant funds to stabilize financially distressed affordable housing projects.
The committee approved the department’s recommendation to allocate remaining grant dollars across three projects that the department and partners identified as having persistent negative operating cash flow and physical needs. Los Angeles Housing Department staff described the pilot as an infusion to “stabilize those projects” and…
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