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Council approves $2.1 million to keep downtown housing project eligible for tax credits
Summary
The City Council voted to reprogram $2.1 million in city funds so a proposed 82-unit mixed-use project at 901 South Broadway can apply for state low-income housing tax credits before the application deadline.
The Los Angeles City Council on an urgency vote approved $2.1 million in city funding on the condition the money be used to make a proposed 82-unit apartment project at 901 South Broadway competitive for state low-income housing tax credits.
Councilmember Pacheco said the allocation was necessary because a separate downtown funding source the project had expected was removed by state-level budget changes, and the developer needed gap financing to meet the tax-credit application deadline. "We want to bring these dollars to the city of Los Angeles," Pacheco said, urging colleagues to approve the reprogramming so the project could be submitted by the September 15 deadline.
The p…
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