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LA housing officials report Measure ULA revenues, outline aggressive "Supernova" NOFA and spending plans
Summary
Los Angeles Housing Department staff told the committee Measure ULA receipts have exceeded early projections and described an accelerated funding and NOFA timetable — dubbed "Supernova" — to deploy dollars for multifamily production, prevention and tenant services.
Craig Court, director of strategic engagement for the Los Angeles Housing Department, told the Los Angeles Housing Committee that Measure ULA revenues have grown faster than originally forecast and staff will pursue an accelerated Notice of Funding Availability (NOFA) process they are calling "Supernova." Court said the department received "a bit less than $33 million" in March and that ULA receipts to date exceed $632 million, figures he presented as the basis for near-term spending plans.
Court said the department has allocated $55.6 million to an Accelerator Plus track within the multifamily production category and has used that funding as gap financing for projects now producing 364 affordable units. He said five projects in a separate "Category B" pipeline are in predevelopment and could generate about 421 units if financed. Cumulatively, staff estimates the program could support up to about 10,000 construction jobs, a figure Court raised as an economic impact projection for the portfolio of projects tied to these allocations.
Why it matters: Measure ULA is the city tax measure that funds prevention, tenant defense, housing…
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