"The agency, known as LACAHSA, bills itself as a one-stop shop for affordable housing financing with offers of construction loans, permanent loans, rental subsidies and other types of funding products. It's betting that in doing so developers can build low-income homes quicker and cheaper in a county with a bruising affordability and homelessness crisis."
"According to the Terner Center at UC Berkeley, each additional public funding source an affordable developer uses, on average, delays a project four months and increases total cost by $20,460 per unit - more than $2 million for a 100-unit community."
"We want to build housing cheaper and quicker, because that means more units,"
The L.A. County Affordable Housing Solutions Agency has approved its first funding round, allocating just over $100 million for more than 500 affordable housing units across ten projects. The agency aims to streamline the funding process for developers, allowing them to access various financial products from a single source. This approach is expected to reduce delays and costs associated with securing multiple funding sources, which can significantly impact project timelines and expenses. Another funding round is anticipated in May.
Read at Los Angeles Times
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