"Developers rejoice: L.A. is about to divvy up $387 million for affordable housing projects. The money is being doled out by the L.A. Housing Department, and it's the largest solicitation in the department's history. The majority is funded by Measure ULA, the so-called "mansion tax" that charges a transfer tax to all L.A. property sales above $5 million. Applications for the notice of funding availability, or NOFA, open Friday and close Oct. 20."
"Housing Department General Manager Tiena Johnson Hall called it "historic moment," saying that the funding will go toward not only new construction, but housing preservation and operating assistance funding. The $387 million - which consists of $316 million from ULA funds and $71 million from state and federal programs - represents the city's biggest commitment of ULA spending since the measure took effect in 2023."
Los Angeles is issuing a $387 million Notice of Funding Availability to finance affordable housing projects, the largest solicitation by the Housing Department. The package includes $316 million from Measure ULA "mansion tax" proceeds and $71 million from state and federal programs. Applications open Friday and close Oct. 20, and eligibility includes nonprofit and for-profit developers, community land trusts, limited equity housing co-ops, public entities, and similar organizations. Funding will support new construction, preservation, and operating assistance. The city shifted awards from per-unit grants to percentage-based development cost support, enabling projects to receive 30%–100% of expenses.
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