HOUSING PROGRAMS OVERVIEW
The Law specifically mandates that redevelopment agencies act to retain and expand the affordable housing stock. The Law requires that a minimum of 20% of the revenues accruing to a redevelopment agency be set aside for the purpose of maintaining and expanding the supply of housing for low- and moderate-income households. In addition, there are specific requirements for replacing, on at least a one-for-one basis, any residential units which are housing low- or moderate-income households when those units are removed to foster other redevelopment goals and objectives.
In the mid-1980’s, the City, in response to a growing recognition of the shortage of affordable housing in Los Angeles, directed the Agency to increase its efforts in housing production and the Board of Commissioners redirected resources for such purposes. The Board set a target that as much as 50% of the Agency’s funds be used for housing production, in contrast to the minimum 20% then required by law. In practice, the Agency for a number of years devoted 40% to 50% of its budget to the production of affordable housing. In this time frame, the Agency established its “City-Wide Housing” program, largely funded by the tax increment generated by the Bunker Hill Urban Renewal Project, under which affordable housing was developed, using those resources, in all needy areas of the City. At the same time, the Agency, utilizing a provision of the Law to foster housing production, voluntarily committed itself to replace all of the units originally removed from Bunker Hill on a two-to-one, and later three-to-one,7 basis. Over time, Agency actions have resulted in the production of over 28,000 units of affordable housing.
The CRA/LA reviews and approves processes for CRA/LA assisted Housing Developments, click here to find out & (File Size 16MB)