The Los Angeles County Metropolitan Transportation Authority is earmarking $9 million for a loan program aimed at spurring affordable housing near its stations.
The Metro Affordable Transportation Connected Housing Program is part of a public-private partnership to loan money to developers to build more affordable housing within a half-mile of transit lines, which in turn could encourage more ridership, reports NBC4 media partner KPCC.
"It's a loan not a subsidy, so it's leveraging existing dollars, and affordable housing near transit is one of the best ways to ensure that nearby development actually generates ridership," said Ethan Elkind, a transit expert with the University of California, Los Angeles.
Top news of the day
Jenna Hornstock, executive officer for Metro's Transit-Oriented Communities programs, said the loans will help preserve affordable units in areas that are gentrifying and go toward helping to build roughly 1,800 new units.
An additional $9 million in funding will also come from the California Community Foundation, the California Endowment for the Arts and the Weingart Foundation.