The city of Los Angeles was awarded $131.3 million from the state to create 725 sustainable and affordable housing units and to make infrastructure improvements, it was announced Thursday.
Rushmore Cervantes, general manager of the Los Angeles Housing and Community Investment Department, said the California Strategic Growth Council awarded the money to the city under the Affordable Housing and Sustainable Communities Program.
"In such a competitive environment, wherein cities and counties across the state are aggressively seeking funds to support their communities, HCIDLA is thrilled to accept these valuable dollars from the SGC in support of the city's ongoing efforts to address environmental challenges while pursuing critically needed affordable housing," Cervantes said.
This is the largest SGC award to date for Los Angeles, Cervantes said. The goal of the AHSC Program is to reduce greenhouse gas emissions and vehicle miles traveled by financing projects that integrate new affordable housing with transportation improvement projects near jobs, retail services and other amenities routinely used by Angelenos.
By paying for infrastructure improvements such as sidewalks, bike lanes and bus shelters, the AHSC program makes it easier and safer for residents to walk, bike and use public transportation, Cervantes said.
The AHSC funds will provide gap-financing for the development of seven affordable housing projects -- Corazon del Valle, Parkview, Rose Hill Court, Santa Monica and Vermont, Thatcher Yard, Washington Arts Collective and 619 Westlake. Of the 725 new apartment homes -- 595 units, or 82%, will be dedicated for low-income and extremely low-income households.
Of the $131.3 million award, $87 million is allocated for new affordable housing construction and $42 million for transit-related infrastructure projects, including 8.11 miles of pedestrian and cycling improvements.
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Combined, the seven projects will help reduce over 148,000 metric tons in greenhouse gas emissions, according to HCIDLA.
This marks the fifth consecutive year that HCIDLA's proposals have been awarded AHSC funding. Combined with the prior AHSC awards, the city has secured $330.8 million to support 28 developments with 2,943 new housing units, of which 2,668 are affordable, and an array of greenhouse gas emission-reducing transit infrastructure projects.