Los Angeles will double its funding of the city's Affordable Housing Trust Fund to $100 million, Mayor Antonio Villaraigosa announced Wednesday.
The mayor cobbled together the additional $50 million, which will be targeted toward low-income people, from four city agencies, including the Los Angeles Housing Department, the Community Redevelopment Agency, Housing Authority of the City of Los Angeles and the Department of Water and Power, Villaraigosa's office said in a statement.
In addition to the $100 million initiative, Los Angeles will give interest-free loans of $50,000 to some families of four making as much as $98,250 a year. About 190 families will be able to participate in the program under funding allocated to the program. And the subsidy for families of four earning up to $78,600 has been increased to $75,000 from $50,000 and to $105,000 for buyers who apply for a rehabilitation loan. This is the first ever-moderate income program in L.A., the mayor said.
Villaraigosa also announced he would push for a $1 billion housing bond to be placed on an upcoming citywide ballot. While such a bond has been talked about in city circles for years, getting the support of the mayor is viewed as a crucial step in developing a proposal to put on the ballot.
Villaraigosa delivered the remarks during the City's Housing Summit at UCLA.
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