$1 Billion Housing Bond Headed For L.A. City Ballot

A $1-billion bond measure that would help fund about 1,000 new affordable housing units annually over the next decade and enable middle-income workers to become first-time homeowners is likely to appear on the Los Angeles ballot in November.

Boosters called it "a smart venture that would stabilize neighborhoods, boost the economy, and reduce traffic and pollution by supplying new housing closer to jobs."

The L.A. City Council voted 13-0 on July 12 to send the measure to the city attorney to draft the ordinance allowing the Nov. vote.

"Paul Zimmerman, executive director of the Southern California Assn. of Non-Profit Housing, said the bond measure is supported by a diverse and unusual coalition of groups that share at least one common view: Affordable housing is key to the city's prosperity."

"It is a central issue for the economy in Los Angeles," said Carol Schatz, president of the Central City Assn., a business advocacy group that has been at the forefront of downtown redevelopment efforts. "This bond is the best way to address low-income housing needs. It's about filling social needs, too. We want to increase homeownership."

"Teachers, police officers, nurses, mechanics and others whose families earn as much as $100,000 would be among those who might qualify for home-buying assistance."

Possibly complicating matters, though, is a state-wide $2.85 billion housing bond, Proposition 1C.

Thanks to The Roundup

Full Story: $1-Billion Affordable Housing Bond Measure May Go to Voters in L.A

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