'Housing That Works' Plan Announced
Los Angeles Mayor Antonio Villaraigosa has announced that within the next five years, $5 billion will go to funding 20,000 new affordable homes near public transportation.
"Funded by a mixture of public sources—including the LA Housing Department, the LA Housing Authority, the LA Community Redevelopment Authority, Affordable Housing Trust Funds, and county, state, and federal funds—as well as private sector loans, the plan consists of broadly drawn proposals for an array of issues, from streamlining the city’s entitlement and permitting processes, to providing housing for larger numbers of LA’s homeless.
The plan includes a 'Sustainable Communities Initiative,' which will create 20 environmentally friendly neighborhoods near transit nodes. These mixed-use, multi-income developments are intended to link affordable housing for low- and middle-class workers with easier access to centers of employment.
Stuart Magruder, an architect and founder of the LA-based Studio Nova A, points out that the plan, reminiscent of the European model that locates people closer to where they work, shop, and go to school, is reliant on more effective transit systems than currently exists in Los Angeles. 'We’ve got to decide to go forward on all cylinders on both issues—developing denser communities and building more transit,' he said."
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Not really
It's just L.A.
High Cost for Affordable housing
Is it just me or is $250,00 per home seem like a lot for affordable housing?
Ray Quay
not in LA
but it depends who is being subsidized? The household median income for the LA area is about $60,000 which means with 10% down, the payment on this loan would be about $1,800 including some cash for taxes/insurance which is about 37% of the monthly income - about right. If it's intended for households well below the median income, it will be a squeeze, especially if they have no money to put down which is likely. Maybe the better question is why this population deserves a subsidy?