I wanted to share a few milestones in our march toward establishing guidelines for the first-ever comprehensive affordable housing policy in the City of Los Angeles.
As you know, I have been aggressively pursuing a value capture policy in particular. In September, I introduced a motion that would require developers to build low-income units or pay into the city's Affordable Housing Trust Fund in exchange for zoning changes, variances or other exceptions that increase the value of the project. The motion moved through the Council’s Planning and Land Use Management Committee this week, and is now pending a hearing in the Housing Committee.
Also this week, Mayor Eric Garcetti made the announcement during his State of the City address, that his budget for Fiscal Year 2015-2016 will include $10 million additional funding for the Affordable Housing Trust Fund.
Folks, we as leaders must focus on our housing crisis, and create policy that will provide badly needed affordable homes in neighborhoods across our city. We must address the needs of our veterans, seniors, and workers who are struggling in this post-recession economy.
I’ll be sure to keep you updated on the next steps.
-Councillmember Mitch O'Farrell