Los Angeles City Councilmember Mitch O’Farrell continues to advocate for the preservation and creation of affordable housing in the 13th District and across the city.
The Daily News featured an op-ed penned by O’Farrell in Monday’s online platform and Tuesday’s print edition. The Huffington Post also featured content by homeless supportive services advocate Mark Horvath [SOURCE Invisible People].
Councilmember O’Farrell, along with colleagues Felipe Fuentes and Gil Cedillo, are taking a close look at “boomerang funds.” This source will play an important role in their plan to bring more affordable housing to low-income and middle class families across the city.
Since the elimination of the Community Redevelopment Agency (CRA) in 2012, the City has received approximately $121 million in new property tax revenue. The funds would have been allocated to the CRA but since it no longer exists the funds come to the City’s general fund, these are commonly referred to as “boomerang funds.”
“There is competition for these funds as the City continues to have a structural deficit,” said O’Farrell. “I will only support a balanced and responsible budget and believe the budget must reflect our priorities and have a permanent and dedicated source of revenue for affordable housing. We need to bridge the gap for affordable housing and provide basic City services and I know we can do both. I will work with my colleagues to find a way to dedicate a percentage of the “boomerang funds” toward affordable housing.”
The City’s Budget and Finance Committee is currently discussing the Mayor’s Proposed Budget for Fiscal Year 204-15.
The full City Council is expected to vote on the budget in May.