An LAist review of one of the largest housing assistance programs found it provides a relatively small number LosAngeles residents with multiple housing subsidies while hundreds of thousands seeking help go without. Why is this happening? Learn more ⬇️
Part 4:And here's his backstory:But the tax credit funds do not generate enough money to pay for all development costs. Additional government subsidies are needed to cover the gap, and still more to make the housing’s discounted rents affordable to many of the low-income households who live there. To make rents affordable, projects subsidized with tax credit financing depend heavily on additional federal rental subsidies, such as Section 8 vouchers.
Los Angeles’ experience closely mirrors that of all of California, HUD’s published statistics show. About 40% of tenants in tax credit-financed housing throughout the state get the extra aid.Without the extra aid, as many as eight of 10 tenants in these properties in Los Angeles and in the rest of California would face rent costs that would be unaffordable by government standards.
They promise to make at least 20% of all units affordable to tenants earning 50% or less of the area median income
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Huntington Beach mayor, a fierce critic of state housing mandates, lives in affordable housingTony Strickland says the 1,800-square-foot, four-bedroom condominium where he lives was purchased by his wife 19 years before they were married.
Read more »
Mayoral candidates debate affordable housing and historic preservationAt a forum held by developers, landlords, and preservationists the mayoral candidates tried to distinguish themselves without attacking each other.
Read more »
DuPage County Board looking for ways to grow affordable housing stock'If you work in DuPage County, you should be able to live in DuPage County,' Deborah Conroy, DuPage County Board Chairwoman, said Tuesday.
Read more »
LADWP board adopts pilot program to fast-track affordable housing projects‘Project PowerHouse’ cuts costs for affordable housing developers, in response to Mayor Bass’ call to house homeless.
Read more »
Silicon Valley Bank collapse leaves ‘a huge gap’ in the affordable-housing ecosystemSilicon Valley Bank didn't just support tech startups — it also played a major role in financing affordable housing in California and Massachusetts.
Read more »
LADWP OKs Pilot Program for Expediting Affordable Housing DevelopmentsLos Angeles' Water and Power Commission unanimously approved a new energy services policy Tuesday aimed at supporting affordable housing developments and permanent supportive units.
Read more »