Wednesday, July 26, 2006

Affordable Housing Bond Goes to Ballot

After months of hard work with a coalition of religious groups, homeless services providers, affordable housing developers and lenders, and labor and business groups, my colleagues and I voted to place the Affordable Housing bond on the ballot for November. The measure would allocate $1 billion over the next ten years towards building permanent supportive housing for extremely low-income individuals and the homeless, affordable rental housing for low income individuals and families, and funds that would assist first-time homebuyers enter the housing market.


The price of buying and owning a home over the last decade has increased dramatically in Los Angeles. Demand has grown exponentially, and more and more families have been priced out of homeownership. Residents at almost every income level are fearful for their future because of the unavailability of affordable housing options. As Los Angeles continues to grow, we must ensure that every member of our society has the opportunity to participate in and benefit from the major economic expansion that has gripped the entire region. Working families shouldn't have to live with two other families in a home built for one. People should be able to find housing near their workplace, no matter what kind of job they have.

Today’s vote is a major victory for affordable housing advocates throughout the city, but our work is not yet over. In order for the bond to pass, two-thirds of the voters in November must vote yes on the proposition.

The bond includes:

  • A minimum of $250 million dedicated to affordable rental housing for extremely low income individuals, focused on getting homeless people off the street and including supportive housing solutions
  • A minimum of $350 million for affordable housing for individuals and households with between 30% and 80% of the area median income (AMI), with a maximum of $100 million to be used for households with between 60% and 80% AMI.
  • $250 million to be used to help first-time home-buyers at or below 150% of AMI