State Cap-and-Trade Funding includes $12 million in financing for Jordan Downs redevelopment as well as critical transportation improvements
LOS ANGELES —The City of Los Angeles has been awarded nearly $65 million in cap-and-trade funding from the State to develop environmentally sustainable affordable housing and make critical transportation improvements, Mayor Eric Garcetti announced today.
The grants come from California’s new Affordable Housing and Sustainable Communities (AHSC) program, overseen by the California Strategic Growth Council (SGC) — a committee formed by the Legislature to advance local community revitalization efforts.
The $64.6 million awarded to Los Angeles is the largest allocation to any city in California, and follows Mayor Garcetti’s successful advocacy in 2015 to lift the cap on such awards from $15 million.
The new funding will provide gap financing for four permanent supportive housing developments for formerly homeless Angelenos, totaling 348 units, and additional two affordable developments, totaling 205 units for low-income Angelenos.
“Affordable housing development can be about more than building four walls and a roof for people who need them, it can also give everyone — regardless of income — a chance to be part of L.A.’s green, connected future,” said Mayor Garcetti. “Smart design helps us to cut down on greenhouse gas emissions by linking communities to more transportation options. This is transformative work, and I applaud the Strategic Growth Council on its vision.”
Over the last two years, the City has received nearly $100 million from this innovative program, which supports housing and transportation projects that reduce greenhouse gas emissions through mixed-use designs that encourage walking, bicycling, and the use of mass transit.
The long-awaited Jordan Downs redevelopment project was awarded $12 million for its first phase of construction. This grant provides $2 million for the extension of Century Boulevard through the Jordan Downs site in Watts, creating a complete street with wide sidewalks, bike lanes, shade trees, and a re-routed bus line to improve connectivity to the Metro Blue line. It also provides approximately $10 million to finance 135 units in the first phase of construction. (Click here to continue reading)
