The Los Angeles County Board of Supervisors recently approved the allocation of more than $10 million for the City of Industry Funds program, giving a boost to 13 affordable-housing programs.
The county's latest allocation, in conjunction with private funding sources, will provide 500 affordable housing units, including multifamily developments in Los Angeles, senior housing in Bell, Santa Fe Springs and Pico Rivera, and single-family housing units in Willowbrook.
Funding also will go toward an apartment complex for the mentally ill in Los Angeles and a facility for the developmentally disabled in Monterey Park, among other programs.
The money for the City of Industry Funds originates from tax revenue generated from that city's redevelopment areas and can be used for projects that fall within a 15-mile radius of the city of Industry. The distribution plan was adopted four years ago by the Los Angeles Board of Supervisors and is administered by the County Community Development Commission.
So far, the fund has allocated $75 million--which has leveraged an additional $400 million in private funding--toward building more than 90 developments, including 3,700 units of affordable and special-needs housing. The program is scheduled to extend through 2017.
"The Industry Funds are a vital resource that helps the agency continue its tradition of building better lives and better neighborhoods," said Carlos Jackson, executive director of the County Community Development Commission. "Increasing the affordable-housing stock is an ongoing challenge for the next decade and beyond."