Los Angeles Mayor Antonio Villaraigosa announced Monday a five-year plan to build 20,000 housing units in the city.
The $5 billion project is a joint effort of several commissions – Community Redevelopment, Planning, Homeless Services Authority, Housing and the Housing Authority.
Of the 20,000 units, 2,200 will be for individuals who are chronically homeless; 8,800 will be reserved for families with an annual income less than $29,000; 3,800 will be for families making between $29,000 and $42,000; 2,600 for families making between $42,000 and $52,000; and 2,600 units for families with an annual income between $52,000 and $90,000.
“This plan lays the building blocks of housing our middle class can afford and takes the first steps toward building housing that works for all Angelenos,” said Villaraigosa.
The plan also proposes a Sustainable Communities Initiative to increase development near Metro rail stations and bus routes. Ten transit-oriented district plans are in the works for stations along the Gold Line Eastside Extension and Expo Line, and the city plans to propose more.
The initiative will be financed over five years with $1 billion from existing city resources. The remaining $4 billion will come from low-incomehousing bonds, tax credit equity, grants and private sector loans. Enterprise Community Partners has committed $700 million for the initiative.