Los Angeles was selected by the International Olympic Committee Wednesday as one of the five final candidates to host the the 2024 Olympics.

The other cities picked by the IOC at a meeting in Lausanne, Switzerland, were Budapest, Hamburg, Paris and Rome. The final decision will be taken in Peru in 2017.

“We are welcoming five outstanding and highly qualified Candidate Cities,” said IOC President Thomas Bach.

The IOC also announced that it will contribute $1.7 billion in cash and services to the Olympic Games 2024 organizing committee.

Los Angeles emerged as U.S. Olympic Committee’s candidate after misgivings regarding costs emerged in Boston, which had been initially chosen.

Los Angeles, which hosted the 1932 and 1984 Olympics, is bidding for a third chance, along with Paris and Rome. If held in Los Angeles, the 2024 games would be the first summer Olympics in the United States since they were held in Atlanta in 1996.

Bidding for the games started in 2015, and the host of the Summer Olympic Games will be announced at the 130th International Olympic Committee IOC Session in Lima, Peru in September 2017.