October 7, 2002

Summary

In March 2002, the Los Angeles City Council voted unanimously in support of Mayor James K. Hahn's proposal for a $100 million Housing Trust Fund. Mayor Hahn recommended fully funding the Trust Fund, as a demonstration of the City's commitment to providing safe, decent, affordable housing for all residents of the City of Los Angeles. In the 2002-2003 Fiscal Year Budget, the Mayor appropriated $42 million to the Housing Trust Fund.

The Housing Trust Fund is critical to addressing the housings crisis in Los Angeles by:

• Demonstrating the City's dedication to providing safe, decent, affordable housing for all residents of Los Angeles;
• Providing a flexible way to commit a dedicated stream of revenue to housing;
• Allowing the City to leverage existing sources of financing for housing development, including both public and private financing;
• Targeting the diverse housing needs of Los Angeles residents.

With the Los Angeles Housing Trust Fund, for the first time the City of Los Angeles will substantially support housing development and meeting the City's affordable housing needs. This dedication to housing has put the City of Los Angeles in the national forefront of cities addressing the nationwide housing crisis.