The Los Angeles Housing Department is preparing to distribute $387 million to developers across the city to build affordable multifamily residences, marking the biggest such allocation of funds from the Housing Department in the agency’s history. Most of the funding comes from Measure ULA, or the so-called “mansion tax” that charges a transfer tax on all property sales in the city above $5 million, the Los Angeles Times reported. The pending funding round consists of $316 million from ULA funds and $71 million from state and federal programs. It’s the city’s biggest ULA commitment since the measure took effect in […]
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