A key goal of CRA/LA is to make our neighborhoods more livable and economically diverse by building quality housing. Throughout our history, we have provided loans to developers for housing construction and rehabilitation. We have also created home-ownership opportunities for low- and moderate-income families.
To date, we have helped create more than 29,000 housing units. More than 75 percent were built specifically for households with very low, low and moderate incomes. For detailed information about our housing programs, click here.
Investing That Makes a Difference
As of December 2008, we have invested nearly $200 million in affordable housing throughout the seven regions of our project areas. (“Affordable” means housing costs that are within the budget of a household earning 120 percent or less than the median income of the area.)
While our focus is on creating affordable housing, our investment has also made possible private financing that has spurred development of 9,424 units with no income restrictions.
Maintaining Rental Affordability
We currently monitor nearly 22,500 rental units in more than 575 developments throughout Los Angeles. Our oversight ensures compliance with regulations that set affordability levels within each development. In this way, we help ensure that the units remain affordable, and meet health and safety standards.
Expanding Home Ownership
Since 1981, more than 500 low- and moderate-income families have purchased their first home with help from our $17 million investment in home loan funding. Nearly half the families have already repaid their loans, enabling us to reinvest $9.5 million in new housing loans.
Housing for the Homeless
We partner with our sister agencies — the Los Angeles Housing Department and the Housing Authority of the City of Los Angeles — to develop Permanent Supportive Housing for the chronically homeless. These partnerships build new units that include onsite job training, health programs and social services.