City Council moves $360 million in ULA funds to preserve affordable housing

The Los Angeles City Council voted to authorize the movement of $360,000,000 in funds under the city’s ULA program as part of Item 10 on the April 29 agenda. Councilmember Isabela Jurado said the investment is "the largest to date" for preserving and advancing affordable housing projects and described the allocation as targeting about 25 projects and more than 4,000 homes citywide.

Public commenters urged quick approval to protect developers’ access to state tax-credit application cycles. Franklin Figueroa, a housing provider, told the council the project in Council District 14 would produce 110 new low-income homes and urged the council to approve recommendations so projects could move forward.

When the council tabulated votes it recorded 11 in favor for Item 10. Several members emphasized speed and accountability: council comments stressed moving funds "quickly, responsibly" and prioritizing projects that are shovel-ready.

The motion and allocation are intended to preserve existing affordable housing and fund ready-to-build projects. The transcript references related budgetary sources and state funds tied to ULA but did not list individual project-level awards in detail during this session. The council moved on after the vote to additional items and a closed-session matter.