[Source: Los Angeles Daily News] Several Los Angeles-based affordable housing complexes, including Watt’s Jordan Downs, will benefit from money raised through California’s cap-and-trade program, state and local representatives said Wednesday.
Jordan Downs will receive $12 million for its first phase of construction, which includes $2 million for street improvements along Century Boulevard, from a committee that helps award grants and loans from proceeds raised by the cap-and-trade program.
The Watts housing project is being remade into a $1 billion redevelopment offering affordable housing, retail, park space, and a community center.
Douglas Guthrie, president and CEO of the Housing Authority of the City of Los Angeles, which owns and manages Jordan Downs, said in a statement the funding comes at a critical time.
“The site is being prepared for development, Century Boulevard extension is on schedule and the residents have a renewed sense of hope,” Guthrie said. “The award demonstrates this agency’s commitment to leveraging all available opportunities to ensure that we can continue to make progress with the project.”
A total of $289 million was awarded statewide this week from the state, with Los Angeles receiving $64.6 million in grants or loans for a total of six projects.
The money comes from a fund that uses proceeds from the state’s controversial cap-and-trade program. The cap-and-trade program encourages businesses to offset their pollution outputs by buying “permits” that are then used to raise money for the state.
However, a lawsuit over the program and a lack of revenue have made it a target for critics.
Included on the list of L.A. projects to receive funding is the planned Sun Valley Senior Veterans Apartment, and several South Los Angeles and downtown housing developments.
“Affordable housing development can be about more than building four walls and a roof for people who need them,” Los Angeles Mayor Eric Garcetti said in a statement. “It can also give everyone — regardless of income — a chance to be part of L.A.’s green, connected future.”
Source: Los Angeles Daily News
October 12, 2016