Affordable Housing Gets a Boost
County allots funding to encourage development
By Melissa Pamer Correspondent, Whittier Daily News

Following a year in which the median home price in Los Angeles County hit a record high, county housing officials announced this week that the largest-ever yearly allocation of funds is available for new affordable housing developments.

Developers can apply for more than $30 million in county and federal funds to build special needs, multifamily and senior rental housing, officials at the county's Community Development Commission said. A new, streamlined application process is designed to draw an increased number of funding requests from developers to meet the growing demand for affordable housing.

"This is without question making a difference, but there's just overwhelming need out there," said Blair Babcock, the county's manager of affordable housing development.

The county's median home price hit $522,500 in July, according to data from the California Association of Realtors. Only 19 percent of first-time buyers could afford a home in the county in the third quarter of 2006, the association reported.

The majority of the newly announced housing funds come from a program that redistributes Industry's redevelopment revenue to nearby towns and cities. Because of Industry's low number of residents, the Board of Supervisors in 1998 moved to allocate the city's redevelopment revenue to housing projects within a 15-mile radius of Industry.

Since its inception, the "City of Industry Funds program" has distributed $136 million for 148 projects, providing more than 5,300 residential units, Babcock said.

"It's fantastic program," said Alfredo Izmajtovich, director of acquisition at the Southern California Housing Development Corp., which has obtained Industry funds for four housing projects in the past.

"There are positive impacts by letting people stay in the community who would otherwise be forced out," Izmajtovich said.

The county will begin accepting developers' applications Feb. 2. More information can be found at www.lacdc.org.