Housing and Homelessness Committee meeting summary
At a glance
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Committee approved: (1) a TEFRA resolution and up to $29,739,488 in tax-exempt conduit financing for the Prisma Apartments Supportive Housing Project (CD13); (2) an ordinance updating the automatic rent-adjustment formula for Rent Stabilization Ordinance units; (3) the redesigned Alliance Time-Limited Subsidy (TLS) Program and related settlement agreement amendments; and (4) a contract with Hope the Mission to implement an Encampment Resolution Fund grant for the San Fernando Osborne Program (Pacoima). All listed items were approved (5 Yes).
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What this means
The committee authorized low-cost, tax-exempt financing to support a new supportive housing development (Prisma Apartments). It approved changes to how annual rent increases are calculated for units covered by the city Rent Stabilization Ordinance, which updates the automatic rent-adjustment formula. The committee also approved a redesigned short-term subsidy program for people experiencing homelessness and a contract to fund local encampment resolution services in Pacoima. These actions approve funding and policy changes that directly affect affordable housing projects, rent increase rules for stabilized units, and local homelessness services.
Key decisions
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- Approved City Administrative Officer and LAHD reports and adopted a TEFRA Resolution to issue a supplemental tax-exempt multifamily housing conduit revenue note up to $29,739,488 and execute related financing documents for the Prisma Apartments Supportive Housing Project at 6914 W. De Longpre Ave and 1350-1358 N. Orange Drive (CD13) – (5) Yes.
- Approved City Attorney report and Ordinance amending Subsection D of LAMC Section 151.06 to require annual rent increases to comply with an updated automatic rent adjustment formula for units subject to the Rent Stabilization Ordinance (RSO) – (5) Yes. (Urgency clause noted: 12 votes required on second reading.)
- Approved Los Angeles Housing Department report, as amended, regarding the redesigned Alliance Time-Limited Subsidy (TLS) Program and amendment of the Alliance Settlement Agreement with LAHSA to align with the redesigned program – (5) Yes.
- Approved Motion to execute a contract with Hope the Mission to implement the Encampment Resolution Fund Grant for the San Fernando Osborne Program providing services for people experiencing homelessness in Pacoima (CD7) – (5) Yes.
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