T
he Los Angeles City Council has approved a plan to allocate the majority of its Measure ULA mansion tax funds towards social housing programs. The council allocated $168 million for fiscal year 2024-2025, with $133 million earmarked for affordable housing development and preservation. An additional $21 million will go towards rental support programs and eviction defense, while $13 million will cover program administration.
The Measure ULA tax has collected around $480 million since its implementation last April, with a projected revenue of $271.1 million for the 2024-2025 fiscal year. The tax charges a 4% fee on residential sales above $5.1 million and a 5.5% fee on commercial sales above $10.3 million.
A significant portion of the funds, approximately $100 million, will be dedicated to social housing programs that encourage tenants to collectively buy and operate apartment buildings. These projects aim to promote tenant ownership and keep buildings permanently affordable.
The council also approved an amendment calling for a report on reducing the tax burden on nonprofits building affordable senior housing. The Measure ULA tax has faced challenges in court, with opponents arguing its validity, but a state ballot initiative to rescind the tax was blocked by the California Supreme Court this summer.
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