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Article: Affordable Housing Gets Priority in Santa Monica.(funding information)(Brief Article)
- Article from:
- Los Angeles Business Journal
- Article date:
- October 23, 2000
- Author:
CopyrightCOPYRIGHT 2000 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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THE city of Santa Monica is pumping a record amount of money into helping nonprofit developers to maintain the supply of affordable housing. The one-time infusion, $25 million this year and $17 million last year, is a response to changes in state law that have forced the city to relax its stringent rent control regulations. (The city normally spends $3 million to $5 million a year on affordable housing acquisition and development.)
With that big infusion from the city, the non-profits have bought or are in negotiations to buy approximately 385 pre-existing apartment units.
City housing officials and recipients of the money admit the infusion is not ...