LA affordable developers could see $360M from ULA tax haul

L.A. Mayor Karen Bass and City Councilmember Ysabel Jurado have proposed allocating more than $360 million to developers and nonprofits to build and preserve affordable housing across the city. The investment that underscores the administration’s focus on addressing the housing crisis, the Los Angeles Times reported. The plan, which requires City Council approval, would help finance 80 projects, including 1,528 new units and repairs to more than 2,500 existing affordable homes. The funding comes primarily from the United to House L.A. (ULA) tax, known as the “mansion tax,” which levies a 4 percent tax on property sales between $5.3 million and $10.6 million and 5.5 percent on sales above $10.6 million. Since voters approved the measure in 2022, it has […]This article originally appeared on The Real Deal. Click here to read the full story.