LA City Council Approves Largest-Ever Funding Pool for Affordable Housing

The Los Angeles City Council voted unanimously to approve a Notice of Funding Availability (NOFA) backed by $466.6 million to build and renovate affordable housing. The largest pool of its kind in the city housing department’s history, pending approval by Mayor Karen Bass, the money will be distributed as grants and loans to developers, nonprofits and land trusts, the Los Angeles Times reported.

With funding coming largely from Measure ULA, the so-called “mansion tax” enacted in 2022, the forthcoming NOFA represents the second round of the Homes for LA initiative. The first round, with grants awarded in April, provided nearly $361 million to support 5,241 affordable units across 80 projects, according to MyNewsLA.com.

The NOFA is expected to be released Oct. 13, with applications closing on Dec. 4. The Los Angeles Housing Department will announce the recipients in February 2027, with the City Council reviewing and approving awards by April.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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