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LA City Council Approves Citywide Rezoning Plan
The Los Angeles City Council on Friday granted final approval to the Citywide Housing Incentive Program, or CHIP Ordinance, a rezoning plan intended to boost housing development along commercial corridors and existing dense residential neighborhoods, according to the Los Angeles Times. The vote was 14-0.
The Times reported the new ordinance will provide developers incentives to build both market-rate and affordable units. It represents LA’s main strategy to meet state housing goals requiring the city to find land for an additional 255,000 homes and caps a years-long process.
Under the CHIP Ordinance, developers may exceed current limits on building if they include a certain percentage of affordable units and the property is near public transit. Projects that are 100% affordable will be eligible for incentives across a wider swath of the city. In both cases, developers can generally only use the incentives for properties in an existing multifamily neighborhood or commercial zone.