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Understanding the City's Draft Resident Protections Ordinance
Understanding the impact of affordable housing legislation is crucial in navigating the current real estate landscape in Los Angeles. The city's "Resident Protections Ordinance" from March 12, 2024, aims to safeguard residents and streamline the development of affordable housing. Key components include stringent replacement requirements for demolished housing units, protections for existing tenants, and extensive guidelines for the allocation of affordable units.
Key Updates on Executive Directive 1 (ED 1) for Affordable Housing Development (March 2024)
Discover the latest updates on Executive Directive 1 (ED 1) for Affordable Housing Development in Los Angeles. Mayor Karen Bass's directive streamlines approvals for 100 Percent Affordable Housing Projects and Shelter projects, expediting reviews by City Planning, LADBS, and LAHD. Learn about new eligibility criteria, filing requirements, and procedural changes to help developers and building owners navigate the affordable housing approval process efficiently.
A Blueprint for Affordable Housing Development in Los Angeles
In Los Angeles, the Community Housing Incentive Program (CHIP) ordinance serves as a vital tool for developers and property owners aiming to invest in affordable housing projects. This ordinance provides a structured approach by offering density bonuses, stacking incentives, and targeting strategic locations for mixed-income developments. By leveraging these incentives, developers can not only maximize their returns but also contribute significantly to addressing the city's affordable housing needs. The CHIP ordinance stands as a testament to Los Angeles' commitment to fostering inclusive and sustainable communities through innovative housing solutions.
Understanding the LA Density Bonus Program
Los Angeles faces a shortage of affordable housing. The Density Bonus Program incentivizes developers to create more affordable units by offering a density increase and other perks. Developers can build up to 35% more units on qualifying projects and enjoy benefits like reduced parking requirements and relaxed landscaping rules. There are income restrictions for affordable units, and the program ensures affordability is maintained for at least 30 years.
New Linkage Fee Update: What You Need to Know
A significant development in real estate and city planning is the updated Affordable Housing Linkage Fee (AHLF) schedule, effective from July 1, 2023. Originally introduced in 2017, the AHLF is adjusted annually for inflation, with a 3.8% increase in 2023.