Posted by Tina
Villaraigosa to unveil L.A. housing plan by Jessica Garrison, Los Angeles Times Staff Writer
* “I know that budgets are tight . . . credit is almost nonexistent,” Villaraigosa said Saturday to a room full of community and labor groups pushing for more affordable housing. “But we’re going to reject the cynics . . . and build a brighter future for those kids who are in the corner over there.” *** The mayor got a standing ovation at the union hall near downtown Los Angeles, and chants of “Si, se puede” (“Yes, we can”) from the dozens of people in matching red T-shirts in his audience. *** Under the mayor’s plan, the city would pledge $200 million a year for five years from various sources, including the city’s Housing Authority, its affordable housing trust fund and its Community Redevelopment Agency, to build affordable housing. *** Most, if not all, of that money would have been used for housing already, but by setting out a comprehensive plan the city hopes to use its money more efficiently and to be more competitive in winning grants, tax credits and bond funds from government and private sources. In all, the plan depends on raising an additional $4 billion over five years. *** Villaraigosa acknowledged that in the current climate of economic uncertainty, some of the money the city is counting on may not come through, but he said he was confident other sources might open up. Federal dollars may flow to the city because of the foreclosure crisis, for example. He said he “sat down with three economists yesterday” and they assured him the plan was sound. *
What were we just saying about thrift, responsibility and accountability?