CRA/LA Funds Non-Profit Housing Developers

By EGP News Service

In order to stay in business during the present economic decline, non-profit housing organizations operating in redevelopment project areas received financial assistance for the Community Redevelopment Agency of the City of Los Angeles (CRA/LA).

The CRA/LA Board of Commissioners approved a $500,000 grant for 10 non-profit housing development organizations in early January. East LA Community Corporation, a non-profit community development corporation that provides housing and other resources to benefit low-income residents of Boyle Heights and Unincorporated East LA and nine other organizations were recipients of this grant.

In order for the organizations to maintain their long term ability to produce low and moderate income housing, each organization will receive a one-time, one year $50,000.

Bruce D. Ackerman, CRA/LA Board Chairman says, “It is vital for us to support these non-profit organizations that are providing both desperately needed affordable housing and well-paying jobs for local residents.”

Funds are eligible to community based nonprofits that are involved (at the time of application) in planning, construction, or development and/or operation of extremely low, very low, and moderate income housing projects within redevelopment project areas.

“The CRA/LA grant is critical in our City’s efforts to make housing affordable and to create jobs for hard working families,” said Mayor Villaraigosa.

“We are privileged in the City of Los Angeles to have a redevelopment agency that has made an obvious commitment to the continuing growth and sustainability of the nonprofit housing sector,” said Paul Zimmerman, Executive Director of the Southern California Association of nonprofit Housing (SCANPH).

CRA/LA is responsible for the development or rehabilitation of 25,000 homes, 90 percent of which are for low- and moderate- income individuals and families.

For more information visit the Community Redevelopment Agency of the City of Los Angeles website at www.crala.org.

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January 14, 2010  Copyright © 2012 Eastern Group Publications, Inc.

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