The Los Angeles City Council has approved the issuance of a second supplemental tax-exempt multifamily mortgage revenue note of up to $2.5 million for The Brine Residential Supportive Housing Project at 3016 North Main Street. This note will finance affordable housing, supporting individuals in need of stable and supportive living conditions. The resolution authorizes the Los Angeles Housing Department (LAHD) to negotiate and execute financing documents. The note is a conduit issuance debt, meaning the City bears no financial liability for repayment, and is strictly payable from project revenues. The Housing and Homelessness Committee reviewed and moved the proposal forward for Council consideration.
This funding will contribute to the expansion of affordable and supportive housing in Los Angeles, directly addressing homelessness and housing insecurity. By leveraging tax-exempt financing, the city facilitates sustainable housing solutions without impacting the general fund.