The Los Angeles City Council approved the issuance of up to $18 million in tax-exempt Multifamily Housing Revenue Bonds for the construction of Montesquieu Manor, a 53-unit affordable housing project located at 318 N Juanita Avenue. This development will provide housing to low-income individuals and families, contributing to the city’s ongoing efforts to expand affordable housing availability. The project is set to be financed through revenue bonds and other funding sources, ensuring financial feasibility while maintaining affordability standards. A public hearing required under the Tax Equity and Fiscal Responsibility Act (TEFRA) was held on September 26, 2024, to ensure compliance with regulatory requirements. The Los Angeles Housing Department facilitated the bond approval process, emphasizing the importance of increasing the affordable housing stock in Council District 13.
This decision enables the construction of affordable housing units in Los Angeles, directly addressing the city's housing crisis. By securing funding through tax-exempt bonds, the project ensures affordability while promoting urban development in a high-demand area.