The Los Angeles City Council has approved the Fourth Quarter Proposition HHH (Prop HHH) Report for Fiscal Year 2023-24, covering the period from April 1 to June 30, 2024. This report details expenditures and status updates for various affordable housing and permanent supportive housing (PSH) projects funded through Prop HHH bonds. Since the inception of the program, a total of $963,985,000 in bond issuances have been allocated, funding 131 housing projects and 24 facilities, creating 8,780 housing units. As of June 30, 2024, $890,186,871 has been expended, with $28,262,156 disbursed in the fourth quarter alone. The report highlights completed and in-progress projects, noting that 61 projects with 3,774 units are fully operational, while 70 projects comprising 5,192 units remain under construction. Additionally, the report provides financial updates on facility expenditures and remaining bond authority, which stands at $236,015,000. The City Council has opted to note and file the report, requiring no further immediate action.
This decision ensures transparency in the allocation of Proposition HHH funds, which are crucial for addressing the housing crisis in Los Angeles. By tracking expenditures and project completion rates, the city provides accountability for its $1.2 billion bond program aimed at increasing affordable and supportive housing options.