The City of Los Angeles passed a resolution supporting the Los Angeles Development Fund's (LADF) application for up to $70 million in New Markets Tax Credits (NMTC) for the CY2026 round. This resolution certifies the City as the 'Controlling Entity' for the LADF and authorizes the City Clerk to sign the necessary application documents. LADF has a history of deploying NMTCs, having invested at least $340 million in 32 projects since 2009, fostering economic development in low-income communities through retail, industrial, and mixed-use projects. The additional funding is required to continue supporting more projects across the city.