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Originally Posted by LAofAnaheim
Hmmm...colemonkee, I think you may have it wrong. this money is earmarked for affordable housing. The article says "streetscapes", but I think the actual money is for development.
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The money is earmarked for affordable housing, but the bill Schwartzenegger signed allows BIDs to use it for streetscape improvements instead - specifically in this case wider sidewalks with patterned pavers, landscaped medians, palm trees, new street lamps and traffic signals and a possible new bus line. They claim that it is meant to "spur development", which it probably will. But more than likely than it will spur development of
market-rate housing, which is far more profitable to build that affordable housing, especially in an area that has a newly improved streetscape and infrastructure. In fact, the AEG representative falls short of claiming the improvements will spur affordable housing development - he only says "development".
I would be okay with this bill if it required any development within the streetscape improvement zone to include a percentage of affordable housing, or for developers to forego developing affordable housing by paying into a CRA fund. Currently that kind of requirement does not exist. Right now this bill could very realistically siphon money from an affordable housing fund to complete streetscapes that spur zero-to-little affordable housing.
Like I said before, I would like to see the streetscape improvement completed and realized as planned - including the freeway cap park at 23rd and Adams. I just don't think the funds to pay for it should come from an affordable housing fund unless there is some kind of guarantee that developments resulting from or spurred by the improvements include affordable housing to some degree.