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L.A. City Council approves 'mansion tax' spending plan and program guidelines

The Los Angeles City Council has approved a spending plan and program guidelines for the "mansion tax," officially known as Measure ULA, which imposes a tax on property sales above $5 million. This tax, which went into effect on April 1, 2023, aims to fund affordable housing and tenant assistance programs. The approved plan allocates approximately $150 million for short-term emergency rental assistance, $23 million for eviction defense, and $5.5 million for tenant outreach and education. Additionally, $116 million is designated for the development of affordable housing, with $23 million specifically for income-restricted housing for low-income seniors and $18.4 million for extremely low-income housing. The guidelines also outline how the funds will be distributed, with a focus on ensuring that the money benefits those most in need, including low-income families, seniors, and individuals at risk of homelessness. The measure has faced legal challenges, but the city remains committed to its implementation to address the housing crisis.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/politics/government/l-a-city-council-approves-mansion-tax-spending-plan-and-program-guidelines/ar-AA1vCNss ]