Media Resources

Councilman Gil Cedillo, GM Rushmore Cervantes and developer representatives commemorating the ground breaking of Taylor Yard Housing Development

We invite you to view our recently released announcements on events, new initiatives to improve quality of for all LA residents, new staff positions and partnering opportunities with us.

Media Release

RELEASE: HCIDLA RECEIVES $26.8 MILLION FOR MORTGAGE CREDIT CERTIFICATE (MCC) PROGRAM

RUSHMORE D. CERVANTES
GENERAL MANAGER, LOS ANGELES HOUSING + COMMUNITY INVESTMENT DEPARTMENT

FOR IMMEDIATE RELEASE
Aug 16, 2019

HCIDLA Media Contact:
Public Information Desk (213) 808-8658

HCIDLA RECEIVES $26.8 MILLION FOR MORTGAGE CREDIT CERTIFICATE (MCC) PROGRAM

To assist first-time, low- and moderate-income homebuyers purchase homes

LOS ANGELES – General Manager of the Los Angeles Housing + Community Investment Department (HCIDLA), Rushmore D. Cervantes, announced today that the HCIDLA received a new allocation of $26.8 million from the California Debt Limit Allocation Committee (CDLAC) for the City of Los Angeles' Mortgage Credit Certificate (MCC) Program.

The MCC Program is a very popular, citywide homebuyer program that assists low- and moderate-income City residents to purchase their first homes in the City of Los Angeles. The Program provides qualified homebuyers a federal income tax credit of twenty percent (20%) of their annual mortgage interest.  Homebuyers realize the MCC credit every year when they file their federal income tax returns.  The MCC Credit is available throughout the term of the original mortgage, typically 30 years. By reducing the homebuyer’s federal income tax liability, the MCC reduces the amount of federal income tax paid, thereby providing the homebuyer with additional disposable income to qualify for a mortgage and increase their home purchasing power.  The MCC Program may be utilized on a stand-alone basis or in conjunction with the City's down payment purchase assistance ("soft seconds") loan programs.    

 “We are excited to receive these funds that will help households in the City achieve the American dream of owning a home. The HCIDLA team is ready to assist eligible, first-time homebuyers realize their dream of homeownership in the City of Los Angeles.”   -Rushmore D. Cervantes, General Manager

To apply: contact one of HCIDLA’S approved Participating Lenders to be pre-qualified for a first mortgage and the City’s Mortgage Credit Certificate Program, or call (213) 808-8800 for more information.

For more details about the program, features, and requirements, visit the HCIDLA website (hcidla.lacity.org), or call (213) 808-8800.

Los Angeles Housing + Community Investment Department (HCIDLA) promotes livable and prosperous communities through the development and preservation of decent, safe, and affordable housing, neighborhood investment and social services. For more information, contact HCIDLA Monday through Friday, at (213) 808-8808, or toll-free at (866) 557-7368. More information about HCIDLA programs and services can be found on the HCIDLA website at hcidla.lacity.org.

Media Release

RELEASE: CITY OF LOS ANGELES AWARDED $85 MILLION FOR SUSTAINABLE AFFORDABLE HOUSING DEVELOPMENT

RUSHMORE D. CERVANTES
GENERAL MANAGER, LOS ANGELES HOUSING + COMMUNITY INVESTMENT DEPARTMENT

FOR IMMEDIATE RELEASE
June 5, 2019

HCIDLA Media Contact:
Public Information Desk (213) 808-8658

CITY OF LOS ANGELES AWARDED $85 MILLION FOR SUSTAINABLE AFFORDABLE HOUSING DEVELOPMENT

LOS ANGELES – General Manager of the Los Angeles Housing + Community Investment Department (HCIDLA), Rushmore D. Cervantes, announced today that the State of California Strategic Growth Council (SGC) has awarded $84.9 million to the City of Los Angeles under the Affordable Housing and Sustainable Communities (AHSC) Program.  This is the largest SGC award to date for City of Los Angeles.

The goal of the AHSC Program is to reduce greenhouse gas (GHG) emissions and vehicle-miles traveled by financing integrated new affordable housing developments and transportation improvement projects, near work, retail, and other facilities routinely used by Angelenos.  By paying for infrastructure such as sidewalks, bike lanes, and bus shelters, the AHSC program makes it easier and safer for residents to walk, bike and use public transportation.

  “HCIDLA is thrilled to receive these valuable dollars from the SGC in support of the City’s ongoing efforts to combat climate change while ensuring critically needed affordable housing remains an integral part of a more livable, sustainable, and transit-oriented Los Angeles” - Rushmore D. Cervantes, HCIDLA General Manager

The AHSC funds will provide much needed gap-financing for the development of five (5) affordable housing projects that will consist of 824 units, of which 709 units (86%) will be dedicated for low-income and extremely low-income households.  Of the $84.9 million award, $58 million will be allocated for new affordable housing construction and $27 million for transit related infrastructure projects, including 11.7 miles of pedestrian and cycling improvements.  Combined, the five awarded projects will help reduce over 102,000 metric tons in GHG emissions.  The projects include: Hollywood Arts Collective * Jordan Downs Phase S3 & Watts Pedestrian Bike District * Manchester Urban Homes * Vermont Manchester Transit Priority Project * Weingart Tower and Skid Row Transportation Safety.   

This marks the fourth consecutive year that HCIDLA proposals have been awarded AHSC funding.  Combined with the prior AHSC awards, the City has successfully secured approximately $200 million to support 21 developments, 2,218 new housing units and an array of GHG emission-reducing transit infrastructure projects.  These awards align with the City of Los Angeles’ Mayor Eric Garcetti’s priorities in creating a more sustainable City.  This outcome is the product of interdepartmental City team effort coordinated by HCIDLA, technical assistance provided by Enterprise Community Partners, Inc., and collaboration with LA County for one of the five projects.

Los Angeles Housing + Community Investment Department (HCIDLA) promotes livable and prosperous communities through the development and preservation of decent, safe, and affordable housing, neighborhood investment and social services. For more information, contact HCIDLA Monday through Friday, at (213) 808-8808, or toll-free at (866) 557-7368. More information about HCIDLA programs and services can be found on the HCIDLA website at hcidla.lacity.org.

Media Release

RELEASE: CITY OF LOS ANGELES' TEXT RSO CAMPAIGN

RUSHMORE D. CERVANTES
GENERAL MANAGER, LOS ANGELES HOUSING + COMMUNITY INVESTMENT DEPARTMENT

FOR IMMEDIATE RELEASE
June 5, 2019

HCIDLA Media Contact:
Public Information Desk (213) 808-8658

CITY OF LOS ANGELES' TEXT RSO CAMPAIGN

LOS ANGELES – The Los Angeles Housing + Community Investment Department (HCIDLA) is expanding its outreach effort to tenants, landlords and the general public with the Text RSO Campaign

Through the Housing + Community Investment Department’s Rent Division, tenants, landlords, and the public in general can easily find out if a property located within the city of Los Angeles is subject to the City’s Rent Stabilization Ordinance (RSO). The Text RSO tool enables tenants, landlords, investors, real estate professionals and others to be informed about specific properties, and how to learn more about their rights and responsibilities.

The City’s Rent Stabilization Ordinance (RSO) applies to rental properties that were first built on or before October 1, 1978 as well as replacement units subject to state Ellis Act, and includes all of the following: apartments, rented condominium units and townhomes, duplexes, two or more single family dwelling units on the same parcel, rooms in a hotel, motel, and rooming house or boarding house occupied by the same tenant for 30 or more consecutive days, residential unit(s) attached to a commercial building. Mobilehomes and recreational vehicles in mobile home parks are also covered under the RSO.                                  

The RSO addresses - allowable rent increases, registration of rental units requirements, legal reasons for eviction, types of evictions requiring payment of tenant relocation assistance, and disclosure notices for all "Cash for Keys" or Tenant Buyout Agreements.  To learn more about the City’s Rent Stabilization Ordinance, visit: hcidla.lacity.org/RSO-Overview

The ‘text RSO’ feature is available in multiple languages, including English, Spanish, and Korean.   A person needs only to text the acronym: RSO to 1-855-880-7368 to begin a quick interaction that enables the system to query the property. 

The text campaign is user friendly. After texting “RSO”, the system replies with language options. After the texter chooses the language, the subsequent text asks for the street address and zip code. The system follows with a quick ‘yes or no’ confirmation, and the text that follows confirms whether the property is an RSO designated property or not. The texter is also provided HCIDLA contact information for further inquiries about the specific property.  Learn more about the Rent Stabilization Ordinance on HCIDLA’s website at hcidla.lacity.org/Is-My-Rental-Unit-Subject-to-the-RSO

Los Angeles Housing + Community Investment Department (HCIDLA) promotes livable and prosperous communities through the development and preservation of decent, safe, and affordable housing, neighborhood investment and social services. For more information, contact HCIDLA Monday through Friday, at (213) 808-8808, or toll-free at (866) 557-7368. More information about HCIDLA programs and services can be found on the HCIDLA website at hcidla.lacity.org.

Media Release

RELEASE: HCIDLA ENCOURAGES EVERYONE TO MAKE BICYLCE SAFETY A TOP PRIORITY

RUSHMORE D. CERVANTES
GENERAL MANAGER, LOS ANGELES HOUSING + COMMUNITY INVESTMENT DEPARTMENT

FOR IMMEDIATE RELEASE
May 9, 2019

HCIDLA Media Contact:
Public Information Desk (213) 808-8658

HCIDLA ENCOURAGES EVERYONE TO MAKE BICYLCE SAFETY A TOP PRIORITY

LOS ANGELES – Los Angeles Housing + Community Investment Department (HCIDLA) through the Transportation Safety Program and in coordination with California Office of Traffic Safety (OTS) are encouraging drivers and bicycle riders to look out for one another during National Bicycle Safety Month.

Unfortunately, deaths in bicycle injuries and fatalities are on the rise. For City of Los Angeles alone, the California Highway Patrol reports:

Persons by Road Classification and Age in City of Los Angeles - January 1, 2019 – March 31, 2019

Bicycle Involved Fatal

Bicycle Involved Injury

Bicycle Involved Fatal

Under Age 18

Bicycle Involved Injury

Under Age 18

1

219

0

41

Among the primary factors in these incidents were failing to yield right of way, speeding, improper turning, using the wrong side of the road and not following traffic signs or signals.

“Bicycle safety remains a key concern in Los Angeles, this is why under the Community Services & Development Bureau through the Transportation Safety Program, we are committed to educating and informing the public on traffic safety issues, including bicycle riders” –Rushmore Cervantes, HCIDLA General Manager

In recognition of National Bicycle Safety Month, HCIDLA joined other agencies to lead a safe walk and bike ride for 40 parents and children around the area of 20th Street School.  This is one of over 50 safe pedestrian and bike ride programs hosted by HCIDLA under a grant from the State Office of Traffic Safety.

To further raise awareness of bike safety, HCIDLA is partnering with Good Samaritan Hospital for a press conference:     Tuesday, May 14, 2019, at Good Samaritan Hospital, 1225 Wilshire Blvd, Los Angeles (Main Entrance) - 9:00 a.m.

HCIDLA offers a few tips to ensure the safety of everyone on the road:

  • Drivers should look behind them before making a turn at an intersection, especially if crossing into a designated bike lane.
  • Drivers should use extra caution backing up or leaving a parking space.
  • Bicyclists should go with the flow of traffic and let faster traffic pass.
  • Bicyclists should make themselves visible and wear brightly colored clothing.
  • Bicyclists are advised to use lights from dusk to dawn (front white light and rear red flashing light or reflectors).
  • Bicyclists should always wear a helmet and use hand signals when turning or stopping.
  • Both drivers and bicyclists should avoid distractions like using their cell phone.

Funding for transportation safety, including child safety seat, bicycle and pedestrian safety workshops is provided to HCIDLA by the California Office of Traffic Safety, through a grant from the National Highway Traffic Safety Administration.

Los Angeles Housing + Community Investment Department (HCIDLA) promotes livable and prosperous communities through the development and preservation of decent, safe, and affordable housing, neighborhood investment and social services. For more information, contact HCIDLA Monday through Friday, at (213) 808-8808, or toll-free at (866) 557-7368. More information about HCIDLA programs and services can be found on the HCIDLA website at hcidla.lacity.org.

Media Release

RELEASE: LOS ANGELES POLICE DEPARTMENT ISSUES 2,048 CITATIONS FOR DISTRACTED DRIVING

RUSHMORE D. CERVANTES
GENERAL MANAGER, LOS ANGELES HOUSING + COMMUNITY INVESTMENT DEPARTMENT

FOR IMMEDIATE RELEASE
April 24, 2019

HCIDLA Media Contact:
Public Information Desk (213) 808-8658

CITY OF LOS ANGELES HOSTS COMMUNITY MEETINGS TO DISCUSS USE OF FEDERAL GRANTS

LOS ANGELES POLICE DEPARTMENT ISSUES 2,048 CITATIONS FOR DISTRACTED DRIVING

LOS ANGELES – Los Angeles Housing + Community Investment Department (HCIDLA) through the Transportation Safety Program and in coordination with California Office of Traffic Safety (OTS) remind Angelenos of April’s Distracted Driving Awareness Month. According to Los Angeles Police Department (LAPD) statistics, LAPD cited 2,048 drivers (from 1/1/19-03/31/19) for violating California’s hands-free cell phone law as part of a larger effort to educate the public on the dangers of distracted driving.

April is Distracted Driving Awareness Month, and it is important for drivers to understand the huge risks they take using their cell phones behind the wheel,” LAPD, Officer A. Ornelas. “It’s careless, dangerous and illegal. Drivers should keep their eyes on the road, not their phone.”

Under the most recent cell phone law that went into effect in 2017, drivers are prohibited from having a phone in their hand for any reason and can only use their phone in a hands-free manner. The phones must be mounted on the dashboard, windshield or center console, and can only be touched once with the swipe or tap of a finger to activate or deactivate a function. First-time offenders face a $162 fine.

A 2018 observational survey by OTS on driver cell phone use found about 4.5 percent of drivers are still using their cell phone, and more often to perform a function on the phone, versus talking.

When drivers look down at their phone to read or sent a text, check GPS or scroll through social media, they are taking their eyes off the road, which is incredibly dangerous,” -LAPD, Officer A. Ornelas.

If you need to make a call or text someone, the police department suggests pulling over and parking at a safe location. If you are unable to resist the urge and stay off the phone while driving, put your phone in a place you can’t reach, like the backseat or trunk.

In addition to phones, other serious distractions include eating, grooming, reaching for fallen objects, fiddling with the radio or console controls and changing clothes. HCIDLA encourages everyone to avoid distractions and go safely.

Funding for transportation safety, including child safety seat, bicycle and pedestrian safety workshops is provided to HCIDLA by the California Office of Traffic Safety, through a grant from the National Highway Traffic Safety Administration.

Los Angeles Housing + Community Investment Department (HCIDLA) promotes livable and prosperous communities through the development and preservation of decent, safe, and affordable housing, neighborhood investment and social services. For more information, contact HCIDLA Monday through Friday, at (213) 808-8808, or toll-free at (866) 557-7368. More information about HCIDLA programs and services can be found on the HCIDLA website at hcidla.lacity.org.

Media Release

RELEASE: CITY OF LOS ANGELES HOSTS COMMUNITY MEETINGS TO DISCUSS USE OF FEDERAL GRANTS

RUSHMORE D. CERVANTES
GENERAL MANAGER, LOS ANGELES HOUSING + COMMUNITY INVESTMENT DEPARTMENT

FOR IMMEDIATE RELEASE
March 11, 2019

HCIDLA Media Contact:
Public Information Desk (213) 808-8658

CITY OF LOS ANGELES HOSTS COMMUNITY MEETINGS TO DISCUSS USE OF FEDERAL GRANTS

Los Angeles, CA - The Los Angeles Housing + Community Investment Department (HCIDLA) is pleased to announce the release of Mayor Eric Garcetti’s proposed budget for the 45th Program Year Consolidated Plan.  The overall budget of more than $138 million is intended to support communities in low to moderate income neighborhoods.  The HCIDLA is hosting three community meetings to share the proposed Consolidated Plan budget and collect community feedback.

Last year, the Mayor and City Council approved the 2018-2022 Five-Year Consolidated Plan Overview that outlines the framework for how the City will coordinate efforts to revitalize low income neighborhoods during a five-year period. The Program Year 45 Consolidated Plan proposed budget is focused on the following objectives: to develop urban communities, to provide decent housing and suitable living environments, and to expand economic opportunity for all City residents, and in particular the most vulnerable residents experiencing homelessness and income insecurity. These funds are for projects and programs aimed at increasing access to affordable housing, revitalizing neighborhoods and supporting economic development primarily benefiting low income residents of the City.

Some of the proposed projects in the Mayor’s budget for housing and community development grant funds include: Neighborhood Improvements, Economic Development Projects, Housing and Related Programs, and Public Services, including the following new programs: 1) Eviction Defense, 2) Children’s Savings Accounts, and 3) Expanded After-school Services.  Details of the proposed budget will be shared at the upcoming community meetings and everyone is welcome to attend and provide feedback.

DATES FOR COMMUNITY MEETINGS:

All meetings held 6:00 p.m. -7:30 p.m.

Wednesday, March 13, 2019

Mervyn M. Dymally High School

8800 San Pedro Street

Los Angeles, CA  90003

Tuesday, March 19, 2019

El Nido Family Center

11243 Glenoaks Blvd.

Pacoima, CA  91331

Thursday, March 21, 2019

Central City Neighborhood Partners

501 South Bixel Street

Los Angeles, CA  90017

Everyone is urged to attend to provide recommendations and comments on the proposed projects, and all comments will be shared with elected officials.

Individuals unable to attend but who would like to submit comments, via email to: hcidla.planning@lacity.org, by mail: Los Angeles Housing + Community Investment Department, 1200 W. 7th Street, 9th Floor, Los Angeles, CA  90017, Attn: Julie O’Leary, Director of Consolidated Planning.

To view the proposed projects, visit: hcidla.lacity.org/latest-action-plan. For more information, contact Julie O’Leary at: julie.oleary@lacity.org.

Los Angeles Housing + Community Investment Department (HCIDLA) promotes livable and prosperous communities through the development and preservation of decent, safe, and affordable housing, neighborhood investment and social services. For more information, contact HCIDLA Monday through Friday, at (213) 808-8808, or toll-free at (866) 557-7368. More information about HCIDLA programs and services can be found on the HCIDLA website at hcidla.lacity.org.

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Media Release

RELEASE: CIT BANK RENEWS PARTNERSHIP WITH A NEW GRANT FOR FIRST-TIME HOMEBUYER ASSISTANCE

RUSHMORE D. CERVANTES
GENERAL MANAGER, LOS ANGELES HOUSING + COMMUNITY INVESTMENT DEPARTMENT

FOR IMMEDIATE RELEASE
January 23, 2019

HCIDLA Media Contact:
Public Information Desk (213) 808-8658

CIT BANK RENEWS PARTNERSHIP WITH A NEW GRANT FOR FIRST-TIME HOMEBUYER ASSISTANCE

LOS ANGELES, CA – The Los Angeles Housing + Community Investment Department (HCIDLA) today announced that CIT Bank, N.A., the banking subsidiary of CIT Group Inc., has awarded a $400,000 grant to HCIDLA to help lower-income Angelenos achieve the American Dream. 

In late 2017, CIT Bank provided $400,000, which enabled HCIDLA to assist 28 hard-working families in purchasing single-family homes and condominiums throughout the city. For this purpose, CIT is now renewing that grant for another year.

For over 25 years, HCIDLA has operated first-time homebuyer assistance programs, providing eligible first-time homebuyers with purchase assistance in the form of a deferred-payment “soft second” loan to be used toward down payment, acquisition and closing costs.  Personal income tax credits in the form of mortgage credit certificates (MCCs) are also available to first-time buyers. 

“CIT is pleased to partner with the City of L.A. and renew our support for first-time, low- and moderate- income families in their efforts to secure permanent single family housing,” said Steve Solk, president of Consumer Banking for CIT. “Together, we are committed to strengthening neighborhoods and enhancing the lives of local L.A. residents.” 

With rising home prices and interest rates, the path to homeownership has become increasingly difficult, especially for low- and moderate-income first-time homebuyers. HCIDLA’s resources for first-time homebuyers are primarily federal grants and MCCs via the California Debt Limit Allocation Committee (CDLAC).  With these limited resources HCIDLA can typically assist fewer than 100 home buying low-income households a year and thus continuously seeks other grant sources.  This second $400,000 grant from CIT will enable HCIDLA to provide loans to an additional 28 homebuyers.

Denise Harris, a new homeowner, received an HCIDLA Low Income Purchase Assistance (LIPA) loan of $60,000, including $15,000 from the CIT grant awarded in late 2017. Ms. Harris stated: “I am grateful for the program and all the assistance that I received.  I am a single mother of three and obtained a brand new home through the wonderful LIPA Program and Habitat for Humanity. This has been a blessing to my family and made my homeownership dream a more affordable possibility. hank you!”

Another new homeowner assisted by the CIT grant, Nelson Armando Flores, shared that “The LIPA Program made my dream of owning a home come true.  I had been thinking of purchasing a home for myself and my family for over eight years but with home prices being so high, it always seemed like just a dream. Thanks to this wonderful program, my wife, three sons and myself, now own our own home.  Thank you for this great opportunity.  Hopefully, this program never ends.”

HCIDLA General Manager Rushmore Cervantes, stated that, “HCIDLA is pleased to accept this new CIT grant which will support our loan programs for low-income, first-time homebuyers. The demand for assistance by highly qualified buyers is far greater than the limited resources available for this purpose.”

To learn more about the City’s First-Time Homebuyer Programs, please visit hcidla.lacity.org/homebuyers.

CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience, approximately $50 billion in assets as of Sept. 30, 2018, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company’s commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT’s consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank. Discover more at cit.com/about. CIT's banking subsidiary is based in Pasadena, California, and includes the OneWest Bank Southern California branch network and the national online bank CIT Bank.

Los Angeles Housing + Community Investment Department (HCIDLA) promotes livable and prosperous communities through the development and preservation of decent, safe, and affordable housing, neighborhood investment and social services. For more information, contact HCIDLA Monday through Friday, at (213) 808-8808, or toll-free at (866) 557-7368. More information about HCIDLA programs and services can be found on the HCIDLA website at hcidla.lacity.org.

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Media Release

RELEASE: CITY OF LOS ANGELES HOUSING + COMMUNITY INVESTMENT DEPARTMENT RECEIVES $472,000 GRANT FOR CHILD PASSENGER SAFETY PROGRAM

RUSHMORE D. CERVANTES
GENERAL MANAGER, LOS ANGELES HOUSING + COMMUNITY INVESTMENT DEPARTMENT

FOR IMMEDIATE RELEASE
November 18, 2015

Los Angeles Housing + Community Investment Department Contact:
Farrah Parker, (213) 978-1675

CITY OF LOS ANGELES HOUSING + COMMUNITY INVESTMENT DEPARTMENT RECEIVES $472,000 GRANT FOR CHILD PASSENGER SAFETY PROGRAM

(Los Angeles, CA -, November 12, 2015 – LOS ANGELES)-- The Los Angeles Housing + Community Investment Department (HCIDLA) received a $472,000 award from the California Office of Traffic Safety (OTS) to support the City’s Child Passenger Safety (CPS) Program. With an aim to provide public education and increase awareness, the program prevents the injury and death of hundreds of children involved in car accidents each year.  The funds also allow the City to provide a limited number of free car seats to eligible low income city residents.

“All children, regardless of their socio-economic background, deserve to travel with proper safety measures in place,” said Rushmore Cervantes, General Manager of HCIDLA.  “By educating parents, guardians, and caregivers on the dire importance of passenger safety, these grant funds result in stronger communities where we reduce the risk of child injury.”

In addition to highlighting safety regulations, the program also teaches families how to properly select and install child safety seats.  Entering its 11th year of funding, the CPS distributes an average of 3,400 child safety seats each year having served more than 37,000 children since the program’s inception.

“By connecting with families in a compassionate way, we increase a child’s chances of traveling safely and create an environment where parents become advocates in their neighborhoods,” said Laura Guglielmo, HCIDLA Executive Officer.  The community workshops and seminars offer comprehensive support by outlining options for infant seats and appropriate state-mandated booster seats for older (and taller) children. 

Free car seats may be provided to eligible parents and guardians who complete the two-hour class.

For more information about the CPS Program call 213-808-8962 or email Jimmy.Valenzuela@lacity.org.

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Media Release

RELEASE: MAYOR ERIC GARCETTI ANNOUNCES $50 MILLION FUND TO CREATE, PRESERVE AND RETROFIT AFFORDABLE HOUSING IN LOS ANGELES

MAYOR ERIC GARCETTI
CITY OF LOS ANGELES

FOR IMMEDIATE RELEASE
August 10, 2015

City of Los Angeles Contact:
Mayor's Office, (213) 978-0741

MAYOR ERIC GARCETTI ANNOUNCES $50 MILLION FUND TO CREATE, PRESERVE AND RETROFIT AFFORDABLE HOUSING IN LOS ANGELES 
New Generation Fund expansion brings public-private capital to critical early development 

LOS ANGELES – Los Angeles Mayor Eric Garcetti, the Los Angeles Housing + Community Investment Department and Enterprise Community Partners Inc. today announced the expansion of the New Generation Fund, which will bring an additional $50 million to create, preserve and retrofit affordable housing in the city.

"The public and private sectors must work together to preserve and expand affordable housing," said Mayor Eric Garcetti. "The New Generation Fund is an excellent example of how the City can leverage limited resources to pursue these goals. The new retrofit features are especially important to Los Angeles, and should help us move more quickly on preservation."

The New Generation Fund offers pre-development and acquisition funding through a public-private partnership between the City of Los Angeles and a consortium of banks, financial institutions and community development financial institutions (CDFIs). In this latest round of funding, the City’s renewed commitment of $10 million has been used to leverage $50 million in private capital that will be made available on a revolving loan basis to affordable housing developers.  

“Early stage funding is critical in the development of affordable housing, especially in a high-cost city like Los Angeles with great market pressures,” said Jeff Schaffer, VP and Southern California market leader, Enterprise. “Enterprise has a generational goal to end housing insecurity, meaning no more homelessness and no more families paying 50 percent of their income toward housing. A number of flexible financing sources are needed to accomplish this, including programs like the New Generation Fund.”

Since its 2008 inception, the New Generation Fund has provided more than $69 million for the construction and preservation of 1,355 affordable apartments including:

  • Historic rehab of the Rosslyn Hotel in downtown Los Angeles, now home to 264 formerly homeless individuals including 100 veterans.
  • Construction of the Metro @ Hollywood, a transit-oriented development providing 120 affordable apartments for low-income seniors.
  • Construction of Riverwalk at Reseda, 77 new apartment homes for families in the San Fernando Valley.

The renewed fund will continue to invest in developments that address the City's goal of integrating affordable housing with neighborhood amenities, public transportation, social services and energy conservation.

“The New Generation Fund is a great product of collaboration and innovation that is key to getting the “most bang for the buck” in our current business environment.  The Los Angeles Housing + Community Investment Department looks forward to building more entrepreneurial public and private partnerships like the New Generation Fund that are essential to a holistic approach to addressing the housing and community needs of Los Angeles,” said Rushmore Cervantes, General Manager, Los Angeles Housing + Community Investment Department.

Citi, Wells Fargo, Metropolitan Life, JPMorgan Chase and Deutsche Bank contributed a combined commitment of $50 million for this fund renewal.  Enterprise Community Partners is the fund manager.

"The New Generation Fund has been an important tool to building affordable housing in Los Angeles. Our commitment helps to ensure that this important work continues in building and preserving viable communities," said Richard Gerwitz, co-head, Citi Community Capital. 

About Los Angeles Housing + Community Investment Department
In 2013 the Los Angeles Housing Department and the Community Development Department were integrated into the Los Angeles Housing + Community Investment Department (HCIDLA). With a vision to be the champion for a Los Angeles free of poverty, homelessness, and substandard housing, HCIDLA aims to promote livable and prosperous communities through the development of decent, safe, and affordable housing, neighborhood investment, and social services.

About Enterprise Community Partners, Inc.
Enterprise works with partners nationwide to build opportunity. We create and advocate for affordable homes in thriving communities linked to jobs, good schools, health care and transportation. We lend funds, finance development and manage and build affordable housing, while shaping new strategies, solutions and policy. Over more than 30 years, Enterprise has created nearly 340,000 homes, invested $18.6 billion and touched millions of lives. Join us at www.EnterpriseCommunity.com orwww.EnterpriseCommunity.org.

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Media Advisories

Feb. 4, 2015: Landlords and Tenants Learn About the Rent Stabilization Ordinance --The LA Housing + Community Investment Department holds free workshops for landlords and tenants on their responsibilities and rights are under the ordinance… [link to docs]