Los Angeles Authorized $467 Million for Rental Housing
The city has approved new funding to support the construction and preservation of local affordable rental units.
Updated on Sept. 22, 2026 in Apartments
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The Los Angeles City Council has voted 13-0 to authorize a notice of funding availability for nearly $467 million through the Homes for LA program. This initiative, managed by the Los Angeles Housing Department, aims to expand and preserve affordable rental housing across the city.
Why it matters
This investment addresses the ongoing need for affordable living options in Los Angeles by funding the creation of new units and the maintenance of existing ones. The program relies on revenue generated from Measure ULA, the citys transfer tax on high-value property sales.
This second round of funding follows the initial award of $361 million that supported 5,241 units. As of April 30, 2026, Measure ULA has generated approximately $1.2 billion in total revenue from 1,633 qualifying real estate transactions.
The players
Los Angeles City Council
The legislative body for the City of Los Angeles that authorizes municipal spending and housing policy.
Los Angeles Housing Department
The city agency responsible for managing affordable housing programs, construction grants, and rental unit oversight.
The details
The funding is open to developers, non-profits, and organizations that can apply for grants and loans to boost local housing inventory. To ensure transparency, the Los Angeles Housing Department is required to track project progress and submit quarterly reports on how the capital is utilized. This cycle supports both the ground-up construction of affordable developments and the preservation of current rental stock to prevent displacement.
Timeline
April 1, 2023: Measure ULA officially took effect in Los Angeles.
September 22, 2026: The City Council authorized the new funding notice.
October 13, 2026: The notice of funding availability is expected to be released.
April 2027: The city expects to finish reviewing applications and approving awards.
The Home Front
This move represents a significant deployment of local tax revenue to address the citys persistent affordable housing supply shortage. It follows the pattern established by the first round of the Homes for LA program which finalized awards earlier this year.
If you are a renter or looking for affordable housing, monitor city announcements for new development projects that may become eligible for these programs. Keep in mind that these funds are specifically targeted toward developers and non-profits, so prospective tenants should stay informed through official city housing portals.
The takeaway
The city is significantly increasing its investment in affordable rental capacity using revenue from recent luxury property taxes. Residents can track the progress of these 4,129 anticipated loan agreements through the Los Angeles Housing Department as the implementation phase begins this October.
What happens next
The city is scheduled to release the formal notice of funding availability on October 13, 2026, with final award approvals expected by April 2027.
Further reading
For more information on the local rental landscape, visit Apartments.
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Should city tax revenue from luxury property sales be prioritized for building affordable housing?
