$64.6 Million Raised for Affordable Housing Around the LA

The cap-and-trade program that was launched in California some time ago will give a considerable sum of money for the building and maintaining of affordable houses around Los Angeles. The projects include Watt’s Jordan Downs that will have $12 million from the whole sum raised. $2 million will go for the improvements of the streets and the rest of the money will be spent on the first part of construction program.

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The LA Housing Authority CEO Douglas Gurthie said in his statement that this financial help is essential for providing affordable houses for those in need. The awards from cap-and-trade programs strengthen the budget that goes on the site construction, which gives big companies more possibilities and those who need them – hope.

The state of California gained about $289 million award during one week, from which $64.6 million were given to the city of Los Angeles. This amount of money was divided between six promising projects, one of which is the Jordan Downs. The others are Sun Valley Senior Veterans Apartment and a number of other housing organizations around the city.

The cap-and-trade program rises many debatable questions though. It’s a good money maker for the good of the state, but many people welcome this way with mixed feelings. In fact, this program offers businessman special “permits” that would help them offset the pollution made by their companies. Thus the money is collected and used for the improving of certain industries within the state.

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The Watt’s apartment development is changing now, evolving into modern affordable real estate complex that doesn’t include only housing. The organization is to spend $1 billion on its reconstruction so it could offer parking lots, retails, and other areas for use.

According to the Mayor Eric Garcetti, the project isn’t only a construction of living boxes for people. It’s an investment into the development of the city’s future.