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Jeff, Glenn Block has joined the meeting at the request of John Heath to advise us about the project in North Hollywood, and has requested a moment to speak before the presentation if possible
Is there any consideration about using public banks to finance home ownership by supporting rent-to-own options?
Great Question Rent to Own is a proven strategy to bridge renters to homeowners.
Sure. I think the language to use is that ownership has to be limited to natural persons only, and not to any LLC or corporations.
I think the rent to own model could work if the state is the lender as opposed to private banks. The state would be able to do a slow mortgage process where the rent is applied as a mortgage payment with zero down payment (except for a rental deposit). Basically, after 30 years, the tenant would own the property if they have made all the payments.
and maybe an option to refinance with a private bank at, say, 10 years, so the govt isn’t required to carry it for 30 years if the person can qualify for a traditional loan at that time?
Where did the stat from building out existing comm and multi - come from? Who is source?
A traditional bank would probably require at least a 10% down payment, so the family would have to pay rent as well as save up 1% every year.
Who is Glen Block?
Glenn is the Planning and Land Use Chair of the Valley Village Residents Association
Formerly the Chair of the NCVV PLU Committee as well
I sent out an email earlier today with the information that he’s relaying
I hate that. The “poor” buildings.
indeed. It’s quite horrific that taxpayer dollars could be used like this
When did the Metro Board approve this exclusive development agreement?
JJJ allows for in-lieu fees as well as offsite development for the affordable units, which is basically economic discrimination.
Is there a phasing component? Which gets built first?
100% affordable. At least solve the problem with the missing middle as well as lower income
I meant a phasing component with Metro project?
and who consistently tracks that “affordable” housing is being delivered only to those who qualify
What is affordable now? Lots of controversy over that.
If you make less than $54,250 per year in Los Angeles County, you may qualify for low-income housing. According to estimates released last month by the U.S. Department of Housing and Urban Development, the median family income in LA County is now $69,300.
AMI needs the scrutiny that RHNA is getting now.
so “missing middle” is going to be $55-$80k I think
And affordable housing traps people in a cycle of poverty. If you get a holiday bonus, you could lose you home. And the affordable increase are roughly 8% every year, plus the affordability ending at 55 years.
Defining affordability is essential and John, you clarified it more logically. Spell it out.
Agree with Sandy. This is a another reason why we need to support rent-to-own. To allow people to climb the ladder as they stay in one place and thrive. They should not be punished for being successful. People need to be allowed to live without fear of being moved out against their will.
Why not have the rent based on your income and not where you live.
That document includes the data and/or links on the total housing unit density capacity using existing zoning in city of LA
People are most stable and more able to build their savings when they are allowed to stay in place. That is the whole point of the American dream. The stability that is brings to the homeowner, or renter who is able to increase their income and “better themselves”
Finding a way to impose a income based rents onto multifamily rentals works well but requires subsidy to work for financing purposes. Its called Section 8 vouchers!
Parks would be okay, but housing would be very expensive over highways due to black lung lofts. They need special filtration systems due to the smog from the cars.
why mid block instead of corners?
transition standards should be required for that “air rights” concept. Love the public/private parking lot concept
There should also be a mass transit emergency plan in place.
Assemblymember Nazarian recommends our support for a Regional Transportation Corridor, as transportation will be the basis for good housing (and jobs)
so right, James. We could probably take this back for centuries. Look at the old-world cities—same thing. Built on transportation corridors, industry in the center, housing surrounded it
Agreed. We don’t have a housing crisis in LA. We have a commodification crisis. Working class families can’t compete with corporations and conglomerates for our housing. We have plenty of housing units, it’s not being used for housing. Do we want to build housing, or house people? It’s two different things.
Public Transit needs to get you from here to there, The funding for the infrastructure is in place Measure R & M. First Mile Last Mile local strategies are also funded in the measures.
Who enforces the First Mile, Last Mile strategies? I’ve recently heard that is being disregarded in Metro’s plans
a lot has passed under the bridge named COVID
Don't know but I can find out. We MOVELA serve on several Metro Committees.
As in most well planned global cities public transit must be intermodal and multimodal.
Yes, thank you :)