Cedillo to Save Affordable Housing Covenants in CD1

FOR IMMEDIATE RELEASE

July 30, 2015

WHAT: Press Conference to Announce Housing Covenants Preservation.

WHO: Councilmember Gil Cedillo, Council District 1; Rushmore Cervantes, General Manager, Housing Community Investment Department; Larry Gross, Executive Director, Coalition for Economic Survival.

WHEN: Friday, July 31st, 2015 at 9:30 a.m.

WHERE: Media Room Behind Council Chamber                                                                                                                                              200 N. Spring St., Los Angeles, CA 90012

WHYOn October 29, 2014, the Los Angeles City Council authorized the City of Los Angeles to enter into a Revised Bond Expenditure Agreement and adopt a related Bond Spending Plan with CRA/LA, a Designated Local Authority (CRA/LA) for the transfer of approximately $84.1 million in pre-2011 tax allocation bond proceeds, referred to as Excess Bond Proceeds, from CRA/LA to the City. The Excess Bond Proceeds were transferred to the City and span 20 existing redevelopment project areas throughout the City.


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