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
WHY: On 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.