Wells Fargo paying for housing study in Los Angeles

California Construction News staff writer

The City of Los Angeles has a plan to review and establish a reinvestment strategy for existing affordable housing units that have received city funding but may be at risk of falling into disrepair.

This effort will be funded by a $500,000 grant from the Wells Fargo Foundation to the California Housing Partnership Corporation (CHPC), secured by the Los Angeles Housing Department and the Mayor’s Office of Housing and Homelessness Solutions.

“Wells Fargo is committed to addressing the important need of housing access and affordability in our communities,” said Gregg Sherkin, senior vice president of philanthropy & community impact for California. “Through our collaboration, we hope to identify sites in need of additional preservation to safeguard housing in our local communities.”

The assessment is part of a citywide housing strategy to preserve and expand affordable and permanent supportive housing stock and develop a reinvestment strategy.

“While we work urgently to bring people inside from the streets we must also apply that same momentum toward preventing people from falling into homelessness, including making sure that our older affordable and permanent housing units are in good, healthy condition,” Bass. “Thank you to Wells Fargo Foundation for partnering with the city to conduct this essential review of our housing stock to help us make strategic, informed decisions about how to upgrade and maintain aging housing for years to come.”

The California Housing Partnership Corporation, a nonprofit organization, will provide the grant in partnership with the Housing Department, local nonprofit affordable housing developers, including faith-based developers and community-developers.

Work is expected to be completed by the end of December 2024.