The Los Angeles City Council voted unanimously to approve a Notice of Funding Availability (NOFA) backed by $466.6 million to build and renovate affordable housing. The largest pool of its kind in the city housing department’s history, pending approval by Mayor Karen Bass, the money will be distributed as grants and loans to developers, nonprofits and land trusts, the Los Angeles Times reported.

With funding coming largely from Measure ULA, the so-called “mansion tax” enacted in 2022, the forthcoming NOFA represents the second round of the Homes for LA initiative. The first round, with grants awarded in April, provided nearly $361 million to support 5,241 affordable units across 80 projects, according to MyNewsLA.com.

The NOFA is expected to be released Oct. 13, with applications closing on Dec. 4. The Los Angeles Housing Department will announce the recipients in February 2027, with the City Council reviewing and approving awards by April.

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