News

Gateway cities band together to bridge housing funding gaps

January 1, 2024

With interest rates at a historic high, many developers are having trouble finding the money to finish or even start housing construction. The Gateway Cities Council of Governments — the umbrella organization for the 27 cities in Southeast Los Angeles County — hopes its new affordable housing trust can help bridge those funding gaps and move it closer to fulfilling its state-mandated housing planning goals.

A housing trust can apply for funding that cities might not be eligible for or may not have the resources to pursue individually. A trust also allows cities to pool financial resources and share technical expertise. California has several dozen affordable housing trusts, including in nearby San Gabriel Valley, Orange County, and Ventura County.