Launching a Housing Finance Agency to Fund Expanded Housing in Los Angeles
To help reduce homelessness and increase affordable housing, the Los Angeles Department of Housing and Community Investment is working to establish a Housing Finance Agency (HFA) to develop its own financial resources. To that end, FUSE Executive Fellow David Spirakis created a business plan and organizational structure for the HFA, as well as a potential alternative approach, and strived to gain support for the initiative.
To create the strategic plan, David researched legal structures for the HFA. He worked with the Mayor’s Office on a strategy for passing needed legislation, and he coached various elected officials and other constituents on the advantages of having a local HFA to gain their support for the legislation. David also developed a potential alternative strategy to accomplish the formation of an HFA as a joint powers agency, creating a preliminary business plan and financial projections. To officially establish the HFA, David continued to work on gaining approval for the finalized organizational structure and establishing the HFA as an issuer of mortgage revenue bonds. Once operational, the HFA will help expand the development of affordable housing projects in the city.