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October 1, 2008

LA's goal: raise $5B for affordable housing

  • Much of the funding will come from philanthropists, private lenders and government grants.
    • By CHRISTINA HOAG
    Associated Press Writer

    LOS ANGELES — Mayor Antonio Villaraigosa unveiled a $5 billion plan to provide 20,000 affordable homes in the city over the next five years, but acknowledged he'll have to reach far and wide to raise the funds amid the financial meltdown.

    “This is the least affordable big city in America,” the mayor said at a press conference Monday. “I'll go to Washington and New York. I'll go to the Middle East, to China. We'll knock on every door that we have to.”


     
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