Valley Industry and Commerce Association Backs Los Angeles Housing Bond; Measure H Offers Public/Private Solutions to Housing Affordability Crisis.

SHERMAN OAKS, Calif. -- The Valley Industry and Commerce Association ("VICA") today endorsed City of Los Angeles Measure H -- a $1 billion housing bond that would create a trust fund to provide affordable housing options in Los Angeles.

"In the Valley, housing is also a transportation issue. Voters should look at Measure H not just as a housing bond but a congestion relief bond as well," according to VICA President Brendan Huffman, who noted that Measure H will also complement Propositions 1b and 1c, both of which invest in transit oriented housing. "Part of VICA's support for Measure H is because of the City Council's recent efforts to streamline the Byzantine building permit process in L.A. Together, these measures will produce more housing where it is needed most."

Measure H calls for the City to issue $1,000,000,000 of bonds to provide thousands of new homes and rental units over ten years. These funds would be placed in the Affordable Housing Trust Fund to help working families buy their first home, to build rental housing affordable to low-income working families, to build housing for homeless people, and to be allocated for rental or homeless housing based on future needs.

Mayor Antonio R. Villaraigosa stated, "This measure represents the cornerstone of an historic and comprehensive strategic plan addressing the City's housing crisis at every level. Led by a broad coalition of business leaders, housing advocates, policy experts, and elected leaders, Measure H will expand opportunities for first-time home-buyers, create more affordable housing for middle class families, and redouble the city's efforts at finding permanent solutions for the chronically homeless."

"I applaud VICA's decision to get behind Measure H, which I am confident will have a noticeable effect on the Valley's housing stock and to relieve traffic congestion," said L.A. City Councilmember Wendy Greuel. "VICA's support is critical, and I look forward to working with Valley business leaders to get the word out about Measure H."

VICA is often considered a bellwether of how ballot initiatives will fare with San Fernando Valley voters. In recent years, several bonds have failed (libraries, schools, police stations) largely due to high turnout among Valley voters who are less likely to support bonds than voters in other parts of the city. VICA will be urging voters to support Measure H and Governor Schwarzenegger's infrastructure bond package, Propositions 1a-1e.

Established in 1949, VICA's mission is to encourage and enhance the economic vitality of the greater San Fernando Valley region by advocating on behalf of its business community.