Los Angeles County Development Authority (LACDA)
Business Needed Help. LACDA Provided Hope
In recognizing the detrimental impacts of COVID-19, the Los Angeles County Developmental Authority (LACDA) extended a helping hand to small businesses undergoing economic hardship during these unprecedented times .Since April 2020, the LACDA has contributed to six loan and grant programs, including the transit Oriented Communities Metro Loan, Small Business Recovery Loan Program, LA Regional COVID-19 Fund, First District COVID-19 Business Relief Grant, Fourth District Business Grant, and Small Business Gran Assistance Program for even participating cities.
In an effort to prevent job loss and business closure, the agency expedited the development of program guidelines, maintained day-to-day operations, rolled out user-friendly portals, and directed nearly hourly engagements with partnering County Deprtments to ensure that the prescence of businesses remained in the communities they serve.Thus far, the LACDA has funded 252 small businesses and is documenting ongoing impacts.Through collaborative strategies and effective program implementation, the LACDA continues to provide equitable access to capital funds across various demographics and sustain resources within underserved communities.
Helping Renters Stay Housed During The Pandemic
In response to the economic adversities brought by the COVID-19 pandemic, the Los Angeles County Development Authority (LACDA) issued two rent assistance programs to promote housing stability for renters and property owners. The agency kickstarted its rental assistance initiative in May 2020 with the COVID-19 Emergency Rental Assistance (COVID-19 ERA) Program, which was leveraged by Community Development Block Grant Coronavirus funds. The program provided $1,000 per month for a maximum of $3,000 to income-eligible households in the unincorporated areas of the First, Second, Fourth, and Fifth Supervisorial Districts.
The LACDA is expected to assist over 1,000 renters in Los Angeles County through the COVID-19 ERA. In August 2020, the LACDA launched the COVID-19 Rent Relief Program, providing a countywide source of rent assistance for households with limited means. One week after the launch of the COVID-19 Rent Relief Program, 11,592 calls had been received regarding the Program, and 75,178 applications had been completed. The program is expected to provide rental assistance for 9,000 Los Angeles County families. The LACDA is proud to do all it can to help renters stay housed during the pandemic.