Enhanced Infrastructure Financing Districts for New Housing in LA County
Los Angeles County Supervisor
In early 2020, Los Angeles County’s Board of Supervisors unanimously approved an Enhanced Infrastructure Financing District (EIFD) for the City of La Verne – a tool created by 2015 legislation in California for local governments to finance infrastructure projects and improvements as a replacement for state redevelopment funding. EIFDs do not impose new taxes, but instead rely on tax increments from interested agencies and jurisdictions.
As a result of the approved resolution, the City of La Verne will construct nearly 1,700 market rate and affordable housing units, along with 100,000 square feet of retail space, a 150,000 square-foot business park, and a 150-bed hotel. The property tax increment (the amount above the property taxes collected in the base year (2017/2018)) that the City and County receives would be specifically restricted to pay for the 14 identified infrastructure projects listed in the Infrastructure Financing Plan (IFP) at an estimated cost of $33 million.