
Los Angeles consultants release the first paper of a report series outlining viable approaches for establishing and administering a Los Angeles public bankOn April 20, Jain Family Institute (JFI) and Berggruen Institute released an introductory working paper, the first in a joint report series that is aimed at providing the city with a template for the programs and administrative structure of a municipal public bank that can best serve the public interest. These reports were initiated by Los Angeles City Council’s unanimous approval in October 2021 to request proposals for a viability study and business plan for such a bank. The paper released provides a summary analysis of lending programs that:create more affordable housing through:lower-cost debt for constructionan acquisition fund to preserve affordable housingexpansion of low to moderate-income homebuyer assistanceempower worker ownership of small business;accelerate the green energy transition through loans for retrofits and utility-scale investment. The remaining reports are scheduled to be released through May of this year. [read the paper] [read CBS Los Angeles news coverage] |