The Trump administration canceled $33 million worth of federal funds meant to help pay for earthquake retrofits in California, sparking “grave concern” and a call to reconsider from Sen. Adam Schiff, the Los Angeles Times reported Wednesday. Schiff wrote to U.S. Homeland Security Secretary Kristi Noem urging that the funds be reinstated.
“The cancellation of this program includes the cancellation of $33 million in funding that could have enabled the retrofit of between 750 and 1,500 multifamily buildings,” Schiff wrote. Reinstating the funds would enable Californians to make “the necessary investments to prepare their homes and housing units for the next major earthquake before it hits.”
Originally greenlit through the Federal Emergency Management Agency, part of Noem’s department, the grants were intended to help retrofit the vulnerable “soft story” apartment buildings that crushed people to death when they collapsed during California’s last major urban earthquakes: the 1989 Loma Prieta quake and the 1994 Northridge quake, reported the Times.
On June 18, join industry-leading experts when they explore the most important topics in today’s CRE markets. Register to attend and hear expert insights first-hand, network with the best in the industry, and sit in on discussions you won’t hear anywhere else. The 9th Annual Connect Los Angeles 2025, June 18 at the Intercontinental Los Angeles Downtown.
Lincoln Property Company and McCourt Partners have broken ground for ElevenOneEleven, a new mixed-use development in Culver City. The groundbreaking occurred three weeks after Lincoln and McCourt announced $133 million in construction financing from Bank OZK. Set to rise on a vacant parcel, ElevenOneEleven will deliver 344 rental apartments, including 52 affordable units, along with 2,000 square...
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Logisco is stripping back the amenity race with a $60M Quebec City apartment development aimed at renters who would rather pay less each month than fund pools, gyms and other extras. The developer has started construction on 193 apartments at 7075 Wilfrid-Hamel Blvd., the first project under its new Elie rental brand. The 10-storey building...
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Virtus Diversified REIT has purchased a 91-suite retirement residence in Hamilton for $26M, expanding its seniors housing portfolio. The acquisition of Abington Court Retirement Residence at 1500 Main St. E. closed Nov. 3. The independent living property opened in 2005 and added 20 suites in a 2018 expansion. Located west of the Red Hill Valley...
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