On 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 construction
- an acquisition fund to preserve affordable housing
- expansion of low to moderate-income homebuyer assistance
- empower 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.