The city has a $1 million cap on the money it can sacrifice to Mills Act property tax credits, which go to owners of historic properties (they're supposed to use the money saved to keep their properties up). The credits this year are expected to hit $935,000, which means there's not a lot left for potential new Mills Act properties. Eastsider LA reports that City Councilmember Jose Huizar has introduced a motion to investigate "appropriate mechanisms for renewing and/or increasing the cap." [Eastsider LA]
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