As rents in Los Angeles are skyrocketing and housing is at a premium, ACCE has partnered with Public Bank Los Angeles on a campaign to establish a public bank in the City of LA. A public bank is a financial institution that is owned by the people and whose funds are reinvested into projects that communities need. Currently, the City spends $1.5 billion every year on debt service, loan fees and bond payments to commercial banks. Instead, the City could be putting this money to work for Angelenos. A public bank would fast track affordable housing production by offering below-market loans for shovel-ready projects, curb financing delays, and keep interest payments in LA- rather than going to the big Wall Street banks. ACCE and Public Bank Los Angeles have been working to urge our LA elected officials to provide the nearly half million dollars for the launch of a feasibility study that is necessary before the development of a public bank can move forward. ACCE leaders have attended press conferences, spoken at public comment and provided the campaign with testimonials explaining how the establishment of a public bank would be a financial benefit to their communities and provide a bold solution toward creating the affordable housing LA residents need.