That was the idiot councilman Alcaron a week or two ago. Here’s the story

“Alarcon, however, said the $100 million Affordable Housing Trust Fund, seemed a logical source of funding for his proposal. He had proposed taking $5 million from the fund for the effort.”
…
“Alarcon’s proposal called for making low-interest loans of up to $10,000 each to help people caught in the bind resulting from subprime mortgages and a drop in the housing market”

So basically a max of 500 homes, and I doubt $10,000 will do more than kick the can three months down the road. That’s a half of a month of homes. In July, LA county had 1074 foreclosures.

As I recall that clown’s comments on the morning news, he literally said something along the lines of ‘I know it won’t make a difference, but it’s about making a statement to the people’.