Dive summary:

• The Jordan Downs housing project in Watts has been one of the symbols of the neighborhood's rundown, impoverished state, and now the Los Angeles City Council has approved a $1 billion plan to replace Jordan Downs's 700 units with a mixed-use project that will bring retail, green space and 1,800 mixed-income units to the area – if the city can find funding.
• Final approval came on a series of land-use and planning laws changes that had been making their way through the city government machinery for years as the '40s and '50s vintage project continued to run down.
• Finding the funding is the job of a for-profit development company called the Michaels Organization and a nonprofit called Bridge Housing for the housing portion and Primestor Development Inc. for the retail aspect.

From the article:

The city and the developers are counting on winning a $30 million federal grant, as well as millions of dollars available from the state. ...