Hot on the heels of an audit exposing California's struggle to track the $24 billion allocated to tackle the state's growing homeless crisis, Santa Monica city officials have approved an apartment project for the homeless that will cost about $1 million per unit to build.

The $123 million project will include 122 studio, one-, two- and three-bedroom apartments, ground-floor retail and residential and commercial parking spaces. The project was approved days after an audit revealed that the state spent about $24 billion from 2018 to 2023 to combat homelessness but did not track whether spending the public money improved the crisis.

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