COMPTON— KeyBank Community Development Lending and Investment has provided a $25.9 million loan to finance construction of an affordable housing development at 1434 W. Compton Blvd. in the metro Los Angeles city of Compton. The Coalition for Responsible Community Development (CRCD) has partnered with LandSpire Group to develop the 75-unit community.
The project will be a three-story development consisting of studios and one- and two-bedroom units, all of which will be rent restricted at or below 50 percent of the area median income.
Additional low-income housing tax credit equity and Freddie Mac permanent financing were secured from Walker & Dunlop. The total project cost was not disclosed, but a California Tax Credit Allocation Committee report from October 2024 lists the valuation at $56.8 million.
Amenities will include laundry facilities, a community room, playground, landscaped courtyard, amphitheater-style seating area, sports court, onsite parking and a resident manager. Social services will be provided by CRCD and other community partners. Completion is slated for May 2027.
CRCD and LandSpire Group have forged a partnership to create more than 1,000 permanent supportive and affordable housing units across the greater Los Angeles area over the next decade.