, October 2, 2025
News Summary
KeyBank Community Development Lending and Investment is providing a $25.9 million construction loan for a new three‑story, 75‑unit affordable housing building at 1434 W. Compton Blvd. The development will split units between permanent supportive housing and general affordable apartments, all restricted at or below 50% of area median income. On‑site amenities include laundry, a community room, tot lot, landscaped courtyard, amphitheater seating, a basketball/multi‑court, parking and a resident manager. The Coalition for Responsible Community Development and LandSpire Group are developing the project, with social services delivered by CRCD and community partners.
KeyBank finances new 75‑unit affordable and supportive housing project in Compton
A new three‑story affordable housing building at 1434 W. Compton Blvd has secured a $25.9 million construction loan from KeyBank Community Development Lending and Investment (CDLI). The development will deliver 75 affordable units, split between permanent supportive housing and general affordable housing, and is expected to be finished by May 2027.
What the project will include
The 75 units will include a mix of studios, one‑bedroom and two‑bedroom layouts. All units will be restricted at or below 50% of area median income (AMI). Half of the units are set aside as permanent supportive housing, and the other half as general affordable housing.
On‑site features will include laundry facilities, a community room, a tot lot, a landscaped courtyard, an amphitheater‑style seating area, a basketball/multi‑court play area, on‑site parking, and a resident manager. Social services will be delivered on site by the Coalition for Responsible Community Development (CRCD) together with community partners.
Who is developing and financing the project
The project sponsor is the Coalition for Responsible Community Development (CRCD), partnering with LandSpire Group, LLC on their first joint development. The CRCD–LandSpire partnership aims to produce more than 1,000 permanent supportive and affordable housing units across the Greater Los Angeles area over the next decade.
In addition to KeyBank’s construction loan, the project has secured Low‑Income Housing Tax Credit (LIHTC) equity and Freddie Mac TEL permanent financing arranged through Walker & Dunlop. The financing was structured by KeyBank CDLI team members responsible for the transaction.
Organizational background and capacity
The Coalition for Responsible Community Development was founded in 2005 as a 501(c)(3) focused on improving quality of life in South Los Angeles. Its work includes jobs, education, training, affordable housing, and supportive services. Since its founding, CRCD has facilitated significant investments and housing production, including hundreds of units and hundreds of millions in related development value.
LandSpire Group, founded in 2019, is a Southern California private equity real estate firm that invests in ground‑up development in markets with housing supply gaps. Its current portfolio includes market‑rate and workforce units, with additional affordable and workforce housing units planned for delivery by the end of 2025.
Context: other nearby affordable projects and policy signals
Separately, another affordable housing project in Compton called Seaglass recently broke ground. That development will add 51 units and is planned to finish in late 2026. Seaglass received state and county funding, tax credit equity and permanent financing from a regional bank and will reserve many apartments for very low‑income residents.
The broader region continues to see significant affordable housing planning and construction. Local pipelines show thousands of planned fully affordable units, and public agencies and nonprofits are working through complex funding and land use rules to bring projects online. Some efforts are also focused on unlocking underused land controlled by religious organizations to add more housing, with proposed state rules aimed at streamlining approvals for qualifying sites.
Why this matters
The Compton project brings both housing and on‑site services to residents with very low incomes, and it represents a partnership model that developer and investor teams hope to scale. The deal combines construction lending, tax credit equity and permanent financing — a common mix for affordable projects — and it aims to move units into service within a multi‑year timeframe that developers and funders expect for new construction.
Timeline and next steps
Construction is underway under the new loan package, with completion targeted for May 2027. On completion, the project will provide both immediate housing units and a base for delivery of supportive services in place.
Additional note on lenders and financial context
KeyBank CDLI provides construction, acquisition, bridge‑to‑re‑syndication and preservation loans, lines of credit, Agency and HUD permanent mortgage executions, and equity investments for low‑income housing projects. The bank has a long record of community development lending and has received repeated regulatory recognition for its Community Reinvestment Act performance.
FAQ
What is being built at 1434 W. Compton Blvd?
A three‑story affordable housing building with 75 units, including studios, one‑bedroom and two‑bedroom apartments. Amenities include community spaces, a tot lot, courtyard, and on‑site services.
Who is funding the project?
The construction loan is provided by KeyBank CDLI. Additional financing includes Low‑Income Housing Tax Credit equity and Freddie Mac TEL permanent financing arranged through Walker & Dunlop.
Who will run the supportive services?
The Coalition for Responsible Community Development and other community partners will provide on‑site social services.
Who are the developers?
The project is a partnership between the Coalition for Responsible Community Development and LandSpire Group, marking their first joint development.
What income limits apply to the apartments?
All units are restricted at or below 50% of area median income. Fifty percent of units are designated as permanent supportive housing.
When will the project be finished?
The expected completion date is May 2027.
Key project features
| Feature | Details |
|---|---|
| Location | 1434 W. Compton Blvd, Compton, California |
| Building | Three stories |
| Units | 75 units — studios, 1‑bedroom, 2‑bedroom |
| Income restriction | All units at or below 50% AMI |
| Supportive housing | 50% of units designated as permanent supportive housing |
| Primary construction financing | $25.9 million construction loan from KeyBank CDLI |
| Other financing | LIHTC equity and Freddie Mac TEL permanent financing via Walker & Dunlop |
| Expected completion | May 2027 |
| On‑site amenities | Laundry, community room, tot lot, courtyard, amphitheater seating, basketball/multi‑court, parking, resident manager |
| Service provider | Coalition for Responsible Community Development and partners |
Deeper Dive: News & Info About This Topic
Additional Resources
- CSRWire: KeyBank provides $25.9M construction financing for Compton affordable housing
- Wikipedia: Affordable housing
- Multi-Housing News: LINC breaks ground on Los Angeles affordable project
- Google Search: LINC breaks ground Los Angeles affordable project
- Spectrum News1: Permanent supportive housing development — Compton
- Google Scholar: permanent supportive housing Compton
- Commercial Observer: Six LA affordable housing projects receive federal funding
- Encyclopedia Britannica: Affordable housing Los Angeles (search)
- LAist: Los Angeles churches, SB 4 and housing on religious properties
- Google News: SB4 California religious properties housing
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