, 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 Provides $25.9M Construction Loan for New 75‑Unit Affordable and Supportive Housing in Compton
Summary: A $25.9 million construction loan has been made available to fund the new three‑story affordable housing project at 1434 W. Compton Blvd. The loan, arranged by KeyBank Community Development Lending and Investment, will finance a 75‑unit development that will reserve half of its homes for permanent supportive housing and cap all units at or below 50 percent of area median income.
Top facts
Project: 1434 W. Compton Blvd LP — a three‑story, 75‑unit affordable housing building in Compton, California.
Financing: $25.9 million construction loan from KeyBank CDLI, plus Low‑Income Housing Tax Credit equity and Freddie Mac TEL permanent financing secured by Walker & Dunlop. The loan was structured by KeyBank CDLI staff.
Partners and goals: The sponsor Coalition for Responsible Community Development (CRCD) is partnering with LandSpire Group, LLC on this inaugural project together. The partnership aims to produce more than 1,000 permanent supportive and affordable housing units across the Greater Los Angeles area over the next decade.
Unit mix and income limits: The project will include studios, one‑bedroom and two‑bedroom units. All units will be restricted at or below 50 percent AMI. Fifty percent of units are designated as permanent supportive housing and the other 50 percent as general affordable housing.
Timeline: Construction is under way with an expected completion of May 2027.
Design, amenities and services
The three‑story development will include on‑site amenities intended to support residents and community life. Planned features include laundry facilities, a community room, a tot lot, a landscaped courtyard, amphitheater‑style seating, a basketball/multi‑court play area, on‑site parking and a resident manager. Social services will be delivered on site by the project sponsor and community partners to support tenants, especially those in permanent supportive housing.
Financing details and parties
KeyBank Community Development Lending and Investment provided the $25.9 million construction loan. Additional capital sources for the project include Low‑Income Housing Tax Credit equity and Freddie Mac TEL permanent financing executed by Walker & Dunlop. The financing package was structured by KeyBank CDLI staff. KeyBank CDLI’s platform covers a range of products for affordable housing, including construction, acquisition, bridge loans, preservation loans, Agency and HUD mortgage executions, and LIHTC financing.
About the partners
Coalition for Responsible Community Development (CRCD): Founded in 2005 as a 501(c)(3), the organization focuses on improving quality of life in South Los Angeles and supports low‑income residents and small businesses with jobs, education, training, affordable housing and comprehensive supports. Since inception, CRCD has facilitated roughly $160 million in investments, created 464 housing units, and helped catalyze additional development activity valued at about $665 million.
LandSpire Group: A Southern California‑based private equity firm founded in 2019 that specializes in ground‑up residential developments in markets facing housing affordability challenges. LandSpire’s current housing portfolio includes about 500 market‑rate and workforce units, with roughly 400 additional affordable and workforce units scheduled for delivery by the end of 2025 as part of its pipeline.
Context: local and regional activity
The Compton project is one of several affordable housing efforts in the area. Separately, a 51‑unit affordable development called Seaglass has broken ground in Compton with development costs of $28.6 million and a targeted completion in late 2026. Seaglass includes a large set‑aside of one‑bedroom apartments for households at or below 30 percent AMI, public funding commitments from state and county sources, LIHTC equity, and a bank permanent loan. Those developments are part of a broader regional pipeline where public and private programs aim to add thousands of affordable units, and where local strategies range from project‑based rental subsidies to tax credit equity and state grant funds.
Policy and land use background
Regional housing activity is occurring amid a backdrop of rising homelessness and constraints on land and zoning. Studies have identified large amounts of religious land that could potentially be repurposed for housing, but local zoning rules frequently limit multifamily development on those sites. A proposed state law intended to ease development of affordable housing on qualifying religious and institutional properties has proceeded through legislative steps and been discussed as a tool to reduce local review barriers and expedite certain projects. Advocates and local leaders continue to weigh tradeoffs between streamlining approvals and preserving local input.
Institutional notes about KeyBank and related figures
KeyBank is a national banking corporation with roots reaching back two centuries and headquarters in Cleveland, Ohio. Public materials list KeyCorp assets of approximately $185 billion as of June 30, 2025, and an alternate asset figure of roughly $187 billion at June 30, 2024. KeyBank operates a network of branches and ATMs across 15 states and provides a full range of banking and capital markets services. KeyBank has reported repeated top ratings on the Community Reinvestment Act exam and is identified as a Member FDIC institution.
FAQ
What is being built at 1434 W. Compton Blvd?
The project is a three‑story, 75‑unit affordable housing development that will include studios, one‑bedroom and two‑bedroom units. Half of the units will be permanent supportive housing and all units will be restricted at or below 50 percent of area median income.
Who is financing the construction?
KeyBank Community Development Lending and Investment provided a $25.9 million construction loan. Additional sources include Low‑Income Housing Tax Credit equity and Freddie Mac TEL permanent financing secured through Walker & Dunlop.
Who is developing the project?
The Coalition for Responsible Community Development (CRCD) is sponsoring the development in partnership with LandSpire Group, LLC. This is the first project developed jointly by these two organizations and is part of a broader plan to build more than 1,000 units in the region over the next decade.
When will the project open?
The project is expected to be completed by May 2027, after which lease‑up and move‑ins will follow according to project management and funding timelines.
What amenities and services will be available to residents?
Amenities will include laundry rooms, a community room, tot lot, landscaped courtyard, amphitheater seating, outdoor play courts, on‑site parking and a resident manager. Social services will be provided on site by the sponsoring organization and community partners.
How does this project relate to other local affordable housing efforts?
The project is part of a wave of affordable and supportive housing developments in the area, including nearby projects that have secured public funding and tax credit equity. These projects are being developed in response to regional housing needs and policy initiatives intended to expand affordable housing supply.
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Key features at a glance
| Feature | Details |
|---|---|
| Project address | 1434 W. Compton Blvd, Compton, CA |
| Units | 75 total; studios, 1BR, 2BR |
| Income restriction | All units at or below 50% AMI |
| Supportive housing | 50% of units designated permanent supportive housing |
| Construction financing | $25.9M construction loan from KeyBank CDLI |
| Permanent financing and equity | Freddie Mac TEL permanent financing and LIHTC equity via Walker & Dunlop |
| Expected completion | May 2027 |
| Developer partners | Coalition for Responsible Community Development and LandSpire Group, LLC |
| On‑site services | Social services provided by sponsor and community partners |
This article summarizes project and policy details drawn from publicly released materials and development filings. For additional institutional details or financial product descriptions, consult the issuing organizations or official public records.
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
Author: Construction CA News
CALIFORNIA STAFF WRITER The CALIFORNIA STAFF WRITER represents the experienced team at constructioncanews.com, your go-to source for actionable local news and information in California and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Rose Parade, Coachella, Comic-Con, and the California State Fair. Our coverage extends to key organizations like the California Building Industry Association and Associated General Contractors of California, plus leading businesses in technology and entertainment that power the local economy such as Apple and Alphabet. As part of the broader network, including constructionnynews.com, constructiontxnews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic landscape across multiple states.
