SoLa Impact has secured a nearly $93-million financing package for a new affordable housing development in South L.A.'s Broadway-Manchester neighborhood.
The financing, announced by KeyBank Community Development Lending and Investment (CDLI), will go toward the construction of Broadway & Imperial, a new 166-unit affordable housing development at 252 W. Imperial Highway. The package includes a $43.8 million construction loan, a $18.1 million federal Low-Income Housing Tax Credit equity investment from KeyBank CDLI, a $31 million Fannie Mae MTEB permanent loan, with a $31 million public bond issuance underwritten by KeyBanc Capital Markets.
The project will rise on the site of a shuttered industrial building, creating new five- and four-story structures featuring 166 rental apartments, approximately 1,030 square feet of ground-floor commercial space, and parking for 85 vehicles.
248 W Imperial HighwayBreen Engineering
While project entitlements include Transit Oriented Communities incentives, allowing a larger structure than permitted by zoning in exchange for the provision of on-site affordable housing, the entire project will be restricted to renters earning between 30 and 70 percent of the area median income.
Breen Engineering is designing the project, which is shown in renderings as a contemporary low-rise structure with a rooftop deck, a community room, and three landscaped courtyards, among other common features.
The 248 Imperial site also sits across Broadway from the Isla Intersections supportive housing complex, which was developed by Holos Communities.
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Looking for affordable housing? Visit lahousing.lacity.org/aahr and housing.lacounty.gov
