, 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
Fast facts first
A $25.9 million construction loan from KeyBank Community Development Lending and Investment (CDLI) will finance a new three‑story, 75‑unit affordable housing project at 1434 W. Compton Blvd in Compton, California. The development will offer studio, one‑bedroom and two‑bedroom units, all restricted at or below 50% of area median income (AMI), with 50% of the homes designated as permanent supportive housing and the rest as general affordable housing. Project delivery is expected by May 2027.
What the loan covers and who structured it
The KeyBank CDLI loan will underwrite new construction for the entity 1434 W. Compton Blvd LP. Additional financing includes Low‑Income Housing Tax Credit (LIHTC) equity and a Freddie Mac Tax‑Exempt Loan (TEL) permanent loan sourced through Walker & Dunlop. The financing was structured by KeyBank CDLI professionals Matthew Haas and Cathy Danigelis.
Developers and the larger plan
The project is the first development in a new partnership between the Coalition for Responsible Community Development (CRCD) and LandSpire Group, LLC. The partners aim to produce more than 1,000 permanent supportive and affordable housing units across the Greater Los Angeles area over the next decade. CRCD is a nonprofit founded in 2005 that focuses on improving life in South Los Angeles through housing, jobs, education and support services. LandSpire Group, founded in 2019, is a Southern California private equity firm that invests in ground‑up developments in markets with housing supply gaps.
Building design, units and services
The three‑story development will include a mix of unit sizes and an on‑site resident manager. On‑site amenities will include laundry facilities, a community room, a tot lot, a landscaped courtyard, an amphitheater‑style seating area, a basketball/multi‑court play area and parking. Social services will be offered on site by CRCD and community partners to support residents in permanent supportive housing units.
Why this matters now
The project arrives amid a busy pipeline of affordable housing work across the region and local efforts to convert existing buildings and parcels into homes. The CRCD–LandSpire initiative represents a planned, multi‑year push to preserve and add lower‑income and supportive housing stock in an area with long standing housing needs. LandSpire’s current portfolio includes about 500 market‑rate and workforce units and another 400 affordable and workforce units scheduled for delivery by the end of 2025. CRCD has facilitated roughly $160 million in investments and helped create 464 housing units since its founding, with an additional $665 million in development facilitated.
Context in the neighborhood
Other affordable developments are also advancing nearby. A separate project named Seaglass recently broke ground in Compton, a 51‑unit development with a construction cost of about $28.6 million and a completion target in late 2026. That project includes deep affordability for very low‑income residents and links to supportive services, reflecting a broader local focus on building housing that combines homes and services.
About the lender and program
KeyBank CDLI provides financing that aims to stabilize and revitalize communities across the U.S., including 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—particularly LIHTC financing. KeyBank has reported consecutive top ratings on federal community reinvestment exams and, per the lender’s materials, KeyCorp held roughly $185 billion in assets as of June 30, 2025. KeyBank is a Member FDIC institution.
Schedule and next steps
Construction financing is in place and the project team is moving toward completion. The development team lists May 2027 as the expected delivery window. On‑site services, property management and community partner coordination will be central as occupants move in and supportive services are phased up.
Broader policy and land use notes
The Compton projects and the CRCD–LandSpire plan come amid broader conversations around how local institutions, public policy and land use rules can expand affordable housing capacity. Local pipelines show thousands of affordable units in various stages of planning and construction, while policy efforts and nonprofit partnerships aim to speed delivery and pair homes with services where needed.
Frequently Asked Questions
What is being built at 1434 W. Compton Blvd?
Construction of a three‑story, 75‑unit affordable housing project that will include studio, one‑bedroom and two‑bedroom units.
Who is financing the project?
The primary construction loan is a $25.9 million facility from KeyBank CDLI, with additional LIHTC equity and Freddie Mac TEL permanent financing arranged through Walker & Dunlop.
Who is developing the site?
The Coalition for Responsible Community Development (CRCD) is partnering with LandSpire Group, LLC on this inaugural project between the two organizations.
Who will live in the new units?
All units will be restricted at or below 50% of area median income. Half of the units are set aside as permanent supportive housing for residents who need ongoing services; the remaining half are general affordable units.
When will the project be finished?
The project is expected to be completed by May 2027.
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Key project features at a glance
| Feature | Detail |
|---|---|
| Location | 1434 W. Compton Blvd, Compton, California |
| Unit count | 75 units (studio, 1‑bed, 2‑bed) |
| Affordability | All units at or below 50% AMI |
| Supportive housing share | 50% permanent supportive housing |
| Construction financing | $25.9 million loan from KeyBank CDLI |
| Permanent financing & equity | LIHTC equity and Freddie Mac TEL permanent financing via Walker & Dunlop |
| Developers/partners | Coalition for Responsible Community Development (CRCD) and LandSpire Group, LLC |
| Expected completion | May 2027 |
| On‑site amenities | Laundry, community room, tot lot, courtyard, amphitheater seating, basketball/multi‑court, parking, resident manager |
| On‑site services | Social services provided by CRCD and community partners |
| Lender program notes | KeyBank CDLI provides a range of community development lending and LIHTC financing; KeyCorp asset figure reported at approximately $185 billion as of 6/30/2025 |
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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