LOS ANGELES — Thrive Living, with the financial support of JPMorgan Chase, has announced plans to redevelop a former industrial storage facility into an affordable and workforce housing community at 1457 N. Main St. north of downtown Los Angeles. Completion is slated for December 2024.
The six-story multifamily complex will feature 376 apartments for low- and moderate-income residents earning up to 80 percent of the area median income and individuals utilizing the Housing Choice Voucher program.
On-site community amenities will include a landscaped roof deck, barbecue and dining area with seating, a gym, recreation room, package delivery room and business center. The property is located near public transportation and will offer parking below the building with electric vehicle charging stations.
JPMorgan Chase, through its Workforce Housing Solutions group (formerly Capital Solutions), is providing a $68.5 million construction loan to Thrive Living for the project. This is JPMorgan Chase’s first construction loan to a 100 percent rent- and income-restricted multifamily community.
Thrive already secured entitlements for the site. The project aligns with Thrive’s mission to acquire and redevelop strategically located sites in urban markets that are experiencing significant housing affordability gaps. Like other Thrive communities, the project is privately financed without the use of public subsidies.
“Our non-subsidized financing model enables us to make a bigger impact and move faster to build more affordably priced housing without concern for ceilings imposed by limited tax credits,” says Zak Tendle, principal with Thrive Living’s Los Angeles office.
“JPMorgan Chase is a leader in providing debt for low-income housing tax credit (LIHTC) affordable housing projects. Our Workforce Housing Solutions group expands our financing offerings to include workforce and mixed-income projects with restricted rents,” says Lionel Lynch, director of the Community Development Banking Workforce Housing Solutions group at JPMorgan Chase.
“This fully rent-restricted Main Street project fills a significant gap between affordable housing for low-income families funded with LIHTC and unrestricted market-rate housing, providing safe and stable housing with attainable rents in high-quality new construction with vibrant community amenities,” continues Lynch.
Thrive’s design features a cost-effective, innovative design approach that drives down construction costs while maintaining quality. The company’s goal is to build upwards of 5,000 units of affordable and workforce housing each year in California.
— Jeff Shaw and Amy Works