SoLa Impact Secures $93 Million Financing for 166-Unit Affordable Housing Project in South Los Angeles

SoLa Impact has secured a substantial nearly $93 million financing package for its new affordable housing development, Broadway & Imperial, located at 252 W. Imperial Highway in South Los Angeles's Broadway-Manchester neighborhood. KeyBank Community Development Lending and Investment (CDLI) announced the funding, which will facilitate the construction of 166 rental units.

The comprehensive financing includes a $43.8 million construction loan, an $18.1 million federal Low-Income Housing Tax Credit (LIHTC) equity investment from KeyBank CDLI, a $31 million Fannie Mae MTEB permanent loan, and a $31 million public bond issuance underwritten by KeyBanc Capital Markets. The project, designed by Breen Engineering, will transform a former industrial site into new five- and four-story structures.

These buildings will feature 166 apartments, approximately 1,030 square feet of ground-floor commercial space, and 85 parking spots. The development leverages Transit Oriented Communities (TOC) incentives, allowing for a larger structure in exchange for providing on-site affordable housing. All units will be restricted to renters earning between 30 and 70 percent of the area median income, addressing a critical need for accessible housing in the region. This project demonstrates how diverse financing and zoning incentives can enable significant affordable housing creation.