Thrive Living, in partnership with JPMorgan Chase, is set to develop a new 376-unit affordable and workforce housing community in Los Angeles. The project will be funded entirely by private capital and has received a $68.5-million construction loan from JPMorgan Chase’s Workforce Housing Solutions group. Located at 1457 N. Main St., the development will replace an old industrial storage facility.
This marks JPMorgan Chase’s first construction loan for a fully rent- and income-restricted workforce housing multifamily community. According to Lionel Lynch, director of the Community Development Banking Workforce Housing Solutions Group at JPMorgan Chase, this project addresses the gap between low-income affordable housing funded by LIHTC and market-rate housing without any restrictions.
Expected to be completed by December 2024, this project aligns with Thrive Living’s mission of acquiring and redeveloping strategically located sites in urban areas where there is a significant need for more affordable housing options.
Zak Tendle from Thrive’s Los Angeles office stated that their non-subsidized financing approach allows them to make a greater impact quickly by building more affordably priced homes without being limited by tax credits or other restrictions on funding sources.
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