Thrive Living, supported by JPMorgan Chase, is set to develop a new 376-unit affordable and workforce housing community in Los Angeles. This project will be solely financed with private capital and has received a $68.5-million construction loan from JPMorgan Chase’s Workforce Housing Solutions group. The development site is located at 1457 N. Main St., formerly an industrial storage facility.
This marks the first time that JPMorgan Chase has provided a construction loan for a 100% 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 fully rent-restricted Main Street project addresses the gap between low-income affordable housing funded with LIHTC and market-rate housing without any restrictions.
The project is expected to be completed by December 2024 and aligns with Thrive Living’s mission of acquiring strategically located sites in urban markets where there is high demand for affordable housing options.
Zak Tendle, principal at Thrive’s Los Angeles office stated that their non-subsidized financing model allows them to have a greater impact on building more affordably priced homes without being limited by tax credits or other constraints.
This groundbreaking development showcases how private capital can play an important role in addressing the need for more accessible workforce housing options in major cities like Los Angeles.
