Sankofa Place at Centinela. Photo Credit: Venice Community Housing.
The regional authority’s financial offering will help construct a project from Venice Community Housing.
By Carlos Reyes.
Millions of dollars in fresh capital will soon flow into regional residential construction after a local public agency completed its inaugural $220 million social bond sale to finance low-income residential projects.
Officials at the Los Angeles County Affordable Housing Solutions Agency (LACAHSA) announced the bond issue will fund more than 20 developments, creating 1,530 affordable housing units for over 4,000 residents across Southern California. Target sites include developments in Inglewood, Long Beach, the San Gabriel Valley, and San Diego.
Established by the state legislature to expand low-cost living options and mitigate homelessness, LACAHSA receives long-term funding through Measure A, a voter-approved half-cent sales tax expected to yield over $1 billion annually. Proceeds from the “AA”-rated Fitch social bond will assist shovel-ready developments struggling with financing deficits driven by interest rate spikes, construction cost inflation, and tax credit pricing shifts.
Funding priorities target both tax-exempt non-LIHTC projects and developments using Low Income Housing Tax Credits. Financed properties will serve seniors, families, and individuals transitioning out of homelessness.
Inglewood will host the agency’s inaugural groundbreaking in late October with Sankofa Place at Centinela. Built by Venice Community Housing and the Social Justice Learning Institute, the dual-building complex at 400 Centinela Ave. will deliver 121 apartments—ranging from studios to three-bedroom layouts—reserved for households earning between 30% and 80% of the area median income, alongside a 20,000-square-foot community headquarters.