Los Angeles County supervisors on Tuesday signed off on a $3 million boost for a new affordable housing complex in North Hills, clearing a key hurdle for a 64-unit project at 15302 Rayen Street. The development, dubbed The Main and led by nonprofit Abbey Road, is planned as a four-story building with studios up through three-bedroom apartments, on-site supportive services, and subterranean parking for about 43 cars. The project will reserve units for chronically homeless households and transition-age youth while serving low-income families.
County loan clears path
The Los Angeles County Development Authority recommended, and the Board approved, a loan of up to $3,000,000 from the Affordable Housing Trust Fund, according to the Los Angeles County Development Authority. County records state that the $3 million will be paired with roughly $56.25 million in other financing, for an estimated total development cost of $59.25 million. The same document authorizes the agency's executive director to negotiate the loan agreement and, if needed, amend or reduce it as final underwriting is completed and other construction financing is locked in.
Design, partners, and amenities
Abbey Road lists a unit mix of 12 studios, 20 one-bedrooms, 20 two-bedrooms, and 12 three-bedrooms, plus two on-site managers and maintenance units, and identifies AC Martin as architect and Walton Construction Services as general contractor, according to Abbey Road. Planned building amenities include a community room, multipurpose and computer rooms, a fitness area, laundry facilities, secure entry, and several outdoor decks, with Penny Lane Centers slated to provide supportive services on site. Abbey Road describes The Main as a mixed special-needs and general affordable development intended for youth, families, and chronically homeless residents.
Who it will serve and how long it will stay affordable
County materials state that The Main will reserve 17 units for chronically homeless households, 16 for transition-age youth, and 29 for general affordable families, with assisted units limited to households earning no more than 30% of the area median income, according to the Los Angeles County Development Authority. The loan agreement will be backed by a promissory note and deed of trust and will carry recorded affordability restrictions that run for 55 years. County staff report that the funding is designed to help Abbey Road meet upcoming application deadlines for additional leveraged financing sources.
Neighborhood context and next steps
The new approvals add to a growing cluster of affordable housing along Rayen Street, where Abbey Road is also working on a neighboring project known as The Rigby, according to Urbanize LA. With the county loan now in place, the developer still must finalize construction and permanent financing and secure any remaining permits before construction can begin. Nearby residents can expect additional public notices as The Main moves through final entitlements and as the county and developer establish a construction timeline.
