The Los Angeles County Board of Supervisors and the Los Angeles County Development Authority (LACDA) have approved the issuance of up to $29.96 million in tax-exempt Multifamily Housing Mortgage Revenue Bonds to finance the acquisition, construction, and development of Toyon Gardens, a new 78-unit affordable housing community in unincorporated El Camino Village, roughly located at 3127 W. 147th in Gardena.
Toyon Gardens will provide much-needed affordable housing in the Los Angeles-Long Beach metropolitan area. The five-story development will feature a mix of 15 studio apartments, 53 one-bedroom units, and 10 two-bedroom units, according to a memom from the Board. Sixty of these units will be designated for households earning no more than 30 percent of the Area Median Income (AMI), while 17 units will be available to residents earning up to 60 percent of AMI. The affordability restrictions will remain in place for 55 years, ensuring long-term housing security for low-income residents.
The project will also include on-site amenities, such as property management offices, a laundry room, and a 1,460-square-foot community space. Residents will also have access to a 2,000-square-foot outdoor landscaped area. The development will feature 38 parking spaces and a two-bedroom unit reserved for the property manager.
LACDA will issue the tax-exempt revenue bonds, which will be repaid solely through rental income from the project. This will ensure that the Los Angeles County General Fund will not be impacted fiscally.
In compliance with Section 147(f) of the Internal Revenue Code, the Board of Supervisors held a public hearing on January 3, 2025, with no opposition recorded. With the recent vote, the County has now formally approved the financing structure, allowing LACDA to issue the bonds and move forward with the project’s development.
The approval of this financing is a major step in expanding affordable housing options in Los Angeles County, where housing demand continues to outpace supply. The County remains committed to leveraging public-private partnerships and bond financing tools to support sustainable, long-term housing solutions.
The Toyon Gardens project is expected to break ground in 2025, with completion slated for 2027.
