The South Bay has a new institution dedicated to building affordable housing, and it just put its first dollars on the table.

The South Bay Regional Housing Trust, a joint powers authority representing 11 cities from El Segundo to Torrance, committed a $6 million loan toward a 93-unit affordable complex in Hawthorne at its May 21 board meeting. The vote marks the trust's first-ever funding allocation and signals the beginning of a coordinated regional effort to address housing insecurity across the South Bay.

The vehicle for that inaugural investment is the Cordary Avenue Apartments, a $75.9 million development proposed by nonprofit builder Abode Communities at 14115 Cordary Avenue on a city-owned parcel. All 93 units would be restricted to households earning 30–70% of the area median income.

Nina Tarnay, the SBRHT board member representing Manhattan Beach, spoke in favor of the loan: "We have an opportunity to really kick off this housing trust and do exactly what we're all here to do, which is to find ways to build affordable housing in the way that local jurisdictions want. This is what they want; they've put skin in the game as well."

The trust's $6 million loan, approved at 3% interest over 55 years, represents about 8% of the total project cost. Hawthorne has separately committed a $7 million city loan. Together, the two public commitments total $13 million, leaving roughly $63 million in financing gaps the developer must fill through additional local, state, and federal sources, according to the South Bay Cities Council of Governments.

Securing that remaining funding will determine whether construction can begin as targeted on November 1, 2027, with completion by September 1, 2029.

The trust's funding comes from $7.9 million in annual Measure A dollars flowing to the South Bay through the Los Angeles County Affordable Housing Solutions Agency's Production, Preservation and Ownership Program. LACAHSA matching funds could eventually push that annual allocation to nearly $14 million. Because the trust operates as a lender, interest revenue will cycle back into the fund for future projects across all 11 member cities, which include Hermosa Beach, Manhattan Beach, Redondo Beach, and El Segundo.

Jacki Bacharach, the trust's interim director, said seniors and small working-class families are experiencing rising housing insecurity, particularly families in local school districts, and that the units could help prevent future displacement.

The SBRHT launched on April 30, 2026, after a year of analysis by the South Bay Cities Council of Governments. Its board is composed of council representatives from each member city, and it funds projects only in cities that back them locally.

The building's 69 one-bedroom and 24 two-bedroom units would include a central courtyard and play area, a community room, resident services, laundry facilities, secured bike parking, and 54 parking spaces.

The SBRHT board meets on the third Thursday of each month at 3:30 p.m. Its next scheduled meeting is Thursday, July 17. Meeting details are posted at sbrht.org.