LOS ANGELES — A proposed development billed as the "largest affordable housing" project in downtown Los Angeles has received $35 million in state funding, City Councilman Kevin de León announced Tuesday.

The funding is expected to support phase one of the project, known as Alveare, a 303-unit apartment complex for low-income families, low-income seniors and formerly unhoused residents. De León said the project has a total of three phases with a total price tag of about $103.4 million.

"Today, we are not just talking about affordable housing — we are delivering it," de León said in a statement. "Alveare is a game-changer for downtown LA, and it's happening because we are committed to solving this crisis — not tomorrow, but today."

The councilman's office noted the $35 million comes from a California Affordable Housing and Sustainable Communities grant. Funding will assist in creating 105 units of affordable housing for low and extremely low-income families.

In addition, the project, located at 1405 South Broadway, near Pico Boulevard, in the South Park neighborhood, is also expected to provide $15 million of transit and infrastructure improvements to the area, including new sidewalks, illuminated crosswalks and bike lanes. It will also create a new public park for residents to enjoy.

De León thanked Related Companies for assisting in securing the state grant, which was a competitive process, he added. Related Companies helped design the project, and other developments such as The Grand LA, Pueblo Del Sol and Rose Hills Courts — located in his 14th District, which stretches from downtown to the Northeast Los Angeles area.

Nolan Marshall, the CEO of Downtown South Park Business Improvement District, praised the project and the benefits it will bring to residents and businesses.

"Today, we send a clear message: Los Angeles will lead the way in affordable housing. We are not waiting for solutions; we are creating them," de León said. "This is how we build a city that works for everyone.

There is no set timeline for the second and third phases, and more funding is expected to be secured for the project, according to de León's office.

The second phase is expected to bring online 100 units of affordable housing for low-income seniors, and the final phase is expected to provide 98 units for formerly unhoused residents.