GENESIS LA PARTICIPATES IN CHASE-SPONSORED NEW MARKETS TAX CREDITS ROADSHOW
Nationwide, over $38 billion of New Markets Tax Credit (NMTC) capital has been invested into thousands of businesses and real estate developments since 2002. Genesis LA has directly deployed $190 million in NMTC allocation. These investments have created significant community and economic impact in Los Angeles' underserved communities and assisted business owners and nonprofit developers gain access to a low-cost source of capital for a portion of their financing needs. On April 8, 2015, Genesis LA's President and CEO participated in a forum on NMTC financing that was sponsored by Chase Community Development Banking, Buchalter Nemer, California Statewide Communities Development Authority (CSCDA) and the Los Angeles Development Fund (LADF). The session was designed to inform Los Angeles stakeholders about how NMTC financing can assist in bringing jobs and economic development to low-income areas. Over 30 people attended the forum, representing community development corporations, small business advisors, equity investment managers and public funding agencies. Speakers included Tim Karp from Chase, Sandra Rahimi from LADF, Jon Penkower from the CSCDA and Michael A. Williamson from Buchalter Nemer.