Thank you to the Wolbe family for participating in the ADU pilot.
Accessory Dwelling Unit Pilot Breaks Ground in Highland Park

This week, Genesis LA celebrated the groundbreaking of our Accessory Dwelling Unit (ADU) pilot project in Highland Park. This project presents an alternative and affordable housing option to help augment the supply of new housing in California. We thank our partners in this project, including LA-Más, the City of Los Angeles Innovation Team, Habitat for Humanity, and the Office of Councilmember Gilbert Cedillo. Genesis LA's role in the project was to provide construction financing, identify barriers to conventional financing for ADUs, and explore options for attracting more financing to the ADU market.

Los Angeles LGBT Center Closes $42 Million in NMTC Financing
The Anita May Rosenstein Campus is scheduled to open in early 2019
Since 1969, the Los Angeles LGBT Center has provided a comprehensive range of direct services and housing to the LGBT community as well as at-risk youth and seniors. Services include medical, legal, educational and social services. About 600 employees and 900 volunteers at the Center serve more than 40,000 clients per month with these free or low cost services. 

Last week, the Center closed $42 million in NMTC financing for the construction of a new headquarters in Hollywood, which consists of a 211,000 sf mixed-use development and increases the Center's service capacity to 50,000 clients per month. The new facility modernizes and consolidates the Center's administrative offices, includes a Federally Qualified Health Center, housing, and adds some retail space. 

Genesis LA provided the LA LGBT Center with $10 million in NMTC financing with Wells Fargo serving as the equity investor. Our lending partners on the project include the Los Angeles Development Fund, TELACU Community Capital and Low Income Investment Fund
Ribbon Cutting at the Elysian Valley Creative Campus
The commercial portion of the campus is expected to open later in 2017.
The first phase of construction of the Elysian Valley Creative Campus is complete and features 40 live-work rental units, 20% of which will be set aside for low-income families. The second phase of the project will feature about 10,000 sf of commercial space for small businesses, nonprofits and tenants that meet the needs of the surrounding community. 

Genesis LA worked to provide NMTC financing and ensure that the project sets the tone for responsible development along the Los Angeles River. Community benefits include 25% of construction hours performed by local residents, establishment of a community fund for local priorities and an advisory council to help inform the selection of commercial tenants. 
Genesis LA Helps Build Capacity to Preserve Small Multifamily Housing

We continue to develop innovative financial products to preserve "naturally affordable" Small Multifamily (SMF) housing in Los Angeles. This SMF housing typology is often overlooked by traditional public funding sources because of its small scale, but it is where most low-income families live in Los Angeles. In April, we co-hosted the first in a series of trainings on SMF preservation with our partners at Enterprise Community Partners. This and future trainings are intended to build the capacity of community development organizations to own and operate these at-risk properties. We look forward to financing more SMF properties later this year.
Genesis LA 2016 Annual Report

Our 2016 Annual Report summarizes how Genesis LA is working to strengthen the community development sector in Los Angeles. Our lending to mission-driven projects throughout Los Angeles County builds the capacity of our borrowers and transforms communities. Highlights of our accomplishments include:
  • $10 million in Genesis Community Investment Fund (GCIF) loans to 15 projects
  • $22 million in NMTC loans to 3 projects
  • Financed projects that create or retain 280 jobs and serve over 9,000 annually
  • Grew our unrestricted net assets by nearly $3 million
  • Awarded $45 million in NMTC allocation
2016 Board Retreat

Genesis LA welcomed two new board members at our annual retreat. Steven Rolfe (retired Chief Credit Officer at ProAmerica Bank) and Paul Chen (CEO of Chen & Fan Accountancy Corporation) bring unique skills and strengths to our Board of Directors. The retreat allowed Genesis LA to focus on our region's needs and our strategies moving forward. And we had some fun with our annual Genesis LA team challenge, where this year our board, staff, and significant others participated in an "amazing race" competition!
 
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