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Thank you to all our partners for sharing this milestone with us.
Genesis LA Turns 20!

Thank you to Studio-MLA for hosting Genesis LA's 20-year anniversary celebration! We celebrated the milestone with numerous community development partners, Board of Directors, project borrowers, and capital funders. Over the past 20 years, our supporters have helped Genesis LA create lasting impact for Angelenos from all walks of life.

The Backyard Homes Project (ADU)
The Backyard Homes Project has officially launched and is accepting applications through December 15, 2018. The program is a "one-stop-shop" that enables homeowners to build an accessory dwelling unit (ADU) on their property and contribute to the development of affordable housing by renting their ADU to a Section 8 voucher holder for a minimum of 5 years. Our local partners in the Backyard Home Project include LA-M รกs, Self-Help Federal Credit Union, and Restore Neighborhoods LA. Genesis LA's partnership in The Backyard Homes Project is made possible by a PRO Neighborhoods grant from the JPMorgan Chase Foundation.

RETHINK Housing:
Special Service for Groups Breaks Ground
The Project is expected to complete construction by mid-2019
We are proud to announce the first project to break ground under our RETHINK Housing Program, a supportive housing financing model which aims to address the growing homelessness crises. The RETHINK Housing Program relies on significantly less public subsidy while also reducing per unit development costs for supportive housing.  The project is being built at a total cost of $81,000 per bedroom. 

The East Rancho Apartments, located in unincorporated Los Angeles County near Compton, will provide supportive housing for 10 youth who are experiencing homelessness or who are at risk of homelessness. Genesis LA provided an $800,000 loan to the project, covering predevelopment, construction, and permanent operations. 

Special Service for Groups, a local nonprofit service provider of supportive housing, will own and operate the Project. Development partners for the project include Restore Neighborhoods LA and the Housing and Community Development Commission and Housing Authority of the County of Los Angeles (CDC/HACoLA). Special thanks to the O ffice of LA County Supervisor Mark Ridley-Thomas for helping to move the project forward. Genesis LA also thanks The Conrad N. Hilton Foundation and the JP Morgan Chase PRO Neighborhoods program for providing part of the capital used by Genesis LA to make this loan.
National League of Cities -  City Summit

Los Angeles played host to the National League of Cities conference in November. As part of the conference, Genesis LA participated in a discussion around innovative solutions to addressing the need for affordable housing. During a panel discussion, Tom De Simone, President & CEO, shared details on Genesis LA's efforts to develop capacity and customized capital solutions to increase the development of smaller housing projects such as ADUs and small multifamily housing. Wells Fargo hosted the panel, which also included representatives from the Los Angeles Housing and Community Investment Department, Enterprise Community Partners, and Century Housing.

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