LA Family Housing to Construct New Valley Campus
For the past 30 years, LA Family Housing (LAFH) has been among the leading homeless services agencies in the San Fernando Valley.  In recent years, LA's public agencies and charities have come together to create a "coordinate entry system," which is designed to improve the efficiency of service delivery throughout Los Angeles.  LAFH oversees the Valley's coordinated entry system.  LAFH recently closed on financing for a new campus located at its Lankershim Blvd. headquarters, which will include a 6,500 s.f. health center, legal clinic, service providers, administrative offices, and 50 permanent supportive housing units.  

Genesis LA provided LAFH with $2 million in financing to support the new campus, partnering with the Nonprofit Finance Fund as part of a larger $8 million loan facility that also leveraged New Markets Tax Credit financing provided by Opportunity Fund and JP Morgan Chase.  LAFH serves approximately 500 clients a year and expects to increase staffing and clients served at the new campus. A recent article in the  Los Angeles Times  highlights LAFH's work to move homeless residents into housing.
Spotlight Series: My Home, Mi Casa
 
My Home, Mi Casa

Our Spotlight Series  this quarter features Genesis LA's My Home Mi Casa project. Community Advisory Board member Eric Ibarra interviews Andrea Marchetti, Executive Director for Jovenes Inc., to discuss how My Home Mi Casa addresses the needs of homeless and other at-risk youth in Boyle Heights and East Los Angeles. Marcetti explains how the project not only provides access to housing for at-risk youth, but also incentivizes transition into long term housing and minimizes reliance on public subsidies for affordable housing . Click on the video above to learn more and  read the transcript here.

Reinventing Affordable Homeownership Opportunities 
Genesis LA has partnered with Restore Neighborhoods LA (RNLA) to invest in foreclosed and distressed properties in order to provide affordable homeownership options to low-moderate income households.  RNLA was formed to administer LA's National Stabilization Program (NSP) foreclosure work, funded by HUD, which supported the acquisition and rehab of over 350 single- and multi-family units.  Following the success of NSP, Genesis LA has worked with RNLA to design and deploy flexible financing to support innovative single-family and small multifamily projects.  RNLA is focused on lowering the cost of housing to make it affordable while relying on little or no public subsidies.  Recently, RNLA completed construction on a new prefabricated 3-bedroom home in South LA, which cost less than $250,000 to build and will be sold to a low-moderate income family.  Genesis LA continues to support RNLA's innovation to lower housing costs and pursue new financing, construction, and development methods to advance affordability.
Former Church to Become Affordable Homes
Genesis LA has closed on an $825,000 construction loan to Heritage Housing Partners (HHP), to finance the adaptive reuse of a 3,700 s.f. former church into three townhomes that will be sold to eligible low-moderate income families.  Located in Sierra Madre, the Highland Mews project will provide affordable housing in a community that is out of reach for low-moderate income households.  HHP has built and sold over 130 homes to eligible first-time home buyers and 50 more homes are slated to be for sale in 2016.  The project is expected to be completed in early 2017.
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