June 2022 Newsletter

Genesis LA Publishes Its 2021 Annual Report

Genesis LA is delighted to release our 2021 Annual Report! In 2021, Genesis LA made $22 million in Community Development Financial Institution (CDFI) loans, and our investments helped to create and/or retain over 1,600 construction related jobs, and serve over 600 people per year.

To read more about some of the wonderful projects Genesis LA supported in 2021, read our attached 2021 Annual Report! We want to thank our Staff, Board of Directors, Community Advisory Board, and partners for making this work possible.

Vermont Manchester Project Will Transform South LA

In early June, financing closed on the long anticipated Evermont project, a mixed-use project located at the corner of Vermont and Manchester in South LA. Genesis LA is thrilled to have contributed to making this project a reality. We provided $16 million in New Markets Tax Credits (NMTC) as well as over $10 million in CDFI loans to finance construction of 65,000 sf of office and retail, which will include a grocery component requested by the local community. Additional tenant space will create a job training/innovation center and provide space for four smaller local businesses. The NMTC project is part of a larger 160,000 sf mixed-use development that includes 180 affordable housing units for low-income seniors and families, a charter boarding high school, and a transit plaza.

The corner of Vermont and Manchester sat mostly vacant for 30 years following the 1992 civil unrest, and the surrounding area has historically lacked access to quality affordable retail goods and groceries. We anticipate that the project will result in 145 permanent full time equivalent (FTE) jobs and an additional 250 construction jobs. JPMorgan Chase served as the NMTC investor for this project and LA Development Fund and New Markets Community Capital were partner CDEs.

Genesis LA Staff and Board of Directors Hold Project Site Tour

In April, our staff and Board of Directors conducted a bus tour to visit nine projects financed by Genesis LA. Our team met with borrowers, nonprofits, architects, and small businesses who have been our partners in advancing innovative economic development and affordable housing projects. This tour was the first since the onset of the pandemic. Throughout the pandemic, Genesis LA worked closely with our borrowers to adapt to challenges and minimize interruptions to development projects and business operations. We want to thank the Staff, the Board, and borrowers, who made the tour possible.

BLVD MRKT’s Dining Options Featured in LA Times

Last year, BLVD MRKT opened its door to Downtown Montebello! Located on a previously abandoned commercial site, the project was funded by Genesis LA in 2019 with participation from the California FreshWorks initiative. In addition to providing tenant spaces for startup businesses, the project is part of a larger initiative to help revitalize Downtown Montebello through increased walkability and local job creation. To learn more about some of the many options BLVD MRKT offers, take a look at columnist Jenn Harris’ food tour through BLVD MRKT, which features bites from La Crosta, Vchos Pupuseria Moderna, and Nola’s Cajun Cuisine!