Predevelopment Loan to Advance 175 Units of Permanent Supportive Housing
Genesis LA closed on $2.1 million in predevelopment financing to Little Tokyo Service Center to support the 414 Crocker St. project, a 175-unit permanent supportive housing development on the border of Little Tokyo and the Skid Row area of downtown Los Angeles. The project will redevelop the iconic Umeya Rice Cake Company factory warehouse, a three-generation Japanese-American family-run business, and one of the few remaining legacy businesses in Little Tokyo. Construction is expected to begin in July 2022. 
SPARCC Program & Recoverable Grant Support Community Land Trusts in LA
Genesis LA has been working with the Strong Prosperous, and Resilient Communities Challenge (SPARCC) as the "Capital Champion" for LA-based projects and organizations by providing technical assistance for potential real estate investments. In November 2020, the LA County Board of Supervisors approved a pilot program that will provide $14 million to Community Land Trusts (CLTs) to acquire, renovate, and preserve affordable housing. SPARCC has approved a $500,000 recoverable grant to support this work, with Genesis LA providing technical assistance to the CLTs and serving as the intermediary for the grant. The CLTs expect to acquire and preserve over 50 affordable housing units across LA County.
Wells Fargo Open for Business Grant Assists Over 200 Businesses
Last year, Wells Fargo announced a $550,000 Wells Fargo Open for Business Grant to Genesis LA, to support small businesses during the pandemic. Throughout early 2021, Genesis LA has worked with local community partners to deploy these funds in the form of small business grants to support over 200 small businesses and entrepreneurs. The grants assisted with offsetting costs of operating businesses such as commercial rents, utilities, facility costs/repairs, payroll, inventory supplies, equipment, and protective equipment related to COVID-19. Nearly 50% of grantees under the Genesis LA program are women-owned businesses and 90% are minority-owned businesses. 
Modules Delivered
for Watts Works
Last summer, Genesis LA closed a $2.8 million construction loan for the Watts Works project, consisting of 24 studio units. The developer, Daylight, is one of a handful of developers that Genesis LA is supporting to expedite permanent supportive housing projects and lower total development costs. To facilitate this loan, we collaborated with the Partners for the Common Good (PCG), which served as a participant in this loan. As of May 2021, the second batch of modules was delivered and staged on site with the remaining modules scheduled to be delivered and staged by July 2021.
BLVD MRKT
Core & Shell construction is now completed for the BLVD MRKT, which will contribute to the revival of Montebello's downtown area. Developer Gentefy, Inc. is repurposing a pre-existing brick structure and adding new shipping containers to create an outdoor courtyard food hall. The site has been fully leased with the half of tenants in the design stage for tenant improvements, and the remaining half already under construction. The project is expected to be completed and fully operational in late summer 2021. This project was financed in part with support from the California FreshWorks program.
Genesis LA
801 S. Grand Avenue, Suite 775
Los Angeles, CA 90017