Genesis LA Receives $55 Million in New Markets Tax Credit Allocation
We are excited to announce that the CDFI Fund has awarded Genesis LA a $55 million New Markets Tax Credit Allocation! This allocation will spur new investment and economic growth in low-income communities throughout Los Angeles County. To date, Genesis LA has received eight NMTC allocations totaling $375 million. Stay tuned for upcoming NMTC projects!
Predevelopment Loan Advances Grocery Store's Transformation to Permanent Supportive Housing
A former grocery store site located in Wilmington will soon be transformed into a 54-unit permanent supportive housing project for homeless individuals. Genesis LA recently closed on a $550,000 predevelopment loan to Brilliant Corners to support the project, which will include onsite supportive services. Construction is expected to begin in Q1 2022.
Little Tokyo Service Center Adds 187 Units to LA's Housing Stock
Genesis LA provided a $660,000 predevelopment loan to Little Tokyo Service Center to support the Santa Monica and Vermont Housing project, a 187-unit affordable housing development in East Hollywood. Of the 187 units, 94 units will be set aside as permanent supportive housing for individuals experiencing homelessness. An additional 91 units will be reserved for families earning up to 50% of Area Median Income. The project is located above a Metro Red Line subway station and will include commercial spaces marketed towards local small and minority-owned businesses. Construction is expected to begin in Q1 2022.
La Guadalupe Brings New Jobs and Affordable Housing to Boyle Heights
Genesis LA closed on $2.5 million in construction and mini-permanent financing to Azure Development to support the La Guadalupe project, a 44-unit mixed-use affordable housing development in Boyle Heights. Genesis LA’s financing supports construction of the project’s 7,500 s.f. of commercial space that will be reserved for small, minority-owned businesses serving the community. Vanessa Delgado, founder of Azure Development, named the project as a tribute to her late grandmother, a working class immigrant and resident of Boyle Heights, who Ms. Delgado credits to shaping her passion to bring about positive change in the community. The project is located across the street from a Metro Gold Line subway station and will add to the commercial vitality of the 1st Street corridor. 
Youth Orchestra LA (YOLA) Receives Final Certificate of Occupancy
In Fall 2019, Genesis LA provided $11.5 million in New Markets Tax Credit allocation to the YOLA Center. In August 2021, the project received its Final Certificate of Occupancy. The new state-of-the-art, art/music/education venue features a full orchestra rehearsal space, a recording studio, music library, and community services open to the Inglewood community. The YOLA center was recently featured on the LA Times. 
Genesis LA Walks 5K to Support WalkUnitedLA
On November 6th, the Genesis LA team joined United Way’s WalkUnitedLA 5K around Sofi Stadium in Inglewood. In partnership with the Los Angeles Rams, United Way organized the event to support its mission to disrupt the cycle of generational poverty by addressing interrelated issues such as homelessness, housing stability, education, and economic mobility. 
Genesis LA
801 S. Grand Avenue, Suite 775
Los Angeles, CA 90017