Summer Newsletter 2018
Hey everyone! Summer is winding down and below is an update of projects that have kept us busy over the past few months. In case you missed our last newsletter, check out Genesis LA's 20 year report  which highlights the impact of our community development work.
Construction for the project is expected to complete in  2019.
Jordan Downs Plaza

Earlier this summer, Genesis LA closed New Markets Tax Credit (NMTC) financing to support the construction of Jordan Downs Plaza, which will serve as the commercial and retail component of the broader Jordan Downs redevelopment. The $50 million project, which is being developed by Primestor Development, will deliver quality goods and services to approximately 12,000 households, 33% of which live below the poverty line. An extensive local hiring program will be implemented, resulting in approximately 240 construction and 250 permanent jobs. Genesis LA provided $15 million of the total NMTC financing with JPMorgan Chase serving as the equity investor. Our lending partners on the project included California Statewide Community Development Corporation and Los Angeles Development Fund.

Summit Grove delivers Homes to First-Time Buyers
Heritage Housing Partners held a ribbon cutting for the buyers of 21 affordable condominium units in Pasadena. The condos replace what was formerly a nuisance liquor store which attracted frequent criminal activity in the neighborhood. The Summit Grove project provides an affordable home ownership opportunity for low- and moderate-income families earning between 80% and 120% of the median income in Los Angeles County. Genesis LA provided $7 million in NMTC financing for this project with JPMorgan Chase serving as the equity investor.

After years of planning, Legacy LA to open renovated facility
Phase 1 Improvements will complete in 2018
Genesis LA provided a $645,000 bridge loan to Legacy LA  to complete rehabilitation and renovation work to their 20,000 sq. ft. headquarters known as the Hazard Park Armory in Boyle Heights. Financing was necessary to complete structural improvements to the building, renovations to the entrance way, build out of staff offices and student programming space. The renovated facility enables Legacy LA to serve additional low-income and at-risk youth in the community and expand their footprint in the East Los Angeles area. Legacy LA's youth development and civic engagement programs offer academic support, mentoring, health and wellness activities, arts and digital media exposure.
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