Genesis LA’s mission is to deliver financial solutions that advance economic and social opportunities in underserved communities.
Established in 1998 out of the office of former Los Angeles Mayor Richard Riordan, today Genesis LA is certified by the U.S. Department of the Treasury as a Community Development Financial Institution (CDFI) and a Community Development Entity (CDE). As a CDFI, we make direct loans and investments to community and economic development projects through our internally managed Genesis Community Investment Fund (GCIF). As a CDE, we have received $265 million in New Markets Tax Credit (NMTC) allocation to projects. Additionally, we often combine our GCIF and NMTC financing with development services that include technical assistance, financial structuring, capital raising, and acquisition/construction assistance, designed to build the capacity of borrowers and the financial viability of their projects.
Our community and economic development work is particularly important in Los Angeles, because our local service area is significantly underserved by CDFI capital and local CDFI organizational capacity. Recent data from the CDFI Fund show that Los Angeles County receives less CDFI investment activity per person in poverty as compared to other large metro areas across the U.S. This only serves to highlight the important role that Genesis LA serves in our market and the need for us to expand our technical services and capital deployment in the communities we serve.