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Children Institute, Inc.
In June, the Children’s Institute, Inc. (CII) in Los Angeles opened its doors to the South LA community with the opening of its Watts Campus, which provides CII with new office and service space to over 5,000 children and families. CII is the country’s largest children services organization, serving more than 28,000 children across Los Angeles by providing a health, family, and prevention services. Genesis LA provided $13 million in New Markets Tax Credit to CII; we are pleased to have worked with the Los Angeles Development Fund and Wells Fargo to make the site a reality.
NMTC Financed: $13,000,000
Community Coalition
In 2015, Genesis LA provided an essential bridge loan that kept Community Coalition’s (CoCo) headquarter redevelopment project on schedule, and later extended a permanent loan that allowed CoCo to install specific fixtures, furnishings, and equipment. A community staple for over 30 years, CoCo brings community members and leaders together to create a unified voice for South LA$13 million in New Markets Tax Credit to CII; we are pleased to have worked with the Los Angeles Development Fund and Wells Fargo to make the site a reality.
GCIF Loans Financed: $1,256,000
Heritage Housing Partners – Summit Grove
Genesis LA provided Heritage Housing Partners (HHP) with New Markets Tax Credit (NMTC) for the Summit Grove project, a 21 unit project which created townhomes for sale. All of the units sold are to families earning less than 80% to 120% AMI. Heritage Housing Partners is a non-profit housing developer, which has made townhomes feasible for low to mid income families in Southern California. $13 million in New Markets Tax Credit to CII; we are pleased to have worked with the Los Angeles Development Fund and Wells Fargo to make the site a reality.
NMTC Financed: $6,860,000
Inner City Struggle
Rooted in Boyle Heights, Inner City Struggle (ICS) was founded to address social issues and advocate for community empowerment. Working closely with ICS, Genesis LA provided technical assistance and financing to acquire their first headquarters in East LA. Since, the site has been redeveloped to new office space, which accommodate the needs of Inner City Struggle.
GCIF Financed: $663,000
Community Mosaic
In 2016, T.R.U.S.T South LA’s Community Mosaic, a program which seeks to preserve the stock of “naturally” affordable housing in South LA by acquiring properties, taking them off the speculative market, and preserving them as affordable housing. Seeking to acquire its first property, Genesis LA provided financing to start Community Mosaic’s portfolio.
GCIF Financed: $525,000
Los Angeles LGBT AMR Campus
In the heart of Hollywood, the Anita May Rosenstein (AMR) Center opened its door in 2019 to provide services and most vulnerable populations in the LGBT community. Near transit, the 211,000 mixed-use development will serve to expand the capacity of Los Angeles LGBT Center. Genesis LA provided $10 million in New Markets Tax Credit to support this project.
NMTC Financed: $10,000,000
Jordan Downs Plaza
Located in Watts, the Jordan Downs Plaza was developed by Primestor Development as a neighborhood retail center. Now completed, the site features a full service grocery store, various restaurant and retail space. Developed with extensive local
input, Genesis LA provided $14.7 million in New Markets Tax Credit to help finance the retail center.
NMTC Financed: $14,500,000
CORE
The Community Owned Real Estate (CORE) project allows for three nonprofits to directly control commercial real estate and help prevent displacement of small business and nonprofits in East Los Angeles. Working closely with the nonprofits,
the CORE project helped in acquisition, construction and rehabilitation of CORE properties. Genesis LA helped with providing $5.6 million in GCIF financing and $10 million in NMTC allocation for the project.
GCIF Financed: $5,600,000 NMTC Financed: $10,000,000
Corazon Del Valle
As two separate developments, Corazon del Valle is a two part affordable housing project that will create 180 units for households between 30% and 60% AMI. Genesis LA worked with Clifford Beers Housing (Holos) to provide $2.5 million in
predevelopment capital while the project secured public subsidies. Once complete, the project will feature a public park and commercial space available for both residents and neighbors alike in Panorama City.
GCIF Financed: $2,000,000
BLVD MRKT
On a blighted commercial property in Downtown Montebello, BLVD MRKT is hosting eight minority-owned real small food businesses in a newly built indoor/outdoor food court hall. Centered as a growing community center, Barney Santos, the head of the project works closely with the eight tenants to ensure their success through their growth. In support of California Fresh Works’ program, Genesis LA financed $1.7 million for the project.
GCIF Financed: $1,700,000
Charles Drew University
Located in Willowbrook, Genesis LA worked with Charles Drew University (CDU) to finance their campus expansion, which included a medical clinic, a student center and on-site improvements. The clinic will serve an additional 1,600 patients a year in a “Medically Underserved Area.” Genesis LA provided $10 million in NMTCfinancing to complete the expansion.
NMTC Financed: $10,000,000
Bungalow Gardens
Alongside with Restore Neighborhoods LA, Genesis LA financed $920,000 to provide permanent financing for the construction of this 8-unit permanent supportive housing project. The first bungalow project in over 70 years, the project is a part of
Genesis LA’s RETHINK Housing Program, which seeks to reduce development costs per unit.
GCIF Financed: $920,000
Terasaki Budokan
In the heart of Little Tokyo, Genesis LA helped Little Tokyo Service Center (LTSC) with obtaining financing for the development of the 28,000 SF recreation center. Opened in 2021, Terasaki Budokan holds sports centers, event space, and an
outdoor garden for the neighborhood. The bridge financing helped LTSC bridge uncommitted campaign and become eligible in New Markets Tax Credit.
GCIF Financed: $3,200,000
My Home Mi Casa (MHMC)
To address housing with at-risk youth, Genesis LA partnered with Jovenes, a nonprofit serving at-risk youth to acquire and develop permanent supportive housing. Throughout this partnership, Genesis LA worked alongside with Jovenes to build assets, create a business plan, and implement the property acquisition. Jovenes now serves 380 youth per year, tripling the initial investment of Genesis LA had in 2012.
La Guadalupe
Genesis LA provided a loan of $2.5 million to fund the construction of ground floor commercial space in La Guadalupe, a mixed-use affordable housing development located in Boyle Heights. This project will provide commercial goods and services to more than 12,000 households, the majority of which are low- to moderate-income. Azure Development, our Borrower, seeks tenants to include primarily minority-and woman-owned businesses and entrepreneurs.
GCIF Financed: $2,500,000
Willowbrook
Located in Willowbrook, the Willowbrook project will house seven units of permanent supportive housing. Working with Restore Neighborhoods LA (RNLA), Genesis LA provided construction and permanent financing for the infill project.
Avoiding traditional tax credit programs, the project has a significantly lower cost per unit.
GCIF Financed: $910,000
828 Cleveland Apartments
AHI Financed: $1,750,000
GCIF Financed: $50,000
Alliance for Community Empowerment (ACE)
As Alliance for Community Empowerment (ACE) rent doubled in 2020, Genesis LA worked closely with ACE to offer flexible financing to acquire their headquarters in the San Fernando Valley. The facility has allowed ACE to expand its core services for the ages between 12 and 25, which include youth development, prevention, and job training programs. Genesis LA financed $2.1 million in acquisition financing.