2014 ANNUAL REPORT
Genesis LA is proud to share our 2014 Annual Report.   This report reflects our continued efforts to bring new social and economic opportunities to underserved communities.   Below are highlights of our accomplishments and impact:
  • Made $5.1 million in Genesis Community Investment Fund (GCIF) loans to 9 projects;
  • Made $9.8 million in New Markets Tax Credit (NMTC) loans to 2 projects;
  • Financed projects that will create/retain an estimated 670 jobs and serve over 1,200 people each year;
  • Grew our Unrestricted Net Assets by nearly $1.5 million, a 15% increase;
  • Raised more than $4 million in new debt capital to support our GCIF lending program, more than in any year prior;
  • Received a $20 million NMTC Allocation Award;
  • Rebranded Genesis LA with a new logo, website, and refined mission statement.

GENESIS LA JOINS OFN AND CDFIs FOR ADVOCACY DAY

On May 5, Genesis LA was one of 48 Community Development Financial Institution (CDFI) member representatives from the Opportunity Finance Network (OFN) to meet with Congressional offices in both chambers and on both sides of the aisle.  Advocacy Day visits included 11 meetings with members of Congress and the leadership of Committees that oversee the New Markets Tax Credit and the financial services industry. Tom De Simone, Genesis LA's President and CEO, shared stories of our borrowers with several Representatives, including Congressman Xavier Becerra (pictured 3rd from the left below), Congresswoman Linda Sanchez, and Congresswoman Maxine Waters.  Tom also spoke at an OFN-led briefing with Senior Administration officials, where he provided suggestions on how to improve CDFI Fund policies and programs to better serve low-income communities.  


$30 MILLION NEW MARKETS TAX CREDIT (NMTC) AWARD TO GENESIS LA
On June 15, Genesis LA received $30 million in New Markets Tax Credit allocation from the U.S. Department of  Treasury's  Community Development Financial Institutions (CDFI) Fund.  Our fifth award, this brings Genesis LA's total NMTC allocation to $220 million. We are honored to be one of 76 community development organizations nationwide to be awarded an allocation and are unwavering in our commitment to serve low-income neighborhoods throughout Los Angeles County.  Since receiving our first allocation in 2005, we have deployed $190 million in NMTC allocation to 15 projects, all located in communities with the highest levels of economic distress. To learn more about the 2014 NMTC awards, please visit:  

StimULI BREAKFAST ON DATA, DESIGN AND DEVELOPMENT

On June 17, Genesis LA participated in an Urban Land Institute StimULI Breakfast on Data Driven Urban Design and Development.  Fellow panelists included Nate Cherry, Director of Planning and Urban Design at RTKL Associates, and Krista Sloniowski, Professor at USC Price School of Planning and Policy.  Panelists discussed how new forms of data and new ways of interpreting data can help inform developers, designers, city officials, investors, and the general public in determining the health of the communities they serve.
SAVE THE DATE:  JULY 30 EVENT AT GENESIS LA-FINANCED PROJECT, CITY LABS BOYLE HEIGHTS

Leadership for Urban Renewal Network (LURN) is hosting its annual "Summer Nights & City Stars" event on Thursday, July 30, 2015 from 5:30p to 8:00p at its new offices, City Labs Boyle Heights, a Genesis LA-financed project.  


To RSVP, click Here.  To view photos from the past two "Summer Nights & City Stars" event, see links: 2013 and 2014.
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