SPRING 2015 NEWSLETTER
CONSTRUCTION BEGINS AT THE CAROLINE SEVERANCE MANOR CHILDCARE CENTER

Genesis LA provided $550,000 in financing for the childcare center build out at Caroline Severance Manor (CSM), an 85-unit mixed-use, inter-generational community located in the Mid-Wilshire/Koreatown neighborhood.  The new childcare center will replace and expand upon an older center currently operated by the Ketchum YMCA at the First Unitarian Church.  The childcare center at CSM can serve up to 80 children from the development and the surrounding area, a 30% increase in enrollment from the previous facility . 

 

Genesis LA partnered with Mercy Housing California developer of the mixed-use project which assembled the various pieces of financing, including funding from the Weingart Foundation.  Architecture, construction management and construction administration services are being provided to First Unitarian Church of Los Angeles, the childcare owners and lessors, by Abode Communities.  CSM will house families with incomes between 30% and 60% of the area median income (AMI).
Avalon and Gage Park Opening
GENESIS LA FINANCES THE LA NEIGHBORHOOD LAND TRUST 

Genesis LA provided a $350,000 line of credit to the LA Neighborhood Land Trust  (LANLT).  Our GCIF loan will help manage cash flow and facilitate the construction and development of new parks and community gardens. According to LANLT's Director of Special Projects, Mark Glossock:

"The line of credit from Genesis LA substantially strengthens our ability to advance the planning and construction of new park and community garden projects. With Genesis LA's support, we have significantly stronger leverage to expand park and food access to hundreds of thousands of Angelenos." 


 In the 13 years since the LANLT's formation, the organization has fostered the development of 18 inner urban agriculture projects, with 13 parks and gardens currently under construction or in pre-development.  

All of  LANLT's parks and gardens are open to the public, from 8 a.m. to 5 p.m. during the Fall and Winter months and from 8 a.m. to 8 p.m. during the Spring and Summer months.   The LANLT's mission is to create accessible community green spaces to address the lack of open spaces in Los Angeles' underserved neighborhoods and to ensure community participation during the process of creating, managing and programming parks and community gardens.
SHEENWAY SCHOOL AND CULTURE CENTER RECEPTION

Genesis LA's Community Advisory Board (CAB), members of Genesis LA's Board of Directors and the Sheenway School hosted an on-site reception on April 23, 2015 at the Sheenway School and Culture Center in the Watts neighborhood. Members toured the new schoolhouse facility and met one-on-one with the founder, Dolores Sheen and Sheenway School representatives including the principal, students and instructors. Dolores Sheen, or "Aunt Dolores", highlighted the role  Genesis LA played in the success of the school and the community while Sheenway students shared information about their classes.

 


 
GENESIS LA PARTICIPATES IN CHASE-SPONSORED NEW MARKETS TAX CREDITS ROADSHOW

Nationwide, over $38 billion of New Markets Tax Credit (NMTC) capital has been invested into thousands of businesses and real estate developments since 2002.  Genesis LA has directly deployed $190 million in NMTC allocation.  These investments have created significant community and economic impact in Los Angeles' underserved communities and assisted business owners and nonprofit developers gain access to a low-cost source of capital for a portion of their financing needs.  On April 8, 2015, Genesis LA's President and CEO participated in a forum on NMTC financing that was sponsored by Chase Community Development Banking, Buchalter Nemer, California Statewide Communities Development Authority (CSCDA) and the Los Angeles Development Fund (LADF).  The session was designed to inform Los Angeles stakeholders about how NMTC financing can assist in bringing jobs and economic development to low-income areas.  Over 30 people attended the forum, representing community development corporations, small business advisors, equity investment managers and public funding agencies.  Speakers included Tim Karp from Chase, Sandra Rahimi from LADF, Jon Penkower from the CSCDA and Michael A. Williamson from Buchalter Nemer.  


 


We invite you to visit Genesis LA's new website here

Genesis LA
801 S. Grand Ave., Ste. 625
Los Angeles, CA 90017
213.533.8900

Our mission is to deliver financial solutions that advance economic and and social opportunities in underserved communities.