We are proud to share our
2015 Annual Reportwhich reflects our continued efforts to bring new social and economic opportunities to underserved communities. Below are highlights of our accomplishments and impact:
Made $7 million in loans to 10 projects through our Genesis Community Investment Fund (GCIF)
Made $19.9 million New Markets Tax Credit (NMTC) QLICI loans to 2 projects
Financed projects that will create/retain an estimated 300 jobs and serve over 12,000 people each year
Grew our Unrestricted Net Assets by $2.4 million, a 20% increase
Raised more than $6 million in new debt capital to support our GCIF lending program, more than in any year prior
Received a $30 million NMTC Allocation Award from the US Treasury
Spotlight Series: South Gate's Azalea Plaza Creates Jobs & Increases Access to Quality Goods and Services
Click play to watch our most recent
Spotlight Series video.
Our Spotlight Series investigates the impacts that projects are having on communities through the perspectives of different stakeholders. In this interview, one South LA resident shares her thoughts on how Genesis LA's investment in Azalea Plaza in South Gate is bringing positive change and opportunities. Azalea Plaza created nearly 1,200 jobs (over 80% for local residents), generates $2.5 million in annual local tax revenues, and provides access to affordable commercial goods and services to 48,000 residents who live in poverty.
Genesis LA provides NMTC Financing for Legal Aid Foundation of Los Angeles
Rendering of Legal Aid Foundation of Los Angeles' New Headquarters
For over 85 years, the Legal Aid Foundation of Los Angeles (
LAFLA) has provided essential legal services to poor and low-income people in Los Angeles County. In 2015, LAFLA served over 80,000 people, addressing over 13,500 cases covering a wide range of issues from domestic violence, civil rights and housing among others.
After six years of planning and four years of fundraising, construction has started
on a new 46,000 square foot headquarters that will combine two field offices into one location near downtown LA. The new headquarters will enable LAFLA to serve an additional 10,000 persons annually and better serve those with disabilities. Other upgrades include new technology, a multilingual community resource center aimed at increasing access to legal services online, and a streamlined intake process.
Genesis LA is proud to have provided LAFLA with $8 million in New Markets Tax Credit (NMTC) financing with JP Morgan Chase serving as the equity investor. Other partners on the project include TELACU Community Capital and RAZA Development Fund.
Razed Liquor Store Paves the Way for First-time Homeowners
Genesis LA has provided $7 million in NMTC allocation to Heritage Housing Partners (HHP) to construct 21 units of affordable housing in Pasadena. All units will be aimed at low- and moderate income first-time home buyers. The project replaces a blighted liquor store that was a nuisance and location of frequent criminal activities. HHP has partnered with the City of Pasadena to increase the financial literacy of residents and would-be buyers in an effort to help families achieve their goal of home ownership. The project is expected to complete construction in 2017.
Many thanks to our borrower,
Community Coalition, for hosting our summer social and providing a tour of their new facility. Special thank you to Executive Vice President Aurea Montes-Rodriguez for sharing the organizational history and elaborating on how the new facility is increasing the impact of the Coalition's work.
