A newly built home in Exposition Park will be sold to home buyers below 120% AMI.
RNLA Spearheads New Home Ownership Models

According to the most recent Census figures, 57% of renters and 40% of home owners in Los Angeles County spent 30% or more of their income on housing. Meanwhile, the region's home ownership rate was slipped to 48.4% at the end of 2016, the lowest among the 75 largest metro areas in the U.S. In response to our region's housing challenges, Genesis LA has been working with Restore Neighborhoods LA (RNLA) to finance the rehab and/or development of homes to be sold to low- and moderate-income families. Our work with RNLA has attempted to drive down design and construction costs to make housing more affordable without large subsidies.   Recently, we provided construction financing for 5 single-family residences throughout South Los Angeles that are bringing innovative, modern, and cost-effective housing to the community.  

Exceptional Children's Foundation Makes Historic Move
ECF's new facility is located in Inglewood at Centinela Ave and Hyde Park Blvd.
Since 1946, the Exceptional Children's Foundation (ECF) has served children and adults with developmental disabilities and other special needs so that they may live as independently as possible.  ECF is the only organization of its kind in California that offers a full continuum of lifespan services that include education, language and social skills development, and job training.  After two years of planning ECF made the bold move to sell its headquarters campus and relocate facilities, including a new 30,000 s.f. service center in Inglewood.  

In early 2016, Genesis LA provided ECF with $7.75 million in New Markets Tax Credit (NMTC) financing in partnership with Wells Fargo, which has allowed ECF to improve and expand its services.  The new center offers programming for adult clients, including a work readiness program, light packaging and assembly jobs, vocational training programs, art training and a gallery space.  In 2016, ECF served over 3,600 children, students, adults and their families. 
Spotlight Series: 
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Elysian Valley Creative Campus 

Our 2017  Spotlight Series  begins with an overview of the Elysian Valley Creative Campus, to which Genesis LA provided $13.1 million in NMTC financing in 2015.  Communities located along the Los Angeles River have experienced decades of disinvestment, but recent changes in these neighborhoods have led to rising prices and land speculation.  The campus serves as a model of responsible and community-oriented development in historically underserved communities located along the LA River.  The campus includes commercial and residential uses and 20% of units will be affordable.  Occupancy is expected in mid-2017 .
Capital Magnet Fund

Last fall, Genesis LA was one of 32 CDFIs and nonprofit organizations nationwide to be granted a Capital Magnet Fund (CMF) award by the CDFI Fund.  With this award and other leveraged capital, we will be able to invest over $10 million to address unmet housing needs in Los Angeles County, which are well documented here . 

Our investments will provide flexible financing to multifamily and single family projects and will support innovative approaches to growing our local affordable housing supply.  Of particular interest is our goal to finance nonprofits as they acquire small multifamily housing projects (under 20 units) to preserve existing affordability and upgrade the quality of housing.  These properties are difficult to finance, because there are no other public financing programs to provide equity financing for this scale of housing.  With our CMF award, we intend to expand our work in this area, which has already included partners such as TRUST South LA, The Beverly-Vermont Community Land Trust, RNLA, and Jovenes Inc.
LA CAN Opens New
Headquarters on Skid Row
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Los Angeles Community Action Network  ( LA CAN ) is a social justice organization serving the Skid Row community.  In May 2014, LA CAN purchased a 5,400 s.f. converted warehouse on Skid Row to serve as their Wellness and Justice Center.  In 2016, Genesis LA provided LA CAN with a $230,000 junior loan to expedite the rehabilitation of the warehouse and build additional space for their offices and community meetings.  The renovation will improve service delivery to Skid Row residents.  A rooftop garden will provide gardening lessons and opportunities for social enterprise as the herb garden produces goods to sell to local markets and restaurants.