Heritage Housing Partners - Lincoln & Orange

We are proud to have closed $9.5 million in New Market Tax Credit (NMTC) financing for a new 70,000 sf mixed-use project in Pasadena which includes 46 affordable homeownership units and 11,700 sf of commercial space for retail, office, and community room uses. Heritage Housing Partners is developing this project, which, will provide quality housing, generate wealth for low-to-moderate income households, and create 15 new full-time-equivalent (FTE) permanent jobs and 30 new FTE predevelopment and construction jobs. Genesis LA worked with US Bank to provide NMTC financing to this project. 
The Brine

Genesis LA has approved $500,000 in predevelopment financing to the Brine Project, a 97-unit mixed-use development in Lincoln Heights that is being developed by The Decro Group. The project is named for the site's former use as a pickle factory and will be redeveloped into a new community hub consisting of affordable housing, a large grocery store, medical office space, and pediatric mental health clinic for victims of child abuse.
NOHO 5050

Genesis LA has closed on $533,000 in predevelopment financing to developers Daylight Community Development and The Decro Group, to support the NOHO 5050 project, a five-story building that will include 39 units for victims of domestic violence and qualified low-income families, along with 1,800 sf of common space and amenities. Individuals housed at the project will receive a wide range of supportive services and job training and placement services. 
Projects Make Progress During COVID-19

 
BLVD MRKT construction is set to be completed late summer 2020
Bungalow construction is set to be completed early 2021

As we all adapt to life under COVID-19, Genesis LA's projects continue to move forward. Construction is now 63% completed on the BLVD MRKT, which will contribute to the revival of Montebello's downtown area. Developer Gentefy, Inc. is repurposing an existing brick structure and adding new shipping container structures to create an outdoor open courtyard food hall. The project is expected to complete construction by late summer 2020. Similarly, work continues on the Bunglow Gardens in South LA. This 8-unit permanent supportive housing development is one of several innovative supportive housing developments that Genesis LA financed by employing strategies that include development on small sites, "by right" development, and leveraging private financing. The Project is being developed by Restore Neighborhoods LA and is expected to complete construction by early 2021.
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