Community Owned Real Estate
2900 Cesar Chavez_ Los Angeles CA
2900 Cesar Chavez Ave, one of five properties in the CORE Portfolio,
Our team recently celebrated a major milestone in the completion of our Community Owned Real Estate (CORE) project, when we closed nearly $6 million in financing and $10 million in New Markets Tax Credit (NMTC) allocation to the project. CORE is a unique development and financing model that seeks to prevent the displacement of commercial tenants in low-income and gentrifying areas. CORE seeks to retain existing businesses and fill vacancies with small businesses and local nonprofits.
 
For nearly three years, Genesis LA worked with our partners at East LA Community Corporation, Inclusive Action for the City (formerly LURN), and Little Tokyo Service Center to form a joint venture between the three nonprofits; acquire five commercial properties (totaling 30,000 sf); and develop a rehabilitation and leasing plan for the portfolio of properties. The properties are located in the El Sereno and Boyle Heights communities of Los Angeles as well as Unincorporated East Los Angeles. Ultimately, the portfolio will house approximately 23 tenants who in turn will support about 72 full-time jobs. Rehab and full occupancy is expected to be complete by 2Q 2020.
 
Genesis LA thanks our partners at The California Endowment and The Weingart Foundation for participating in CORE with both grants and PRI loans, and JPMorgan Chase for serving as the NMTC investor.
Youth Orchestra LA
Construction is scheduled for completion in late 2020
Genesis LA provided $11.5MM in NMTC financing to the Youth Orchestra Los Angeles (YOLA) program, for the opening of their next facility in Inglewood. YOLA will rehabilitate an existing 18,000 sq. ft. commercial building into a music education and community center for youth. The project will be YOLA's fifth campus and accommodate an additional 500 students in their programming, which provides free instruments, intensive music training and academic support. Students in YOLA programs are primarily low-income or residents of underserved neighborhoods. Genesis LA worked with Raza Development Fund and JPMorgan Chase to provide the NMTC financing.
RETHINK Housing Awarded HHH Innovation Funds
Construction is scheduled for completion in November 2019
Our RETHINK Housing program has been selected for $10 million in funding under the City of Los Angeles' HHH Innovation Challenge to produce 100 units of permanent supportive housing (PSH) for homeless individuals. RETHINK Housing is a partnership with developer Restore Neighborhoods LA and Lehrer Architects. Projects receiving funding under HHH will benefit from our team's coordinated financing-design-construction model, and a single source of construction-to-permanent financing provided by Genesis LA as a means to expedite PSH projects and lower per-unit costs. These HHH-funded projects will build upon our team's experience working on half a dozen other small PSH projects, the first of which will be completed in November and house ten youth in a shared housing project in Compton.

Genesis LA Kayaks the LA River

 

Over the summer, our team had the pleasure of kayaking the Los Angeles River thanks to our friends at  L.A. River Expeditions . The experience gave our team a greater appreciation of our local ecosystem and the opportunities for community development alongside the river. Genesis LA has financed 17 projects within one mile of the Los Angeles River, which include a range of housing typologies, community facilities, and economic development projects. The most comprehensive of these projects includes a mixed-use riverfront campus called The Bend, which includes 40 live-work units, office, and neighborhood retail uses.

Clifford Beers Housing - Islas de Los Angeles

 
The project is expected to break ground by early 2020.
We are proud to have provided $1.2 million in predevelopment financing to developer Clifford Beers Housing for a unique permanent supportive housing (PSH) development in the South LA. The project includes 54 PSH units that will house individuals experiencing homelessness and include supportive services such as case management, mental health services and life skills. The project will utilize innovative construction methods in the form of shipping containers oriented to minimize noise and air pollution from the nearby freeways and with feature a walking street that include lush landscaping and public spaces.
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