March 2022 Newsletter

The Hollywood Arts Project Brings More Supportive Services to the Arts Community

In February, Genesis LA provided $11.4 million in New Markets Tax Credits (NMTC) to finance the Hollywood Arts project. Owned and controlled by the Actors Fund of America, the NMTC allocation will be used to rehabilitate an existing 18,350 square foot building along Hollywood Boulevard into below-market space for nonprofits supporting the region’s arts community, which was disproportionately impacted by the COVID-19 pandemic. The project will include a career center and workforce development program, space for supportive services, art galleries and performance spaces, and offices for non-profit arts organizations.

Hermandad Mexicana Acquires 100-Unit Development to Preserve Housing Affordability

Genesis LA assisted Hermandad Mexicana Nacional to acquire the controlling interest in a 100-unit affordable housing project known as Colonia Corona Apartments in North Hollywoood. Genesis LA provided a $258,000 permanent loan, allowing Hermandad Mexicana Nacional to acquire the building outright and maintain affordable rents for low-income families earning less than 60% of the Area Median Income. Hermandad also provides a variety of services to residents and coordinates additional services provided on-site.

Boyle Tower Project Takes an Innovative Approach to Increasing LA’s Housing Stock

Genesis LA provided a $1.8 million construction/mini-permanent loan to the Boyle Tower project, a five-unit mixed-income project that will utilize a non-traditional construction typology of reinforced precast box culverts that are configured into a tower structure and add a unique design element to the community. Utilizing land use incentives and innovative construction methods to achieve density, the project intends to serve as an example of building lower-cost housing utilizing non-traditional construction methods.

Brilliant Corners Transforms the LA Motel into 33 Units of Transitional Housing

Genesis LA worked with Brilliant Corners to provide a $1.25 million rehabilitation loan to the conversion of an existing 20-room motel into a transitional housing facility for 33 formerly homeless individuals. The project is part of the Interim Motel Conversion Ordinance, signed by Mayor Garcetti in 2018, which allows exiting motels and hotels to be retrofitted for use as supportive and transitional housing. Each of the tenants housed at the Project will receive a wide range of supportive services, such as counseling, addiction treatment, and job training and placement services.

Genesis LA in the Media

Nonprofit Quarterly Highlights the CORE Program