SUMMER NEWSLETTER
CITY LABS BOYLE HEIGHTS
Design Plan | City Labs Boyle Heights
 
Genesis LA recently financed City Labs Boyle Heights, a former warehouse being adaptively reused as creative office spaces for small and minority-owned businesses and nonprofits. The project, located on 6th Street in Boyle Heights, is being developed by local resident and community leader, Alfred Fraijo, Jr., and is set to break ground this year.  On the topic of partnerships, Mr. Fraijo, Jr. highlighted:

"Genesis LA's bold commitment to invest in emerging communities makes it possible for small businesses to undertake creative but sound investments intended to spur the local economy and support existing neighborhoods".
City Labs Boyle Heights will function as an affordable facility for local entrepreneurs to create, collaborate and grow their businesses. It is a perfect example of community-driven economic development.  For a sneak preview of the project, you are invited to attend a Leadership for Urban Renewal Network (LURN) event and fundraiser held at the site on Thursday, October 2, 2014 from 6:30 p.m. to 9:00 p.m.  More information can be found here:
ALICE M. BAXTER
Alice M. Baxter School | In Construction
COLLEGE-READY HIGH SCHOOL

Genesis LA partnered with NFF, TELACU, and the LA County Community Development Commission to provide a combined $4.5 million in financing to the Alliance College-Ready Public Schools. The financing supports the construction of the Alice M. Baxter College-Ready High School located in a low-income neighborhood in the heart of San Pedro. The school will provide 600 students with a new model of learning called Personalized Alliance College Experience ("PACE"). The model provides greater academic rigor, self-direction and time management skills to Alliance students.
 MEET GENESIS LA'S COMMUNITY ADVISORY BOARD

 

Genesis LA welcomes its 2014-15 Community Advisory Board (CAB) members, representing a spirited cross-section of Angelenos--from local residents to nonprofit managers, planners and business owners.  The CAB will guide Genesis LA's New Markets Tax Credit (NMTC) and CDFI lending activity.  Members will also help Genesis LA identify new opportunities for investment in communities with high rates of unemployment, poverty, commercial and residential neglect. CAB members live, work or volunteer in the communities Genesis LA serves.  See link here for CAB member bios. 
 NMTC AND CDFI FUND AWARDS TO GENESIS LA

 

Genesis LA was pleased to receive back-to-back awards from the U.S. Department of Treasury's CDFI Fund this summer:  $20 million in an NMTC allocation and $1.5 million in long term CDFI loan capital. The awards will help meet an urgent need for financing in Los Angeles communities.  
Recent data on unregulated CDFI loan funds compiled by the U.S. Department of Treasury's CDFI Fund (2005-2012), only 0.31% of all loans made nationally by unregulated CDFI loan funds were made in Los Angeles County. Yet the County is home to 3.24% of all Americans, with over 3.5% living in poverty or are unemployed. In per capita terms, Los Angeles receives less than 10% of the CDFI investment activity than it should compared to the rest of the nation. 

For more information on the CDFI Fund, see link:  http://www.cdfifund.gov/

Genesis LA
801 S. Grand Ave., Ste. 625
Los Angeles, CA 90017
213.533.8900

Our mission is to bring capital and capacity to low-income communities.