Tackling blight in South LA has been an uphill battle since the civil unrest of the early ‘90s, and the recent housing crisis has only compounded the problem. But with the help of Nixon Peabody’s New Markets Tax Credits team, Genesis LA is on its way to revitalizing spaces through transit-oriented developments (TODs) to create generational change for underserved communities.
Building community resources
Genesis LA is a community development finance organization dedicated to serving Los Angeles County and helping its neighborhoods thrive. While economic volatility often presents challenges and disruptions that can hinder development, Genesis LA believed that teaming with community groups, public agencies, and private organizations could bypass the obstacles and move its revitalization projects forward.
Achieving these goals required collective buy-in and strategic financing options. Nixon Peabody has worked with Genesis LA for over a decade, empowering the organization to advance its vision via creative alternative financing. With Nixon Peabody as its counsel, Genesis LA has tapped into community-driven investment sources, including new markets tax credits (NMTCs), Community Development Financial Institutions (CDFI) Fund loans, and related grants and program-related investments (PRIs).
Genesis LA’s most recent success is a development along the Vermont/Manchester corridor, made possible with valuable assistance from Nixon Peabody, the Los Angeles Development Fund, and additional stakeholders.
Evermont brings affordable housing and community development
Evermont is an under-construction development that will transform a dirt lot into a community hub with affordable housing. The space will include 180 affordable housing units as well as grocery and commercial retail, including designated space for small businesses. The site also includes the SEED LA school—a first-of-its-kind charter college-prep boarding school in California that serves approximately 400 at-risk and resilient students—as well as a transit plaza and a Metro training facility. Nixon Peabody represented the Los Angeles Development Fund and Genesis LA, securing $135 million in financing utilizing NMTCs and other debt and equity facilities to fund the development.
Creating positive impact in LA
Genesis LA projects build value that stretches beyond the bottom line—its developments are also projected to result in a high level of community impact. As economic volatility and lack of affordable housing continue to afflict struggling neighborhoods, Nixon Peabody LLP and Genesis LA are committed to teaming up on important initiatives to transform underutilized sites into accessible resources that address the needs of vulnerable communities in LA County.
