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Genesis LA CDE, LLC
714 W Olympic Blvd, Suite 640Los Angeles CA, 90015-1488
CDFI Awards for Genesis LA CDE, LLC
NMTC (2009) - $40,000,000
Genesis LA CDE serves Los Angeles County and utilizes the NMTC leverage structure to make equity-like gap loans to non-profit organizations that sponsor projects which provide a wide array of benefits to low-income communities. Genesis LA CDE’s financial products have below market interest rates and other flexible features. It also provides services assisting non-profits in structuring multiple layers of project financing. Genesis LA CDE will use its NMTC allocation to finance projects that promote sustained economic growth, such as community facilities and green technology and manufacturing.
NMTC (2006) - $50,000,000
Genesis LA CDE LLC will use its NMTC allocation to provide a full spectrum of debt and equity products to projects converting underutilized and blighted sites into job producing commercial, industrial, mixed-use, and retail developments in the most distressed areas of Southern California. Genesis LA CDE LLC will provide financial products at a cost that is significantly below market and will offer technical assistance to projects and their principals while leveraging directly $4 of outside capital for every $1 of NMTC investment. Genesis LA CDE LLC will pass the benefits of the NMTC to the borrowers by providing flexible loan terms, as well as equity investments with deeply discounted return expectations.
NMTC (2005) - $80,000,000
Genesis LA CDE LLC will use its NMTC Allocation to provide subordinated and mezzanine debt as credit enhancement to projects that are on hold due to a lack of conventional financing. The majority of the projects will convert underutilized and blighted sites into job producing commercial, industrial, mixed-use, and retail developments in the most distressed areas of Los Angeles County. The NMTC Allocation will allow Genesis to provide significantly more favorable financial products, including interest only payment obligations, non-amortization of principal, and no debt service coverage requirements. Additionally, Genesis will price its high-risk subordinated debt product at interest rates that are 400-450 basis points below market.
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