Annie Donovan, Director of the CDFI Fund, U.S. Department of Treasury, spent time with LADF staff members and visited some LADF financed project sites.
On the tour was a lunchtime stop at The Dream Center where everyone got into the spirit of mealtime. Founded in 1994, the Dream Center is a volunteer driven organization that finds and fills the needs of over 50,000 individuals and families each month. The center offers over 40 services to low-income individuals through its onsite and offsite outreaches, which help address issues relating to homelessness, addiction, human trafficking, hunger and poverty.
On March 18 Jan Perry, board member of the Los Angeles Development Fund, attended the groundbreaking ceremony for the Los Angeles LGBT Center’s Anita May Rosenstein Campus.
“One of the joys of being a board member of the Los Angeles Development Fund is to know that our work contributes to life changing projects like this one.” Perry said. “The LADF has committed to giving the Los Angeles LGBT Center 10 million dollars toward the building of a unique facility that provides support services and much needed housing, including 100 affordable housing units for seniors, 100 beds for homeless youth and 35 units of permanent supportive housing for youth. The Center is building the new campus to assist and save thousands of LGBT youth and seniors over the years.”
KCET’s SoCal Connected visits LA Prep and LA Kitchen for a special tour of the food incubator. The show’s Anchor, Val Zavala, met with some of the chefs who are changing L.A.'s food culture one kitchen at a time.
LA Prep is a full time production space for wholesale food producers, providing commercial kitchen space for approximately 50 small- to medium-sized food production tenants.
LA Kitchen, LA Prep's primary tenant, believes that neither food nor people should ever go to waste. By reclaiming healthy, local food that would otherwise be discarded, through training men and women who are unemployed for jobs, and
The US Treasury Department’s Community Development Financial Institutions Fund has awarded the LADF $50 million in New Markets Tax Credit (NMTC) allocation. In total, LADF has been awarded $175 million in NMTCs since the program’s first allocation in 2008 to stimulate economic development through investment capital for low-income communities.
“We are thrilled to be a recipient of $50 million in NMTCs”, said Rushmore Cervantes, President of LADF. “This reflects the catalytic economic investment that’s needed in our City and speaks to the impact of LADF’s prior NTMC investments, spurring development and creating much needed, good paying jobs.”
Last month, to mark National Small Business Week, Congressman Xavier Becerra, Chairman of the House Democratic Caucus, joined US Treasury Secretary Jack Lew at the NMTC-financed LA Prep in Lincoln Heights.
The LA Prep project involved the acquisition and renovation of 56,000 square foot former warehouse into an incubator for small food producers who have outgrown their startup spaces. The project moved forward thanks in part to $16 million in NMTC allocation from Los Angeles Development Fund and UrbanAmerica. Capital Impact Partners provided $11 million in leveraged debt, with $5.1 million in equity provided by U.S. Bancorp CDC. Civic Enterprise, real estate development firm focused on revitalizing emerging urban neighborhoods, developed the project.
The Arts District has yet another beautiful new destination. A brick building that could be a housing complex, restaurant or even a museum except for the one key detail that betrays its intentions: a large parking lot shaded by a huge grove of solar panels.
The La Kretz Innovation Campus, which began low-key operations about three months ago, is the newest home of the Los Angeles Cleantech Incubator (LACI), which had been operating in a small temporary space a few blocks away since 2013. La Kretz is one of the few incubator hubs in the country dedicated to developing cutting-edge clean technology businesses, said LACI President and CEO Fred Walti.
VP Joe Biden visited Bobrick Washroom Equipment’s Los Angeles factory, along with City of Los Angeles Mayor Eric Garcetti and Los Angeles County Supervisor Sheila Kuehl, as part of his nationwide campaign to raise the minimum wage and promote the importance of middle-class jobs.
Bobrick Washroom Equipment Inc has been in LA for more than 100 years, and its CEO backed the recent city ordinance that will raise the minimum wage to $15 an hour over the next several years. Long-time workers at the plant earn well above minimum wage and praise the company’s advancement policies.
Things are shaping up rapidly and within budget at Discovery Cube Los Angeles, the San Fernando Valley’s newest and biggest museum. It’s scheduled to open November 13, 2014.
Discovery Cube Los Angeles is the new science-oriented facility under construction in Sylmar’s Hansen Dam Recreational Center. The $22.4 million project is organized by the Orange County-based Discovery Science Foundation, who have hired Kafi Blumenfield as the new executive director of the interactive, kid-friendly museum.
Executive Director of the Dream Center in Echo Park, Pastor Matthew Barnett, will receive a $49.7 million federal grant to fund an expansion of their campus. The charity has worked diligently over the past 15 years to build a facility that helps impoverished families, troubled youths and victimized women, some of whom might otherwise land in the penal system.
The centerpiece of the Dream Center is a 14-story building completed by the Franciscan Sisters of the Sacred Heart in 1926 that towers over the 101 Freeway today. Queen of Angels Hospital served the city until 1989, when its operations were moved to the newer Hollywood Presbyterian Medical Center in a merger.
Construction will begin this month on One Santa Fe, a long-anticipated apartment, office and retail development in the arts district of downtown Los Angeles.
Plans call for 438 apartments and 78,620 square feet of office and retail space, along with nearly 50,000 square feet of public outdoor space. When completed in 2014, it is to have an outdoor terrace, a grocery store, art gallery, a theater and a garden. Twenty percent of the units will be priced for low-income renters.
"The One Santa Fe development is a prime example of a partnership that supports positive economic development in Los Angeles," said Los Angeles City Councilwoman Jan Perry, who represents the area.