#United States #Los Angeles #SoLa Impact #Tech Center #Crenshaw Lofts

SoLa Impact Secures $29 Million in NMTC Financing

In a significant move for community development, SoLa Impact successfully closed a $29 million financing deal through New Markets Tax Credits (NMTC). This funding will primarily support the construction and operational costs for a new technology center and workforce development facilities located at Crenshaw Lofts, a premier mixed-use development situated at 4607 Crenshaw Blvd in Los Angeles.

The Crenshaw Lofts project stands out not only for its innovative design featuring 190 residential units but also for its integration of Opportunity Zone financing and private equity. The NMTC financing will enhance the commercial and retail options available on the ground floor of this transformative project. With a strategic focus on social impact, this initiative exemplifies a modern approach to public-private partnerships aimed at revitalizing community investments in underprivileged areas.

SoLa Impact’s Tech Center, in collaboration with esteemed partners such as Live Nation, aims to provide essential training in key sectors such as technology, digital media, music, and live production. This center is expected to serve thousands of individuals annually, directly contributing to education, job training, and economic mobility in one of South Los Angeles's most historically underserved neighborhoods.

Congresswoman Sydney Kamlager-Dove has expressed strong support for the initiative, emphasizing SoLa Impact's role in alleviating poverty and providing high-quality affordable housing solutions within low-income Black and Brown communities. She stated, "SoLa Impact is a trailblazer in my district and is committed to lifting families and individuals out of poverty by creating opportunities and high-quality affordable housing."

The funding was facilitated by NMTC allocations provided by three Community Development Entities (CDEs):

• - Border Communities Capital Company (affiliated with Chelsea Investment Corporation) provided $13 million, focusing on projects that enhance community development.
• - Los Angeles Development Fund contributed $9 million, targeting new job creation and essential services for low-income neighborhoods.
• - Enterprise Financial CDE allocated $7 million to reduce disparities and improve overall opportunities for low-income residents.

Additionally, Dudley Ventures/Valley Bank joined the project as the tax credit investor, marking its second partnership with SoLa Impact in NMTC financing. Construction financing was provided by BHI, an arm of Bank Hapoalim, underscoring the collaborative effort in this ambitious project.

Not only does Crenshaw Lofts feature the innovative Tech Center, but it also houses the Crenshaw Culinary Arts Cafe, a non-profit venture aimed at providing healthy food options while delivering culinary vocational training. This initiative reinforces SoLa Impact’s commitment to creating sustainable job opportunities within the community.

The ongoing development is timely as it aligns with infrastructure advancements, including the new Metro K-line, which connects LAX airport with SoFi Stadium, further enhancing accessibility to the area.

As SoLa Impact continues to pioneer affordable housing and community-oriented projects in Los Angeles, the groundwork being laid at Crenshaw Lofts represents a significant step towards improving economic outcomes for South Los Angeles residents.

With the successful closing of the NMTC financing, SoLa Impact is well-positioned to lead the way in transforming underinvested neighborhoods into thriving environments filled with opportunity, education, and community pride. The organization expresses its commitment to leveraging innovative financing solutions to foster impactful community development and improve the quality of life for local residents.