April 3, 2020
Client – Union Rescue Mission
Client location – Los Angeles, California
CDFI – Genesis LA Economic Growth Corporation
CDFI services provided – Financing
CDFI service area – Los Angeles, California
Date of loan – March 2020
Loan amount – $27,000,000
With homelessness in Los Angeles continuing to rise at alarming rates, community development financial institution (CDFI) Genesis LA is partnering with service provider Union Rescue Mission to construct a new 74,866 square foot transitional housing facility. Financed with $27 million in New Markets Tax Credits from Genesis LA and the Los Angeles Development Fund, Angeles House will provide 86 units of housing for homeless families, each with private living areas, bathrooms, and storage.
Additional on-site amenities will include laundry rooms, a daycare, multiple indoor recreation areas, outdoor courtyards with play areas, a small library, a common dining area, and a commercial kitchen for on-site dining service. The facility will also have dedicated spaces for residents to receive counseling, medical care, dental care, job search training and placement, remedial education/GED classes, computer training, transportation, permanent housing placement, and other services to help reduce long-term homelessness.
“Angeles House is the largest family transition housing facility being developed in Southern California and will accommodate 30 percent of the homeless children in Los Angeles County when completed in summer 2021,” said Kevin Dretzka, member of Union Rescue Mission’s Board of Directors.
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