A "smart growth equity fund" brings together housing and employment for middle-income households in L.A.
A new real estate development has just broken ground in Los Angeles---both literally and figuratively---as 165 condominium units have started going up in the Lincoln Heights neighborhood near the Avenue 26 Gold Line Metro Station, financed by the Genesis Workforce Housing Fund.
The Genesis fund, backed by banks, insurers, and pension funds, is underwriting the production of housing for households earning $50,000 to $110,000 a year to address an urgent need in L.A.'s expensive housing market. The condos, at 700 to 1,800 square feet in size, will be offered at $210,000 to $375,000. Eligible household incomes will be between 80 and 200 percent of the area median income.
Thanks to Deborah L. Myerson
FULL STORY: Community Investment Benefits Middle Income Earners in Los Angeles
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