Founded in 1998 out of the office of former Los Angeles Mayor Richard Riordan, Genesis LA Economic Growth Corporation is a Community Development Financial Institution (CDFI) and a Community Development Entity (CDE). Genesis LA takes greater risks by financing community and economic development projects and models, many of which are yet to be widely tested, but are projected to result in a high level of community impact.
As a CDFI, Genesis LA makes direct loans and investments to community and economic development projects through their internally managed fund. As a CDE, they have received $265 million in New Markets Tax Credit (NMTC) allocation to projects. Since 2002, Genesis LA has deployed over $41 million in GCIF loans and investments, and $220 million in NMTC allocation to nearly 90 projects. Genesis LA often combines financing with development services designed to build the capacity of borrowers and the financial viability of their projects. Such services include technical assistance, financial structuring, capital raising, and acquisition/construction assistance.