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$50 Million in US Treasury New Market Tax Credits Awarded to LADF

$50 Million in US Treasury New Market Tax Credits Awarded to LADF

The Los Angeles Development Fund (LADF) is pleased to announce that it is the proud recipient of an additional $50 million in New Market Tax Credit (NMTC) allocation issued by the US Treasury Department. In total, LADF has now received $225 million in NMTCs that directly impacts the lives of Angelenos, providing a tremendous boost to the local economy and aiding in the revitalization of low income neighborhoods.

“During this critical time of affordable housing shortage and overall economic struggles for so many Los Angeles residents, we’re absolutely thrilled at this latest injection of NMTCs,” said Rushmore Cervantes,

Los Angeles Cleantech Incubator Wants to Bootstrap Startups

Los Angeles Cleantech Incubator Wants to Bootstrap Startups

At the Los Angeles Cleantech Incubator (LACI), participating members get a lot of bang for their buck. Originally started in 2011, the outfit moved in 2016 into a 60,000-square-foot complex, known as the La Kretz Innovation Campus and owned by the Los Angeles Department of Water and Power. The campus is one of the inaugural public amenities of a new Cleantech Corridor planned by the City of Los Angeles for a vast area stretching from the Lincoln Heights neighborhood, in East LA, to the Arts District, downtown.

The complex is made up of an adaptively reused and seismically retrofitted historic warehouse, among other components, designed by John Friedman Alice Kimm Architects.

Vice President Biden Visits Bobrick

Vice President Biden Visits Bobrick

US Vice President Joe Biden on Wednesday visited Bobrick Washroom Equipment Inc, a manufacturing firm headquartered in North Hollywood, in what his staff said was an effort to promote the importance of middle-class jobs and to boost the nationwide campaign to raise the minimum wage.

Prior to holding a news conference, Vice President Biden toured the Bobrick plant with City of Los Angeles Mayor Eric Garcetti and Los Angeles County Supervisor Sheila Kuehl. The visit came a day after L. County approved a plan to gradually raise the minimum wage in unincorporated areas of the county to $15, mirroring legislation passed in May by the LA City Council.

Treasury Secretary Lew and Congressman Becerra Visit LA Prep

Treasury Secretary Lew and Congressman Becerra Visit LA Prep

Last month, to mark National Small Business Week, Congressman Xavier Becerra (D-CA), Chairman of the House Democratic Caucus, joined 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.

Inside a New Tech Incubator

Inside a New Tech Incubator

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.

Discovery Cube Los Angeles Finds a Director, Prepares to Open

Discovery Cube Los Angeles Finds a Director, Prepares to Open

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 Nov 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 – the folks behind the successful, 25-year-old Discovery Cube Orange County, formerly the Discovery Science Center. You know, the interactive, kid-friendly museum in Santa Ana that features the big black cube visible from the I-5.

Dream Center in LA Expects $49.7 Million Grant

Dream Center in LA Expects $49.7 Million Grant

Operators of a former hospital campus known as the Dream Center expect to receive a $49.7 million federal grant to add more housing to their charitable operations in Echo Park.

The expansion marks a major milestone for the charity, which purchased the property formerly known as Queen of Angels Hospital for $3.9 million in 1996 and has worked since then to build a facility to help impoverished families, troubled youths and victimized women, some of whom might otherwise land in the penal system.

"It feels like we're finally done," Executive Director Matthew Barnett said.

Mixed-Use Project to Get Underway This Month in Downtown LA

Mixed-Use Project to Get Underway This Month in Downtown LA

Construction will begin this month on One Santa Fe, a long-anticipated $160-million apartment, office and retail development in the arts district of downtown Los Angeles.

Plans by Los Angeles architect Michael Maltzan 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.