Our Stories

Director of the CDFI Fund Visits LADF

Annie Donovan, Director of the CDFI Fund, U.S. Department of Treasury, spent time with LADF staff members and visited some LADF financed project sites.

On the tour was a lunchtime stop at The Dream Center where everyone got into the spirit of mealtime. Founded in 1994, the Dream Center is a volunteer driven organization that finds and fills the needs of over 50,000 individuals and families each month. The center offers over 40 services to low-income individuals through its onsite and offsite outreaches, which help address issues relating to homelessness, addiction, human trafficking, hunger and poverty.

Anita May Rosenstein Campus Ground Breaking Ceremony

On March 18 Jan Perry, board member of the Los Angeles Development Fund, attended the groundbreaking ceremony for the Los Angeles LGBT Center’s Anita May Rosenstein Campus.

“One of the joys of being a board member of the Los Angeles Development Fund is to know that our work contributes to life changing projects like this one.” Perry said. “The LADF has committed to giving the Los Angeles LGBT Center 10 million dollars toward the building of a unique facility that provides support services and much needed housing, including 100 affordable housing units for seniors, 100 beds for homeless youth and 35 units of permanent supportive housing for youth. The Center is building the new campus to assist and save thousands of LGBT youth and seniors over the years.”

54 Kitchens Under One Roof?

KCET’s SoCal Connected visits LA Prep and LA Kitchen for a special tour of the food incubator. The show’s Anchor, Val Zavala, met with some of the chefs who are changing L.A.'s food culture one kitchen at a time.

LA Prep is a full time production space for wholesale food producers, providing commercial kitchen space for approximately 50 small- to medium-sized food production tenants.

LA Kitchen, LA Prep's primary tenant, believes that neither food nor people should ever go to waste. By reclaiming healthy, local food that would otherwise be discarded, through training men and women who are unemployed for jobs, and in providing healthy meals to fellow citizens, LA Kitchen empowers, nourishes, and engages the community.

LADF Receives $50 Million New Markets Tax Credit Award

The US Treasury Department’s Community Development Financial Institutions Fund has awarded the LADF $50 million in New Markets Tax Credit (NMTC) allocation. In total, LADF has been awarded $175 million in NMTCs since the program’s first allocation in 2008 to stimulate economic development through investment capital for low-income communities.

“We are thrilled to be a recipient of $50 million in NMTCs”, said Rushmore Cervantes, President of LADF. “This reflects the catalytic economic investment that’s needed in our City and speaks to the impact of LADF’s prior NTMC investments, spurring development and creating much needed, good paying jobs. LADF will allocate these tax credits in projects that will have the greatest impact on the local economy and create the highest number of quality permanent jobs.”