- The SoLa Tech & Entertainment Center Powered by Live Nation – a next-generation workforce development center offering training in technology, digital media, music, live production, and entrepreneurship.
- The Crenshaw Culinary Arts Cafe – a non-profit culinary training and community café serving the community with healthy food options while offering hands-on vocational training in the food service industry for South LA residents.
This new Tech Center, SoLa's second state-of-the-art facility in Los Angeles, will directly serve thousands of young people and adults annually, expanding access to education, career pathways, and economic mobility in one of Los Angeles' most historically underinvested neighborhoods.
"SoLa Impact is a trailblazer in my district and is committed to lifting families and individuals out of poverty by creating opportunities and high-quality affordable housing in low-income Black and Brown communities."
— Congresswoman Sydney Kamlager-Dove
The project was made possible through $29 million in NMTC allocation, a federal public-private financing tool designed to incentivize investment in low-income communities. The NMTC allocations were provided by three leading mission-aligned Community Development Entities (CDEs):
- Border Communities Capital Company, an affiliate of Chelsea Investment Corporation, formed to finance projects that spur development, upgrade communities, and create services and opportunities for low-income people and low-income communities.– $13 million in NMTC Allocation
- Los Angeles Development Fund, Community Development Entity focused on creating new, quality jobs, attracting new businesses, and delivering essential goods and services to Los Angeles's low-income communities – $9 million in NMTC Allocation
- Enterprise Financial CDE, –the subsidiary of Enterprise Financial Services Corp, has a mission and community development strategy to reduce disparities within its low-income communities and improve the opportunities and key social determinants of health that help low-income persons thrive – $7 million NMTC Allocation
Dudley Ventures/Valley Bank served as the tax credit investor, marking its second NMTC partnership with SoLa Impact.
BHI, the U.S. division of Bank Hapoalim, provided the construction financing for the development.
About SoLa Impact:
SoLa Impact is a family of social impact real estate funds with a double-bottom line strategy focused on preserving, refreshing, and creating high-quality, affordable housing in low-income communities. The company's proven track record leverages data-driven social impact strategies to deliver superior financial returns. Learn more at https://solaimpact.com/
SoLa Impact | 1000 E 60th St. | Los Angeles, CA 90001 US
Photos and renderings available at https://bit.ly/crenshaw-lofts
SOURCE SoLa Impact
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