LOS ANGELES — SoLa Impact has received $29 million in New Markets Tax Credit (NMTC) financing to help supplement its funding of two initiatives at Crenshaw Lofts, a 190-unit mixed-use project at 4607 Crenshaw Blvd. in South Los Angeles. The project is a combination of Opportunity Zone financing coupled with NMTC financing and private equity. The NMTC financing will be utilized for the ground-floor commercial and retail space.
The NMTCs will specifically fund the build-out and completion of:
- The SoLa Tech & Entertainment Center powered by Live Nation: a workforce development center offering training in technology, digital media, music, live production and entrepreneurship
- The Crenshaw Culinary Arts Café: a nonprofit 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 Los Angeles residents
The NMTC allocations were provided by three mission-aligned Community Development Entities (CDEs): Border Communities Capital Co., Los Angeles Development Fund and Enterprise Financial CDE. Dudley Ventures/Valley Bank served as the tax credit investor. BHI, the U.S. division of Bank Hapoalim, provided the construction financing. SoLa Impact is a family of social impact real estate funds focused on preserving, refreshing and creating affordable housing in low-income communities.