Los Angeles Infrastructure Project Aims to Transform Disinvested Commercial Corridor
Client: Destination Crenshaw
Client Location: Los Angeles, CA
CDFI: Lendistry
CDFI Service Area: National
Financing
The Destination Crenshaw project was launched to revitalize the Black business corridor along Crenshaw Boulevard between 48th to 60th streets in Los Angeles. This community development project promises to elevate the 1.3-mile district through infrastructure, job training, local business resiliency, environmental equity, and Black artist job creation initiatives.
A project of this magnitude is possible when mission-driven organizations collaborate to pool their resources for maximum impact. Lendistry and three fellow Community Development Entities (CDEs) are supporting this project with low-cost funding through $30,000,000 in New Markets Tax Credits (NMTC) allocations: Lendistry ($10 million), New Markets Support Company ($7 million), Building America ($8 million), and U.S. Bank ($5 million). U.S. Bank is the sole investor in the NMTCs.
“Destination Crenshaw celebrates the history of the Black community within Los Angeles, one our team members are proud to be a part of and to represent,” says Everett K. Sands, president and CEO of Lendistry. “Lendistry invested in this project not only for positive business reasons, but we want to be a part of our communities’ future legacies, and this will surely be one of them.”
“Destination Crenshaw is deeply appreciative of our partners’ investment in the Crenshaw community and their leadership in providing new market tax credits to this one-of-a-kind infrastructure project,” says Jason Foster, president and COO of Destination Crenshaw. “We hope this marks the beginning of a long-lasting relationship with each of them as we continue to invest in our community, our residents and our entrepreneurs.”