Mayor Villaraigosa Announces $65 Million Pension Fund Investment in Workforce Housing.Public-Private Commitment Will Create Housing for Middle-Income Families across Greater Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. LOS ANGELES -- Following the narrow defeat of Measure H, Mayor Antonio Villaraigosa Antonio Ramon Villaraigosa (born Antonio (Tony) Ramon Villar, Jr. on January 23, 1953) is the mayor of Los Angeles, California. He is the first Latino mayor of Los Angeles since Cristobal Aguilar in 1872. announced an innovative public-private commitment to create housing developments for middle-income families across the greater Los Angeles area The Greater Los Angeles Area, or the Southland, is the agglomeration of urbanized area around the city of Los Angeles, California, United States. There are two "official" definitions—the Los Angeles metropolitan area consisting only of the Los Angeles and Orange . Investments will target housing affordable to Los Angeles' middle-income workforce, including teachers, firefighters, and nurses. Mayor Villaraigosa was joined by executives from LA's largest public pension funds - Los Angeles City Employees Retirement System (LACERS); Los Angeles County Employee Retirement Association (LACERA LACERA Los Angeles County Employees Retirement Association ); Los Angeles Department of Fire and Police Pensions (LAFPP LAFPP Los Angeles Fire & Police Pension ) - to announce the commitment of a combined $65 million in Genesis Workforce Housing Workforce housing is a relatively new term that is increasingly popular among planners, government administrators and housing activists, and is gaining cachet with home builders, developers and lenders. Fund II, a private equity real estate fund managed by Phoenix Realty Group that will create workforce housing developments targeted toward middle-income families across the greater Los Angeles area. "If we want good schools and safe streets, we need to commit ourselves to making Los Angeles a place where a teacher or a policeman can afford to buy a house and raise a family," said Mayor Villaraigosa. The Genesis Workforce Housing Fund II is being created following the success of Phoenix Realty Group's (PRG's) $103-million Genesis Workforce Housing Fund (Genesis I), which was launched in March 2003. Genesis I was the first institutional source of capital to focus solely on for-sale and rental housing for the middle-income workforce in the greater LA area, and it has already invested in more than a dozen projects in Los Angeles offering for-sale and rental housing. The new Genesis New Genesis is a fictional planet in the DC Comics Universe Use This template is for use as a shortcut when editing DC Comics-related articles. It provides links to both the DC Comics and DC Universe articles. II fund, when fully invested at $150 million, will supply 2,250 housing units valued at $750 million across greater Los Angeles. These homes are predominantly for first-time buyers making from 80 to 200 percent of the region's median income. "We are proud to be spearheading the effort to invest in Genesis Workforce Housing Fund II," said Eric L. Holoman, president of LACERS board of administration. "First and foremost, it meets our investment goals as a strong fund with an experienced fund manager. At the same time, it promotes workforce housing, a critical component of continued economic growth throughout the greater Los Angeles area." "The fund is an excellent addition to our investment fund portfolio, with attractive, risk-adjusted returns that earned the recommendations of our real estate investment consultant and our board," said Sean Harrigan, President, Board of Commissioners, LAFPP. "It's a win for both the LAFPP and for current police officers, firefighters and other city workers seeking high-quality, affordably priced, entry-level homes in neighborhoods close to their jobs." "We are pleased to be part of a team that can put together targeted real estate deals in urban and infill areas of Los Angeles, meeting our investment objectives while demonstrating the careful due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , asset management and financial reporting we need to serve our members," said Lisa Mazzocco, Chief Investment Officer, LACERA. "The first Genesis Workforce Housing Fund has shown that institutional investors can create real value in urban areas and make socially responsible contributions to the community," said J. Michael Fried Michael Fried (born 1939, New York City) is an influential Modernist art critic and art historian. He studied at Princeton University and Harvard University and was a Rhodes Scholar at Merton College, Oxford University. He is currently the J.R. , PRG PRG Parti Radical de Gauche (French: Left Radical Party) PRG Purge PRG Programming Research Group (Oxford University) PRG Preliminary Remediation Goal PRG People's Revolutionary Government chief executive officer. "By committing $65 million to the formation of the new Genesis II, these three Los Angeles pension funds are clearly demonstrating their commitment to providing housing for working families in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, ." PRG president Keith B. Rosenthal added, "This fund will allow us to connect the Los Angeles pension fund investors with community-based developers, aggregating middle-market investments in an institutional-size portfolio." The benefits extend to the general public as well, noted Xavier Gutierrez, PRG senior vice president. "We estimate that the fund's developments will yield $27 million in sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. revenue, annual property tax revenues of more than $1.3 million and more than 3,750 construction jobs." The press conference was held at Puerta del Sol The Puerta del Sol (Spanish for "Gate of the Sun") is one of the most well known and busiest places in Madrid. This is the centre (Km 0) of the radial network of Spanish roads. , a workforce housing community that is the fastest-selling new housing development in Los Angeles County and represents the type of development that will be funded with city and county pension investments. Phoenix Realty Group financed Puerta del Sol through the first private equity real estate fund solely targeting workforce housing development in greater Los Angeles. Editor's Note: To view an example of the type of workforce housing to be funded by the Genesis Workforce Housing Fund II, click on the links to see images of Puerta del Sol, a 165-unit condominium/loft community in Los Angeles that received a direct investment in 2004 from the first Genesis Workforce Housing Fund. Puerta del Sol opened November 11, 2006. http://www.phoenixrg.com/editors/puerta-ext-photos1.jpg http://www.phoenixrg.com/editors/puerta-ext-photos2.jpg http://www.phoenixrg.com/editors/puerta-ext-photos3.jpg http://www.phoenixrg.com/editors/puerta-int-photos1.jpg |
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