By: CAROLINE GALLEGOS, STAFF WRITER, NOVOGRADAC
Clearinghouse Community Development Financial Institution (CDFI) closed its first opportunity zones (OZ) investment in Los Angeles Dec. 5, 2019
The development, unofficially called Mariposa for its location on Mariposa Avenue in Koreatown, is currently a vacant lot but will provide 31 apartments for residents who earn around 80 percent of the area median income. Construction on the development began in December 2019 and is expected to be completed and have units leased out by the first quarter of 2021.
Clearinghouse CDFI’s mission is to provide innovative and affordable financing for projects that provide economic opportunities and improve the quality of life for lower-income individuals and communities.
“Once we heard about and understood the OZ [incentive], we made a conscious effort to be involved in this arena,” said Doug Bystry, President/CEO of Clearinghouse CDFI. “[We viewed] it as more of an equity capital source we could use, as well as thinking that this program has traction and it’s something we want to do.”
Location, Location, Location
Mariposa is in a census tract with an income level that is less than half of the state’s average and has a poverty rate of…