Affordable homeownership opportunities are coming to two communities in the Los Angeles metro area — Baldwin Park and El Sereno, with support from New Markets Tax Credits (NMTCs).

On April 16, 2025, Genesis LA CDE, LLC deployed $10.25 million in NMTCs to San Gabriel Valley Habitat for Humanity (SGV Habitat) to develop 22 homes through new construction and rehab in Baldwin Park and El Sereno. The NMTC-funded loan will help SGV Habitat cover market and affordability gaps.

U.S. Bancorp Community Development Corporation served as the NMTC investor and Smith NMTC Associates, LLC facilitated the closing to maximize the project’s community benefits, provides the recapture guaranty, and will work closely with each project on compliance and impact reporting over the 7-year compliance period.

SGV Habitat will be developing 15 units in Baldwin Park, a city located in the central San Gabriel Valley region of Los Angeles County that is recognized as a diverse, family-friendly community with convenient Metrolink access, an extensive park system, and strong focus on recreation. Eleven units will be adaptive reuse, transforming a former church and school building into opportunities for first-time homebuyers. The remaining four units will be new construction divided into two duplexes. SGV Habitat also plans to acquire and rehabilitate 7 single-family homes in El Sereno, a neighborhood of Los Angeles’s eastside.

All of the homes developed will be sold to households earning 80 AMI or below. Current residents of Baldwin Park and those who work in the area will be given preference in the application process for a home, to further encourage local renters to become first-time homeowners in the community where they already have deep ties.

As one of the only developers in the area focused on building homes for purchase by low-income homebuyers, SGV Habitat is actively addressing the housing crisis which threatens the future of many California communities. With the median sales price of a home in California hitting a record high of $849,000 in 2024 and a shortage of affordable homes, the dream of homeownership is disappearing in many areas of California, especially for low-income families.

Homeownership is Economic Development

In addition to providing quality, affordable homeownership opportunities that support household stability and intergenerational wealth creation, the communities in which these projects are located benefit economically:

• Building and rehabbing homes for sale creates construction jobs and training opportunities, and bolsters businesses that support the construction industry.
• Quality affordable housing is necessary for workforce development – businesses and companies need housing for their employees.
• The construction and sale of homes improves the local economy through job creation, construction fees, property and sales taxes, and consumer spending because homeowners generally have more discretionary income than renters.
• Home equity is the largest asset households can leverage to start businesses, invest in training or higher education, and prepare for financial emergencies.
• Homeownership contributes toward better health and education outcomes, especially for children; and homeownership also promotes civic and social engagement.