Project
Profiles
Byzantine-Latino Quarter Foundation
The Conversion of Community
LDC Helps Byzantine-Latino Quarter Foundation to Open Brand New
Community Center
Transaction Location
Area: Los Angeles, CA distressed census tract #: 2212.00
Borrower Profile
The Byzantine-Latino Quarter Foundation (BLQF) was founded in 2001
as a natural progression from the Pico Union West community's
first neighborhood advocacy efforts in 1995. A coalition of churches,
schools, residents, neighborhood leaders and merchants met in
response to increasing growth in crime, neglect, disinvestment
and gang activity following the Los Angeles civil unrest. Now,
nine years later, this organization is responsible for major
reinvestment projects. Its newest venture is the creation of
the BLQF Community Center a 20,736 square foot building that
will contain a myriad of unique services for youth.
Area Profile
The project area is located on 2755 W. 15th St in Los Angeles,
CA. This area is located within a Los Angeles Federal Empowerment
Zone with a minority percentage rate of 96.51% and a 19% poverty
rate.
Borrower Need
Eager to have the community center provide resources and receive
a remainder of a promised grant, BLQF was in need of minor construction
in order to open its doors. This included installing fire doors,
adding walls, and the construction of a kitchen and bathroom.
The LDC Solution
The LDC furnished a line of credit designed to get the building
ready and open in its pre-development stage so that it will be
eligible for the remaining balance of its grant.
Community Development Impact
This loan will provide a desired community center that will provide
services such as gang prevention counseling, an internet cafe,
a child care facility and an art studio. The LDC
is committed to continuing transactions with organizations
in underserved communities.
Terms of Loan
Loan Amount: $100,000 internal revolving line of credit
Term: 1 year
Collateral Type: 1st Deed in Trust
Value of Collateral: $1,000,000
Closing date: December 2004
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