FAME, which is an affiliate of the First AME Church of Los Angeles, is sponsoring the development to stimulate economic recovery in the South Los Angeles neighborhood, which suffers from a poverty rate of twice the national average as well as above-average unemployment and high school dropout rates.
The financial package for the project, which was arranged by Genesis LA Economic Growth Corp., includes a grant of $1.1 million from the Los Angeles Community Redevelopment Agency, plus $5.2 million in private financing. The six-story building will include 8,500 sf on its first floor, where Wells Fargo Bank plans to open a branch, and 23,600 sf on the fifth floor. The floors in between will accommodate parking for 220 cars.
The First AME church was founded by former slave Biddy Mason in 1872 and is the oldest black congregation in Los Angeles. Genesis LA focuses on revitalizing local communities through economic development.
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