LOS ANGELES- The Genesis LA Economic Growth Corp. and Phoenix Realty Group have raised $57 million from institutional investors in an initial round of financing for the $100 million Genesis Workforce Housing Fund.Officials say the fund is now ready to invest in LA-area properties that will produce housing for moderate-income families. Rosenberg, President/CEO of Genesis LA, explains that the fund will strive to provide housing for firefighters, police officers, teachers, nurses and other moderate-income wage earners who have “few housing choices and long commutes.” The fund will finance both for-sale and rental housing, including the pre-development costs leading to construction. Phoenix Realty Group is managing the fund. Chairman J. Michael Fried of Phoenix Realty Group and Keith B. Rosenthal, Phoenix president, note that the fund’s investors include Northwestern Mutual Life Insurance Co., Washington Mutual, Citibank and Far East Bank.The Workforce Housing effort is part of a Genesis LA family of funds that includes the Genesis LA Real Estate Fund, which provides financing for job creating commercial projects in low to moderate income areas of Los Angeles, and the Fulcrum Capital Partners Growth Capital Fund, which provides expansion capital to certain businesses owned or managed by minority entrepreneurs operating in low to moderate income communities. Phoenix Realty Group is a real estate investment company with offices in Los Angeles and New York. Phoenix and its principals have worked on $10 billion of affordable and workforce housing in communities across the country. Genesis LA Economic Growth Corp. links public and private financial and human resources to spur economic development in disadvantaged urban areas. It is a non-profit organization supported by contributions, contracts and grants.

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