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Los Angeles, CA (2022)

Hollywood Arts Collective and Career Center

In February, Genesis LA provided $11.4 million in NMTCs to finance the Hollywood Arts project.

Investment

  • NMTC Amount: $23,900,000
  • Total Project Cost: $23,558,000

IMPACT

  • 42 FTE jobs
  • 65 construction jobs
  • 5,500 people served by arts facility, 2,500 served by educational programs. 3 jobs created and 39 jobs retained.
  • 19,200 sq. ft. of real estate

Investor

Project Description

In February, Genesis LA provided $11.4 million in New Markets Tax Credits (NMTC) to finance the Hollywood Arts project.

Owned and controlled by the Actors Fund of America, the NMTC allocation will be used to rehabilitate an existing 18,350 sq. ft. building along Hollywood Boulevard into below-market space for nonprofits supporting the region’s arts community, which was disproportionately impacted by the COVID-19 pandemic.

The project will include a career center and workforce development program, space for supportive services, art galleries and performance spaces, and offices for non-profit arts organizations. With the Project’s completion, TAF expects to serve 3,000 persons per year on-site, as well as provide its social services to 2,500 persons in the adjacent residential building.

TAF’s programming includes:

  • Career Services/Job Placement – TAF helps industry professionals find strategic ways to supplement their income in between sporadic arts engagements. TAF works with clients to find “portfolio careers” – or part-time positions that use their arts skills. Sample portfolio careers include: teaching assistant positions in schools for actors, grant writing for writers, gym management positions for dancers, etc. TAF also provides classes on resumes, entrepreneurship, and job searching. It partners with employers and helps to place clients in well-paying positions.
  • Financial Wellness – The Actors Fund provides money management trainings that range from single sessions to 6-week workshops focused on budgeting, balancing multiple sources of income, planning for dry spells, managing debt, and saving.
  • Health Insurance – The Actors Fund provides trainings to help artists understand and then enroll in health insurance.
  • Affordable Housing Workshops – The Actors Fund provides seminars on how to navigate the affordable housing system, with a goal of finding housing..

MAP

Address: 5939 Hollywood Blvd, Los Angeles, CA 90028

Census Tract: 6037190201

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