The Los Angeles Development Fund

The specific purpose of the organization is to assist in carrying out the economic Development program and objectives of the city of Los Angeles to promote the Development, establishment or expansion of industries and commerce by, among other things, generating private investment capital through the new markets tax credit ("nmtc") program that can be made available for investments in "low-income communities" (as defined in the law and regulations governing the nmtc program). The primary mission of the organization shall be to assist in the implementation of economic Development programs and activities of the municipal corporation of Los Angeles, including its departments and offices, and to serve, or provide investment capital for, low-income communities or "low-income persons" (as defined in the laws and regulations governing the nmtc program). At least sixty percent (60%) of the products and services of the organization shall be directed toward low-income communities or low-income persons. The organization's activities shall target particularly economically distressed communities within the city of Los Angeles. In order to fulfill this purpose, the organization has been certified as a community Development entity. The organization has applied and shall continue to apply for allocations of nmtcs under the nmtc program. Upon receipt of an allocation of nmtcs, the organization will sub-allocate such nmtcs to one or more for-profit subsidiaries established in accordance with the laws and regulations governing the nmtc program for purposes of making "qualified low-income community invvestments" (as defined in the laws and regulations governing the nmtc program) in low-income communities in the city of Los Angeles.