Mayor Antonio Villaraigosa will announce Tuesday morning a public-private partnership to create middle-income housing developments in the Los Angeles area, the Mayor's office said in a release Monday night.
Villaraigosa will join executives from L.A.'s largest public pension funds L.A. City Employees Retirement System; L.A. County Employee Retirement Association; L.A. Department of Fire and Police Pensions - to announce the commitment of $65 million to the Genesis Workforce Housing Fund II, a private equity real estate fund managed by Phoenix Realty Group.
The press conference will be held at Puerta del Sol, a workforce housing community that is represents the type of development to be funded with the pension investments. Phoenix Realty Group financed Puerta del Sol through the first private equity real estate fund solely targeting workforce housing development in Los Angeles.
Investments will target housing affordable to L.A.'s middle-income workforce, including teachers, firefighters and nurses, the mayor's office said.
The Genesis II fund's projects will be built by private developers and are expected to provide 2,250 units of housing to the market over the next four years.
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