April 1, 2002 |
The city of Los Angeles could be forced to repay millions of dollars to the federal government because the Los Angeles Community Development Bank failed to meet performance goals, city officials said. The bank, overseen by the city, was funded by the federal Department of Housing and Urban Development to revitalize impoverished neighborhoods. In return for funding, the bank was required to create jobs for residents in target neighborhoods.
December 29, 2001 |
The City Council is stepping up pressure on the Los Angeles Community Development Bank, giving officials two months to craft a comprehensive plan to create jobs for residents of low-income neighborhoods or face a loss of funding. The action comes amid increasing concerns by city officials that the bank--chartered to spur employment by financing business in blighted pockets--has been ineffective.
October 31, 2001 |
The Los Angeles City Council asked city officials Tuesday to review the L.A. Community Development Bank's investments in high-tech start-ups, after The Times reported that the $35-million program has yielded few benefits for the low-income communities the federally funded bank was created to serve.
October 21, 2001 |
In the dawning days of dot-com riches, the investment looked too good to pass up. The federally funded Los Angeles Community Development Bank, burdened with debt and looking to generate revenue, would pump millions of dollars in venture capital into Internet start-ups. The investments were never likely to meet the bank's core mandate to create jobs in blighted neighborhoods, officials now acknowledge.
October 25, 2000 |
In a last-ditch effort to remake itself, the Los Angeles Community Development Bank is proposing to launch a privately funded investment group that would seek out new borrowers in distressed communities. By drawing on private investment--a minimum of $2 million per participant--the bank hopes to create greater accountability that would result in stronger deals.
July 16, 2000
The people of Los Angeles and their responsible leaders deserve a dose of truth regarding their Los Angeles Community Development Bank and its board of directors. The published statements of William Chu ["L.A. Community Development Bank Halves Staff," July 12] to the effect that the bank is "working every day with Mr. Lewin" and suggesting that the bank is negotiating in "good faith" are not only blatantly false, but also appear to be designed to focus responsibility away from the board of directors and onto other persons.