Welcome back LA Lovers!
Between progression leading to gentrification and sometimes displacement, to the rights of tenants being completely stripped away due to eminent domain. With so many new advancements on almost every corner it can sometimes feel like there’s no room for us to feel empowered to take the lead and control the trajectory of our neighborhoods. SoLa Impact is shifting the approach to social and economic progress by addressing the housing crisis in South Los Angeles and creating opportunities to take up space unapologetically.
SoLa Impact, founded by Martin Muoto in 2012, is a community development organization that focuses on revitalizing and transforming underserved neighborhoods in South Los Angeles. Muoto began investing in black and brown communities like South LA, Compton, Watts and other underserved communities long before they had become acknowledged as opportunity zones like today. Upon the official opportunity zone legislation he knew the company could accelerate SoLa Impact’s model of investing in affordable housing and entrepreneurship in deprived but well deserved communities.
SoLa Impact proudly identifies themselves as “a family of social impact, real estate funds focused on high-quality affordable housing, catalyzing economic development, and providing access to educational opportunities in low-income communities”.They’ve invested over $1 billion in black and brown communities in Southern California by partnering with dozens of nonprofits and government agencies, like the Housing Authority of the City of Los Angeles (HACLA), Los Angeles Urban League and Los Angeles Economic & Workforce Development Department to develop and preserve affordable, high-quality housing. They’re living the true mission of their motto“Doing Well By Doing Good” with over 1,500 properties contributing to reducing homelessness and improving overall quality of life for those in need.
They currently have multiple residential projects in development and are the masterminds behind their SoLa Business campus, “The Beehive by SoLa Impact”. The Beehive has become known as a hub for black and brown creatives. It’s home to SoLa Tech and Entrepreneurship Center, South LA Beverage Co, Gallery 90220:Compton Art Walk, The Tree Yoga Cooperative, Shadows Custom Window Coverings and the infamous Black Market Flee!
SoLa Impact is a great example of the importance of creating our own community-driven development initiatives. We can follow their lead and make a positive impact by targeting issues head on to make a social impact together by putting our minds together and our feet in action. For involvement in the SoLa Foundation and assisting in targeting issues of access to education via technology, access to capital, and access to home and business ownership visit their site here.
Until next time,
Los Angeles To The World 🧡
-Estates with Raevan Grace
Qualified Opportunity Zone (QOZ): a development tool for economically distressed communities. Designed to spur economic development by providing tax benefits to investors and job creation. It’s defined by the census, nominated by America’s governors, and certified by the U.S. Secretary of the Treasury via delegation of the authority to the Internal Revenue Service. Under certain conditions, new investments may be eligible for preferential tax treatment.
Preferential Property Tax Treatment: an instrument of land use policy that is used to promote preservation of existing preferred land uses. A reduction in the tax burden is provided to property owners to encourage and enable them to retain their land in its existing use.
*The Qualified Opportunity Zone program offers taxpayers a potential federal capital gains tax incentive for investing in economically distressed areas of the US.
* Ex: deferral, discount, and exemption from federal capital gains taxes.