The City of Los Angeles Housing Department Hosts Kickoff Event for Bridges to Business Success Construction Project

March 29, 2012

In an effort to revitalize neighborhoods and create jobs in Los Angeles, the City of Los Angeles is continuing to put its Neighborhood Stabilization Program (NSP) funds to work. City of Los Angeles Seventh District Council Member Richard Alarcon, U.S. General Manager Doug Guthrie hosted today a groundbreaking ceremony to kickoff the first “Bridges to Business Success” construction project at 14651 Novice Street, a NSP- acquired foreclosed property in Panorama City.

“Bridges to Business Success is an innovative approach to utilizing HUD’s Neighborhood Stabilization Program funding,” said HUD Regional Administrator Ophelia Basgal. “Not only is this program providing opportunities for small business development and job creation but it will also address the stabilization of neighborhoods hardest hit by foreclosures by rehabilitating vacant homes like this one here in Panorama City and those throughout the Los Angeles metro area.”

The Bridges to Business Success Program is a unique and creative public-private initiative providing small minority business owners with procurement training and contract opportunities, which create and retain jobs. NSP funds to create jobs and rehabilitate NSP- acquired properties in Los Angeles.

“We are proud to support this innovative program and to provide minority-owned businesses with the knowledge and skills to expand their business, create jobs, and strengthen their communities,” said Rebecca Macieira-Kaufmann, President of Citibank California. “Through this unique public-private collaboration, Bridges to Business Success is already helping business owners and communities in Southern California.”

The City of Los Angeles was awarded approximately $143 million in NSP funds from HUD to address the negative impact of foreclosures, to stimulate the creation and retention of jobs, and to advance the stabilization of neighborhoods. Bridges to Business Success curriculum.

“The foreclosure crisis doesn’t just hurt the families who lose their homes, it damages entire communities by adding blight to our neighborhoods,” said Councilmember Richard Alarcón. “This program not only reduces blight – it goes even further by creating jobs and supporting minority-owned small businesses in Los Angeles. Field Asset Services (FAS) to ensure the rehabilitation projects are completed with the highest quality standards...Because these properties will become someone’s home in the future, FAS will ensure each renovation is well planned and completed on time using only the most cost-efficient and energy-efficient materials. About Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions...LACity.org.

About Field Asset Services (FAS)

Field Asset Services (FAS) is the premier property preservation, REO maintenance and repair services company in the United States, servicing more than $10.8 billion in residential assets on behalf of its clients. FAS works with 30 mortgage and asset management clients nationwide, servicing more than 130,000 active properties on a recurring basis. January 2009 to purchase foreclosed or abandoned properties at a discount from lenders and loan servicers for resale to qualified owners. Using federal Neighborhood Stabilization Program funds from the U.S. Business Center in Los Angeles is funded by the United States Department of Commerce through the Minority Business Development Agency...USC was awarded a new 5-year program effective April 1, 2011. Under the new program structure, USC partnered with the Los Angeles Mayor’s Office of Economic and Business Policy to help businesses secure contracts and create jobs. This is a new private/public partnership to support minority-owned businesses.