The Los Angeles Development Fund

“Policies: Form 990 is presented to the Los Angeles Development Fund's Governing Board prior to filing. Any Board comments are incorporated and the revised form presented at the following Governing Board meeting.”

“Policies: Most Board Members and Officers are required to file Form 700, Statement of Economic Interest, annually. The remainder are required to file form CEC 11 annually. These forms are reviewed by the City Ethics Commission, who would report any violations to Los Angeles Development Fund (LADF). LADF would then present any violations to the LADF Governing Board.”

“Policies: Compensation for Sandy Rahimi, secretary and manager, was determined by market comparison to the position at the Community Redevelopment Agency (CRA) that was created to manage LADF, vis a vis the management services contract between LADF and CRA effective from Feb. 2009 to Feb. 2013. The compensation was reviewed and approved by the LADF President, and subsequently reviewed and approved by the LADF Governing Board.”

“Disclosure: The organization's governing documents, conflict of interest policy and financial statements are available for public inspection upon request during regular business hours.”

“Mission statement: the specific purpose of the corporation 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, amoung other things, generating private investment capital through the new markets tax credit program ("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 corporation 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 corporation shall be directed toward low-income communities or low-income persons. The corporation's activities shall target particularly economically distressed communities within the city of los angeles. In order to fulfill his purpose, the corporation has been certified as a "community development entity. The corporation has applied and shall continue to apply for allocations of new market tax credits ("nmtcs") under the nmtc program. Upon receipt of an allocation of nmtcs, the corporation 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 investments" (as defined in the law and regulations governing the nmtc program) in low income communities in the city of los angeles.”

“Description:consultants-compliance total fees:12000”

“Description:consultants - nmtc application total fees:40000”