SoLA Economic Forecast
Executive Summary Findings
Prior to the Great Recession employment in Los Angeles had dipped to 5.0%, families of color were experiencing high levels of home ownership and employment, and even experienced
the nancial stability to send their children to college. Wall Street has for the most part recovered, “Fannie Mae posted its eighth straight protable quarter in the nal three months of last year and will send the federal government $7.2 billion, pushing its total dividend payments above the cost of the 2008 bailout for the rst time, the company reported February 21, 2014. The mortgage giant posted $6.5 billion in prot in the fourth quarter of 2013 and a record $84 billion for the year. ” Yet in 2014, South Los Angeles
continues to struggle with high unemployment, poor access to capital, the aftermath of re-
cord foreclosures and the signicant loss of wealth to families of color.
Looking at the South Los Angeles community we, at RISE Financial Pathways, formerly CFRC,
have found the following challenges that must be addressed in order to achieve a healthier, more prosperous, better prepared and educated community of employable people: • Continuation of lack of access to capital. There are 16 banks and only one community bank based in South Los Angeles serving 475,905
• Only one community development agency is currently operational that provides micro lending and homebuyer IDA savings programs. • Today, South Los Angeles is still home to 64 payday lenders and 18 pawnshops, further exacerbating the effect of families with limited
• Continued lack of access to healthy food options – within a 32 square
mile area, South Los Angeles has an excessive proliferation of fast food
outlets: 117 in total. • Continued lack of access to full service grocery stores, South Los Angeles has an overabundance of mini-markets and liquor stores offering little access to fresh fruits and vegetables, a total of 225 mini
• The need for expanded business opportunities including access to public and private sector contracts for local businesses and manufacturers to create local jobs. • Currently there is not one full service operational hospital located in
South Los Angeles.
• Currently there are no operational Emergency Room Facilities located in South Los Angeles. The nearest trauma hospital is California Hospital Medical Center, 2.7 miles away to the north and Centinela Medical Center, 8.6 miles away to the west.