Pension Fund to Create Housing

Many of L.A.’s largest public pension funds have committed a combined $65 million to create a private equity real estate fund to establish workforce housing projects in the city. The funds from the Los Angeles Employees Retirement System, Los Angeles County Employee Retirement Association and Los Angeles Department of Fire and Police Pensions will create the Genesis Workforce Housing Fund managed by Phoenix Realty Group. The money will fund projects constructed by private developers adding as many as 2,250 housing units over the next four years, according to the mayor’s office, which announced the plan late Monday. The creation of the pension fund comes a week after Los Angeles voters narrowly defeated Measure H, a housing bond that would have funded the construction of affordable units in the city.