First Deal Closed Through Inglewood Home Assist Fund
Nonprofit Housing Developer to Rehabilitate Apartment Complex and Keep Rents Affordable
INGLEWOOD, CALIF. (Oct. 8, 2024) — Today, Century Housing Corporation announced the closing of its first loan through the Inglewood Home Assist Fund with Community HousingWorks, a nonprofit affordable housing developer. Community HousingWorks has acquired Stadium Village, an 80-unit complex in Inglewood, to maintain affordable rents for residents amid the area’s rapid growth.
“Century Housing is proud to be a key partner in ensuring that Inglewood’s long-time residents can stay in—or gain access to—affordable housing, all while being close to the new amenities and attractions that have transformed Inglewood into a world-class destination,” said Joshua Hamilton, Senior Vice President, Lending at Century Housing Corporation.
“The City of Inglewood offers so many great opportunities to its residents, and now we have one more, the preservation of Stadium Village as long-term affordable housing,” said Sean Spear, President & CEO at Community HousingWorks. “Community HousingWorks is delighted to partner with the City of Inglewood and our financing partners to preserve Stadium Village as long-term affordable housing.”
Launched in early 2024, the Inglewood Home Assist Fund is a $75 million revolving loan fund from the City of Inglewood, created in conjunction with the construction of the Intuit Dome. It provides financing for developers to build and preserve affordable and mixed-income housing. Century Housing Corporation, a Culver City-based nonprofit Community Development Financial Institution, oversees the fund.
Through this deal, the Inglewood Home Assist Fund will provide permanent financing to Community HousingWorks for Stadium Village, with Century Housing Corporation further supporting the project with additional permanent financing.
“The Inglewood Home Assist Fund is a key component to maintaining the city’s diverse and vibrant character, ensuring that everyone can benefit from our growth and success,” said Mayor James T. Butts, City of Inglewood.
Stadium Village, located along Crenshaw Boulevard, has 80 two-bedroom apartments. Community HousingWorks will ensure the homes remain affordable to those who earn 80 percent of the area median income for the next 55 years as units turn over. The developer also plans to make light upgrades to apartments as they become available.
“To be able to preserve this housing along one of the major gateways to the City is incredibly important,” added Sean Spear. “These large apartments with attached garages and outdoor space are ideal for families and intergenerational living. It is a type of new construction that is challenging to finance in today’s funding environment, so to be able to retain and improve this housing where it already exists is a huge win for the residents and the City.”
The Inglewood Home Assist Fund offers predevelopment, acquisition, construction, and permanent financing for developers at a competitive three-percent fixed interest rate. Interested developers can learn more about the Inglewood Home Assist Fund by visiting the Century Housing website.
About Century Housing Corporation
Century Housing Corporation is a mission-driven Community Development Financial Institution (CDFI) that finances exceptional affordable housing throughout California. From its start as a state agency, and for nearly 30 years as a private nonprofit, Century has invested more than $2.8 billion to create and preserve over 58,000 homes while creating thousands of construction jobs. Century-financed developments showcase a unique legacy of supporting positive financial, social, and environmental outcomes that advance equity and sustainability in communities where help is needed. More information is available at century.org/financing.
About Community HousingWorks
Founded in 1988, Community HousingWorks is a nationally recognized 501(c)(3) nonprofit organization that develops, rehabilitates, preserves, and operates affordable apartment communities across California and Texas. In addition to providing working families and older adults with stable homes in healthy communities, Community HousingWorks layers in powerful programs, services, and connections to resources. These tools help people attain financial stability, improve their health and overall well-being, and set up school-age children for success in the classroom and beyond. Community HousingWorks owns nearly 5,000 apartments, serving more than 11,000 working families, children, and seniors. Community HousingWorks is an exemplary ranked member of the national NeighborWorks Network®, an award-winning affiliate of UnidosUS, and a member of the prestigious Housing Partnership Network. To learn more, visit chworks.org.
