Homes are the cornerstone of a thriving and just society.
We finance, build, and operate exceptional affordable housing so that the people we serve may have a dignified home, a healthy and hopeful future and attain economic independence.
Century Housing Corporation is a mission-driven Community Development Financial Institution (CDFI) supporting quality affordable home development throughout California. Century provides innovative end-to-end financing from acquisition to permanent loans and serves as a reliable partner to state and local agencies, municipalities and other CDFIs in pioneering aggressive financing programs like GSAF or LACHIF.
From its beginnings as a state agency and through the past 25 years of service as a private nonprofit, Century’s work has resulted in more than $2 billion in financing for over 50,000 new affordable and workforce homes, more than $600 million in capital under management, and thousands of construction jobs created every year.
Beyond its lending activities, Century strives to break the cycle of homelessness with initiatives in affordable housing development and operations. Century Villages at Cabrillo is a 27-acre Long Beach community that is home to more than 2,000 veterans and families recovering from life on the streets. CVC is bolstered by some 20 on-site service providers and a Century-led community development effort focused on coordinating services and fostering resident involvement. CVC’s collective impact approach is being modeled throughout the country, and we hope to duplicate its success in future projects spearheaded by our housing division, Century Affordable Development, Inc.
Century formed from one of the largest public works projects in U.S. history. In 1972, planning began on the Century Freeway I-105, a major thoroughfare that would connect LAX to the city of Norwalk. Residents in areas affected by the proposed development fought the construction. Lawsuits were filed which asked the U.S. District Court to halt construction until the impacts of the freeway could be evaluated and minimized. In 1979, a solution was reached: the creation of the Century Freeway Housing Program (CFHP).
CFHP was tasked with creating nearly 4,000 units of affordable housing for those displaced by the freeway’s construction along with minority and female employment opportunities. In 1993, the Century Freeway opened. Having successfully exceeded its initial housing development goal, CHFP was privatized and renamed as Century Housing Corporation. Century remains the only known California state program converted into a private nonprofit.
Judge Harry Pregerson is appointed to the U.S. District Court for the Central District of California in 1967 by President Lyndon B. Johnson. A U.S. Marine veteran wounded in the Battle of Okinawa, Judge Pregerson is later elevated to the U.S. Court of Appeals for the Ninth Circuit by President Jimmy Carter. Judge Pregerson presided over the litigation regarding the Century Freeway for more than 40 years.
The western portion of the Century Freeway alignment is adopted, a 10-lane highway with 20 intersections, displacing 7,000 homes and 21,000 persons. The original alignment of the Century Freeway adopted by the California Legislature in 1959 extended the freeway to San Bernardino.
The National Environmental Policy Act (NEPA) takes effect. Adopted by Congress in 1969, this “environmental Magna Carta,” along with the Civil Rights Acts of 1964 and 1968, gave citizens the power to challenge federally funded activities in court. These laws were the basis for the landmark Keith v. Volpe lawsuit challenging the construction of the Century Freeway.
The Keith v. Volpe lawsuit filed in 1972 led to a preliminary injunction halting work. The 1979 Consent Decree establishes the Century Freeway Housing Program to replace 4,200 homes being lost during construction, as well as setting local hiring, job training, and contracting goals overseen by the Century Freeway Affirmative Action Committee and the Office of the Advocate for Corridor Residents.
The Judge Harry Pregerson Interchange, connecting the Century and Harbor Freeways (I-105 and I-110), exemplifies the complexity of the Century Freeway project. Named for Judge Harry Pregerson in 2002, it is the first time three modes of transportation (light rail trains, high-occupancy lanes, and individual vehicles) were directly connected in one intersection. Reputedly the biggest, tallest, and costliest traffic structure built in California at that time, it houses the Harbor Freeway Metro station, which connects the Metro Green Line light rail and Harbor Silver Line Transitway.
In 1995, the Keith v. Volpe Consent Decree is amended to privatize the housing replacement program into the new Century Housing Corporation, the first conversion of a state agency to an independent nonprofit corporation in California. The replenishment program produced 5,700 affordable homes over 14 years. Century Housing assumes many of the nonhousing programs created under the Consent Decree under the umbrella of “More Than Shelter” activities.
Los Angeles County Supervisor Yvonne Burke presenting a commendation to Century Board member Bill Robertson and Executive Vice President Robert Norris at the opening of the 51-unit Athens Glen Apartments, one of the first developments financed by the newly founded Century Housing Corporation following privatization.
Century Community Children’s Center was developed in the Watts-Willowbrook community adjacent to the Rosa Parks transit station linking the I-105 Green Line and the Los Angeles-Long Beach Blue Line light rail systems. This Project Head Start childcare center continues to serve the surrounding community.
President Bill Clinton dedicating Village Green, a 26-acre affordable housing community in Sylmar. The result of a unique partnership between Century, Fannie Mae, the Lee Group, and Braemar Urban Ventures, Village Green introduced the Partnership for Advancing Technology in Housing (PATH), a cooperative venture among utilities, building suppliers, homebuilders and public agencies to develop technologies that would reduce greenhouse gas emissions and energy use in homes. Village Green homes were located adjacent to public transit and a childcare facility, and incorporated high efficiency appliances, HVAC systems, and solar panels.
Artists Dan Van Clapp (pictured) and Paula Van Horn created Century’s entry in the Los Angeles “Community of Angels” sculptural project, entitled More Than Shelter, which was displayed in Pershing Square, and now graces our lobby. Benefitting the Volunteers of America and Catholic Big Brothers, some 400 angels were created and displayed throughout the city.
In order to assure that elder residents would have access to life-enrichment and wellness services, in 2000 Century provided seed funding and support to create More Than Shelter for Seniors. The program grew and was so successful that it achieved self-sufficiency, becoming a fully independent organization, renamed EngAGE, in 2007. Each year, these talented seniors, many of whom worked in show business, put on a Stage Revue. Others volunteer with children in nearby schools, teaching art and music.
Mayor Jim Hahn and Century Board members celebrate the opening of the Parkside Teen Center. The Parkside Apartments, developed in Downtown Los Angeles with Century financing, represents our More Than Shelter motto. In addition to the 78 family homes, Parkside provided free after school tutoring for children and preschool services in the Los Angelitos Children’s Center. Opened in 1998, Parkside later became the first of three Teen Centers developed with financial support from the Winston & Strawn law firm, serving the needs of older students.
The Casa de Cabrillo apartments rise at the Century Villages at Cabrillo. These were the first permanent housing opportunities developed to serve homeless Veterans on the Long Beach site, providing 200 efficiency apartments for single Veterans, as well as common areas, recreational facilities, and offices for case management support. More than 500 armed forces veterans call the Century Villages at Cabrillo home. Among the many services available to them is the Career Center, operated by U.S. VETS, which provides retraining, counseling, and resources for Veterans seeking to re-enter the workforce.
The planned expansion of the Villages at Cabrillo campus proceeded from the initial Long Beach Savannah Housing to include Casa de Cabrillo (2004), the Family Commons Apartments, renovation of the Knabe Exchange to serve the residents (2009), and the Family Shelter (2012).
Governor Arnold Schwarzenegger announces the State’s “Initiative to End Long-term Homelessness” at the Casa de Cabrillo with L.A. County Supervisor Don Knabe, Long Beach Mayor Beverly O’Neill, and State Assembly Speaker Emeritus Bob Hertzberg, along with Century Board members and representatives of the Conrad N. Hilton Foundation and the Corporation for Supportive Housing.
The Century Community Charter School, founded in 2004, later joined by the Century Academy For Excellence, extended Century’s commitment to quality education to middle-school aged students in Inglewood. Over 6,000 students have benefitted from this Century initiative. Another example of Century’s approach to providing financial and administrative support until More Than Shelter programs became self-sufficient, both of the Century charter schools achieved independence in 2011, and continue to provide parents and students an alternative to neighborhood schools.
Century’s commitment to education included providing free after-school tutoring and educational enrichment for children living in Century-developed homes. The Century Learning Initiatives For Today (Century/LIFT) program served 300 students in ten locations at its peak. As school districts expanded their classroom supplemental programs, Century refocused its attention to the students living at the Villages at Cabrillo, where the Oasis Center helped children and teens with before- and after-school programs, and more during the annual Summer Camp. Today, Oasis services are available to all Villages residents and play a major planning role in coordinating the efforts of more than 15 on-site service providers. Learn more about Century’s work at the Villages at Cabrillo in our Social Impact Report.
The New Carver Apartments, an award-winning facility developed by Skid Row Housing Trust, serves the needs of homeless adults and elders with chronic disease and disabilities in the South Park neighborhood of Los Angeles. This is only one of many developments of high quality and outstanding design that exemplifies the work of Century’s borrowers. It is estimated that there are more than 90,000 persons experiencing homelessness in California each year. Century has committed its resources to addressing this issue, and has helped finance emergency shelters, transitional housing, and permanent supportive homes for more than 2,500 households recovering from homelessness.
The Century Community Training Program (CCTP) built upon the expertise developed during construction of the Century Freeway to train local residents so that they could build careers in the construction industry. With funding from the Alameda Corridor Transportation Authority and the Department of Labor, CCTP provided over 600 men and women with the skills needed to achieve apprenticeship positions in the construction trades, with high wages and career paths ahead of them. Over one-half of the graduates were ex-offenders, and one-fifth were women entering nontraditional occupations. In 2010, CCTP was absorbed by the Century Center for Economic Opportunity YouthBuild program, which continues to train community residents for construction industry employment, and provide them a pathway to extend their educational achievements.
Century lending programs expand to serve all of California, and Century received a $5 million Capital Magnet Fund award from the U.S. Treasury CDFI Fund to help fund our lending outside Southern California. Loans to help new housing in the Central Valley, Sierra Nevada Mountains, Salinas Valley, and elsewhere established Century as a leading lender statewide.
The More Than Shelter Fund acted as the umbrella for Century’s educational, job training and employment, child development, senior wellness and homeless Veterans service programs. Gala events and a Dream House Raffle raised capital to support these community development activities. In 2011, the More Than Shelter Fund was redirected to provide $100,000 in yearly grants to external programs aligned with Century’s social and environmental goals.
Century is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), and expands its market area outside the immediate Los Angeles-Orange County region, with loans in Kern and San Diego Counties.
Century enters into new relationships with financial institutions, expanding access to capital to fund lending activities, and is admitted as the first CDFI nonprofit member of the Federal Home Loan Bank of San Francisco.
Working with development partners like Thomas Safran & Associates, Century has assisted in the development of 3,250 homes for elder Californians in more than 40 service-enriched communities, like the Bill Rosendahl Senior Housing Community in Mar Vista.
Century celebrates 20 years of service, which coincides with the milestone of $1 billion in financing. Century loans have supported the development of more than 25,000 homes and thousands of full-time jobs throughout California.
With its iconic Pregerson Tower, the Cabrillo Gateway project is Century’s latest accomplishment on the Villages at Cabrillo campus in Long Beach. Upon completion of this project, the Villages is home to over 1,200 persons who have experienced homelessness, half of whom are military Veterans.
As Century Villages’ fifth phase of campus development, Anchor Place provides 120 permanent supportive homes for homeless Veterans and homeless families. The LEED-certified development expands upon Century’s permanent supportive housing offerings while providing extensive service and amenity space.
Century establishes a yearly scholarship fund in honor of Tim O’Connell, a tireless advocate for affordable housing and social justice who passed away in 2018. Tim’s role as Century’s director of policy and advocacy had a tangible impact on the adoption of numerous state and local measures which continue to benefit California’s most vulnerable communities. We hope that Tim, and his vision for equitable city planning, will be remembered by a new generation of housing champions.
Century’s experience with multi-phase development leads to roles at One San Pedro and the West LA VA campus where more than 1,600 supportive homes for Veterans are being planned. Learn more about Century’s recent development work.
A successful corporate bond offering paves the way for more impact investment opportunities.
The year leading up to Century’s 25th Anniversary delivered more impact and growth than any prior period. Our 25-Year Report details these most recent activities and tells a more complete story about our residents, clients, and vision for the future of affordable housing.
Abode Communities
Affirmed Housing Group
Alliance Property Group
AMCAL Housing
AMG & Associates
Bridge Housing Corporation
Burbank Housing
Development
C&C Development
Cesar Chavez Foundation
Charities Housing Development
Chelsea Investment Corporation
Community Corporation of Santa Monica
Community Housing Partnership
CRP Affordable Housing & Community Development
Danco Communities
Domus Development
EAH Housing
East Bay Asian Local
Development Corporation
East LA Community Corporation
Eden Housing
Elsey Holdings
Excelerate Housing Group
Father Joe’s Villages
Highland Property Development
HIP Developments
Hollywood Community Housing
Housing Diversity Corporation
Jamboree Housing Corporation
Jemcor Development Partners
Kingdom Development
LA Family Housing
Linc Housing Corporation
MAAC
Many Mansions
Mercy House
Mercy Housing California
Meta Housing Corporation
MidPen Housing Corporation
Mission Economic Development Agency
National Community
Renaissance
Ocean Development
The Pacific Companies
PATH Ventures
The Richman Group
ROEM Development Corporation
Shara L. Coletta
Skid Row Housing Trust
Solutions For Change
Southport Financial Services
Step Up On Second
The Core Companies
The Richman Group
Thomas Safran & Associates
Trestle Development
Triton Community Development
USA Properties Fund
Veloce Partners
Visionary Home Builders
Wakeland Housing and Development Corporation
West Hollywood Community Housing
Ahmad Samie
Alexis Gevorgian
Alfons Ibrahim
Behzad Okhovat
Chong Lee
Diversified Equities
Edward Lorin
Efi Meirson
Gina Candari
Hassan Soltani
Jonathan Lee
Komova Chandran
Leo Y. Lee
Michael Cohen
Michel Welter
Noam Matas
Prakash Chandran
Shahar Kalev
Soledad Enrichment Action
Steven Bram
Steven Friedman
Timothy R. Roth
Uzi Levy
Yehunda Trattner
Yoram Hassid
The Ahmanson Foundation
Bank of America
Bank of New York
BBVA Compass
California Community
Reinvestment Corporation
California Department of Housing and Community Development
California Housing Finance Agency
Calvert Social Investment Foundation
Cedars-Sinai Medical Center
Charles Schwab Bank
Chase
CDFI Fund
Citibank
City of Long Beach
City National Bank
EastWest Bank
Fannie Mae
Federal Home Loan Bank of San Francisco
GE Foundation
HSBC Bank USA
Housing Partnership Network
Hudson Housing Capital
JP Morgan Chase Bank
Los Angeles County Community Development Commission
Los Angeles Housing and Community Investment Department
Low Income Investment Fund
Manufacturers Bank
MUFG Union Bank
RSF Social Finance
San Luis Obispo Housing Trust
The Weingart Foundation
US Bank
Wells Fargo Bank
