ALA’s Janet L. Witkins Center Breaks Ground

Los Angeles County Supervisor Zev Yaroslavsky joined a long roster of city officials to celebrate the ground breaking of The Janet L. Witkins Center in the heart of West Hollywood on March 15, 2013. Named after the founder of Affordable Living for the Aging (ALA), an organization dedicated to senior housing and also this project’s […]

Menlo Family Apartments Opens in Central LA

Little Tokyo Service Center (LTSC) and Koreatown Youth & Community Center’s (KYCC) newly developed Menlo Family Apartments opened  its doors to low-income and special needs residents last month. The development transformed a crime-ridden corner near the intersection of Pico Blvd. and Vermont Ave. into 60 low-income family and special needs apartments. Menlo Family Apartments targets families […]

LA County Supervisors Approve $15 Million for Affordable Housing

The preservation and creation of affordable housing has been a longstanding goal of both Los Angeles County and many of its 88 cities, but the demise of redevelopment agencies delivered a blow to low-income residents struggling in one of the nation’s most difficult housing markets. On March 5, 2013, acting on a joint motion by […]

More Housing Options Coming to Panorama City

Last week’s closing of a $4,550,000 Century construction loan is paving the way for new workforce apartments in Panorama City thanks to developers Gary Kleinman, David Kleinman, Mike Engelman, Al Leibovic, and Marat Dreicer.  The 28-unit two- and three- bedroom project, named Nordhoff Apartments, will be opening its doors to San Fernando Valley residents in early […]

Positive First Steps for Affordable Housing in Culver City

Assemblymember Holly Mitchell joined Mayor Andy Weissman and a well-rounded panel of housing developers (Los Angeles Housing Partnership and Habitat for Humanity), investors (Bank of America and Union Bank), and other leading advocates at the Culver City Council Chambers at last week’s Affordable Housing Roundtable. The first such event hosted in Culver City generated a lively discussion […]

Golden State Acquisition Fund Launches

The long awaited  Golden State Acquisition Fund (GSAF), a $93 million source of flexible acquisition financing to developers throughout California, has made its official launch thanks largely to seed money from the California Department of Housing and Community Development. As an official loan originator, Century is now taking applications from both nonprofit and for-profit developers. […]

Three Loans, Over $30,000,000 Invested

Century ended 2012 with three standout loans to three very deserving developers in Southern California: -Treadstone Companies received $14,130,000 in bridge financing for Warwick Terrace Apartments; 108 units in Compton. -Bromont Villas, 49 units in Sylmar, will be developed by Yoram Hassid thanks in part to Century’s $7,850,000 construction loan. -LOMCO was awarded a $9,000,000 acquisition […]

Some Cause for Celebration

Everyone knows about the “Fiscal Cliff,” which was probably more like a small hillock.  And by now, most folk know that Congress and the President figured out a last minute (actually, it was after the last minute, but who’s counting) compromise to avoid the tax increase components of the problem.  But the popular press has […]

Times Article Spotlights Redevelopment Deadline Disputes

Last week, the Los Angeles Times published a nice summary of the issues surrounding the deadline for handing redevelopment dollars back to the state. Our own Tim O’Connell, senior director of policy and advocacy, provided a quote in reference to the diffulties facing affordable housing developers, saying “there’s a lot of uncertainty, and in the real […]

Small Area FMRs – What Will They Mean for Landlords?

The Small Area Fair Market Rent (SAFMR) program may have many effects on the subsidized housing landlords.  One of the desired outcomes may be that lower income tenants will have the opportunity to move to housing in higher cost neighborhoods.  However, another effect may be that landlords in lower cost neighborhoods will see a loss […]

Is “Green” about the Environment or Money?

USA Today recently ran a series of articles, under the lead “GREEN INC. Environmentalism for Profit,” regarding the US Green Building Council and their LEED certification process.  LEED stands for Leadership in Energy and Environmental Design, and is a self-proclaimed “voluntary, consensus-based, market-driven program that provides third-party verification of green buildings.”  LEED standards come in […]

Building Livable Communities – the Annual Housing, Transportation & Jobs Summit

On October 4, the Los Angeles Business Council hosted the 2012 Mayoral Housing, Transportation and Jobs Summit at UCLA. For over a decade now, the LABC has been organizing these discussions of issues with elected officials, business leaders and members of the community. The report released at this year’s Summit, Building Livable Communities: Enhancing Economic […]

Clean Air, Green Jobs – – and Affordable Housing?

Governor Brown signed two bills which will provide direction as Cap and Trade revenue investment decisions are made in coming years.  SB 535 (State Senator Kevin de León) and AB 1532 (Assembly Speaker John Pérez) create a framework for the state’s investment strategy for the funds which will be generated under the terms of California’s […]

When Will Rent Payments Go Electronic? And Should They?

There have been several op-eds and articles about a bill passed by the California State Legislature and signed by the Governor that prohibits landlords and property management firms from requiring tenants to pay their rent electronically (SB 1055, Lieu).  The bill was sponsored by the Coalition for Economic Survival and Western Center for Law and […]

Has the Granny Flat Finally Arrived — as the Graduate Flat?

Lennar, a well-known and fairly traditional home builder active in California, made the news recently because they are offering a new product in their Crescent Heights at Sky Ranch subdivision in Santee, a suburban city east of San Diego.  One of the three models offered incorporates what they are calling their NextGen, Home Within a […]

Is There a Two-tiered Mortgage Market Based on Race?

Red-lining has long been a topic of concern in the housing industry.  I have known people who actually saw the maps in bank offices, with the big red line surrounding minority neighborhoods on it, or the predominantly minority Census Tracts colored red. Red-lining was a very real and pervasive problem until Congress stepped in with […]

Property Values are Rising Again! Hooray for Higher Taxes??

Several sources have reported that home sales prices appear to have turned the corner and are now rising.  DataQuick shows increases in sales prices over the past five months, and year-over-year increases. While foreclosures remain high, the increase in sale prices is seen as a positive sign that the market is recovering.   ClearCapital also […]

Hooray! For A Groundbreaking In Hollywood!

Los Angeles City Councilor Eric Garcetti joined Mark Walther and Frank Fonseca, principals of developer American Communities and Century CEO Ron Griffith helped to celebrate the groundbreaking for The Gordon, our eighth partnership of Century and AC.  Joining them were other key partners in the development – Rushmore Cervantes of the Los Angeles Housing Department; Richard Prantis of PSL Architects; […]

A Very Telling Employment Chart

While the unemployment rate continues its slow decline and job creation chugs along, a very telling chart from the St. Louis Fed (reproduced and enhanced below) shows how the percentage of men (RED line) who are employed has fallen during, and not recovered after all US recessions in the past 50 years. The percentage of […]

Is Preserving Housing Affordability Still a Priority?

The latest figures from the California Housing Partnership Corp. indicate that there are over 50,000 apartments in the state at high or very high risk of converting from their current subsidized rent levels to market rents.  This dwarfs the ability of the housing community and public agencies to develop new housing, and loss of this […]

Affordable Housing Developments Win at the PCBC

Century is always proud to see affordable housing developers receive recognition for the fine work they do, and last week’s Pacific Coast Builders Conference Golden Nugget Awards was another example of the levels of excellence affordable housing developments have achieved.  Many of this year’s Golden Nugget Award winners have been Century partners and clients, and […]

New Apartments Going Up in Van Nuys

The apartment boom continues! Century is working with a new developer, Uzi Levy, to build fourteen new apartments in Van Nuys. Mr. Levy is moving up from installing and maintaining commercial/residential fire and life safety systems to ground-up development, assisted by his general contractor, Blondy Development, a prior Century client. Century’s $2.26 million construction loan (closed […]

New apartments in Boyle Heights

Whether large or small, the developers who work with Century always get an answer in a timely manner, relieving them of one bit of uncertainty inherent in real estate development. That answer was an enthusiastic “YES!” for Prakash Chandran on his second construction loan with Century. He is building four new apartments on a vacant […]

Century Partners Win Big!

Today, the Los Angeles Business Council announced their 42nd Annual Los Angeles Architectural Awards, and there were several Century partners among the winners. SRO Housing Corp. was honored for their renovation of the Ford Hotel in Downtown Los Angeles, along with Killefer Flammang Architects and Westport Construction. This six-story residential hotel was remodeled to provide […]