Integrating home, health, and higher-learning at Charles Drew University

Community Wellness

COVID-19 response from the Century Villages at Cabrillo campus staff


Strengthening communities by recognizing human connections at every step

Investing in Lives

Integrating home, health, and higher-learning at Charles Drew University

Community Wellness

COVID-19 response from the Century Villages at Cabrillo campus staff


Strengthening communities by recognizing human connections at every step

Investing in Lives

Dear Friends,

Century originally thought 2020 would be a memorable year because we were to celebrate our 25th Anniversary with a festive gala honoring a quarter century of our good works. Instead, as John Lennon once sang: “Life is what happens when you are busy making other plans.” With massive wildfires, a summer of civil unrest, intractable governmental discord, and a deadly global pandemic, 2020 was, perhaps, a bit too memorable. Notwithstanding these social and political tremors, Century successfully continued its mission to 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.

Although the following metrics for 2020 cannot, of course, reflect the true nature of Century’s significant social, emotional, and financial impact on the tens of thousands of people that we serve each year, it is clear that Century makes a difference in the lives of many of our most vulnerable community members.

871 affordable apartment homes under management

3,241 residents in Century-operated communities

$208 million of affordable housing loan originations

Financed 4,544 affordable homes

Generated 4,421 new construction jobs

These impacts reflect the tremendous resiliency of Century staff who pivoted rapidly during the pandemic to continue our lending program, develop new affordable housing, provide supportive services, practice community engagement and offer property management services without interruption. Both in person and remotely, we addressed the acute needs of our residents while keeping Century’s organizational culture intact.

As the planet continues its fight against COVID-19, Century is eager to continue its mission, which takes on more urgency the longer the pandemic lasts. The entire Century team has proven that it can stay the course during the roughest of seas and looks forward to 2021 with renewed enthusiasm as we tackle California’s critical need for affordable housing.


Darroch F. Young

Chair | Board of Directors

Yvonne B. Burke

Vice Chair | Board of Directors

Ron Griffith

President & CEO

Board of Directors

Yvonne B. Burke

Mediator | Alternative Resolution Centers

Christopher David Ruiz Cameron

Professor of Law | Southwestern Law School

Earl G. Fields

Principal | EGP & Associates

Carrie Hawkins

Principal | Herbert Hawkins Company

R. Steven Lewis, FAIA

Principal | ZGF Architects

Daniel B. Lopez

Principal | Daniel B. Lopez and Associates

Louise Oliver

Regional Operations Officer | Goodwill Southern California

Kristina Olson

Ambassador | California Technology Council

Darroch F. Young

Chancellor Emeritus | Los Angeles Community Colleges


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.

The Wellness Collaborative

Realizing CDU’s mission of ending health disparities

In the summer of 2020, the Board of Trustees for the Compton Unified School District and the Los Angeles County Development Authority competitively selected the CDU/MLK Wellness Collaborative to develop an approximately 11-acre property on 118th Street immediately fronting Charles Drew University.

Comprised of a partnership between Charles Drew University, Thomas Safran & Associates, and Century Housing, the CDU/MLK Wellness Collaborative envisions a safe, vibrant and walkable transit-oriented health and wellness community dubbed The Wellness Campus. It will include a cohesive and integrated mix of affordable, workforce, student and mixed-income housing; office, retail, research, community and clinic space; athletics and recreational facilities; and parking for to-be-developed uses, as well as for the surrounding area.

The development will be open to and carefully integrated with the community at large—not just physically, but programmatically as well. The housing will be affordable to people already living in the community, including District faculty and employees. The athletics and recreational facilities will be available for use by the community, including District students and employees, as well as students of King/Drew Medical Magnet High School.

The retail space will provide opportunities for healthy eating establishments. Finally, the community and office space will support organizations, like MLK Community Hospital and CDU, whose services will be carefully and collaboratively crafted to provide educational activities, local economic development and job opportunities with an emphasis on health-related careers. The development of the site is strategically critical for the planned growth of the University.

Charles R. Drew University of Medicine and Science was established as a result of the 1965 Watts Revolt and is a private, nonprofit, community-founded, student-centered University committed to cultivating diverse health professions’ leaders who are dedicated to social justice and health equity for underserved populations through outstanding education, clinical service and community engagement. CDU is a leader in health disparities research with a focus on education, training, treatment and care in cancer, diabetes, cardio-metabolic and HIV/AIDS.

Over the years, Century has invested more than $53 million in South Los Angeles and has helped to create nearly 1,200 affordable homes. Further, our legacy 4Cs child development center is located next door on the other side of the Century Freeway (I-105). The Century team is incredibly excited about our involvement with this transformation and looks forward to the planning and development activities that lie ahead!

Consulting Partners: L.A. 84 Foundation, Fred Fisher Architects, Walter Hood Design Studios. Community Partners: Land Use Solutions, the Pinyon Group.

by Brian D’Andrea | Senior Vice President, Housing | email hidden; JavaScript is required

Bouncing Back

Multifaceted pandemic response offers stability at the Villages at Cabrillo

The key to our pandemic response was anticipating the worst-case scenario. When the virus began making terrifying headlines throughout the East Coast, Century’s management team at the Villages at Cabrillo did not hesitate to implement an emergency operations plan, held daily meetings to address immediate issues and convened the Villages at Cabrillo Collaborative board for weekly meetings to share best practices from the Long Beach Health Department and the Long Beach VA Medical Center.

Although offices were closed to the public, Century’s property, maintenance, residential service, and community engagement teams remained on-site. Like many essential businesses, we upgraded our office facilities with plexiglass barriers, kept public areas clean with fogging machines, and installed educational signage, social distancing floor markers, and touchless wall-mounted hand sanitizer machines.

At 27-acres, the scale of the Villages campus and its many connections to local resources allowed for an array of additional tactics and experiences which may be applicable to communities of any size.

Everyone worked longer hours in staggered shifts, including weekends, to assist residents by purchasing and distributing food, toilet paper, and PPE including 2,000 reusable masks and disinfectant.

Management delivered daily communications via text, email, telephone and flyers and did their best to filter recommendations from local, state and federal agencies—often conflicting and changing constantly.

On-site mobile COVID-19 testing of staff and residents began in May and Long Beach Health and Human Services provided early access to vaccines.

We arranged free internet service for schoolchildren, as our after-school programs reinvented themselves to help those without adequate technology. By year-end, a record number of residents were attending virtual town halls.

Following City of Long Beach guidelines, we began to reopen some of our Pathways to Health activities such as walking groups, outdoor yoga, and gardening classes. In-person AA meetings resumed following tight safety and cleaning protocols.

Held a clinic where 172 veterans received their first dose, in addition to our essential workers.

Aware of the potential harm of the coronavirus, residents remained calm and observed social distancing and daily hygiene practices. Fortunately, backup contingencies to use our Social Hall for isolation cases were avoided.

The resilience and sacrifices of our residents and the dedication and hard work of our staff have paid off. As the Long Beach Post noted in a lengthy profile, the Villages experienced far fewer cases—posting a 1.5% infection rate versus 8.9% for Long Beach as a whole—despite being located in one of the hardest hit areas. We remain vigilant and confident that our community will continue to work together to stay safe as we navigate toward a new, happier normal.

by Steve Colman | Executive Director, Century Villages at Cabrillo | email hidden; JavaScript is required

Development Snapshot


homes operated by Century


residents served


unit starts


unit completions


units in the pipeline within Century-developed campus communities, and beyond


units in predevelopment

More Century development stories at
or these community websites:


Living and working in recognition of the worth and humanity of all people

“Working closely with our contractor MFRG-ICON, we were able to re- engineer the construction schedule and work with the residents and still complete on time and within budget—something we are very proud of! Of course, Century was a key partner in the development. The construction loan closing and the conversion to Century’s permanent loan couldn’t have been smoother.”

Rick Westberg
Executive Vice President
The Richman Group

In a difficult year, Century pulled together and worked tirelessly to support clients, providing early stage acquisition, bridge and construction financing in addition to permanent financing supporting 4,544 units to house low to middle income Californians. Like everyone, we did this from our living rooms, spare bedrooms, dining room tables, and couches. We are proud to say that Century had one of its strongest years in history, and gratified that this hard work will ultimately accrue to people most in need.

We were reminded that we are always in this together whether we are in good times or experiencing hardship. The equation does not change, but our perception and our lived experience does. We are grateful that the pandemic reminded us that we are better as “us;” working together, fulfilling our responsibilities to our community, our colleagues, our clients and ourselves.

To share one example, Century provided a forward commitment for permanent financing to the Richman Group for Carson Terrace Senior Apartments. This 100% deeply affordable property serves a predominately African American senior population and was in desperate need of a refresh and modernization. The borrower commenced the tenants-in-place rehab just as the pandemic began, and worked closely with the contractor and the tenants to maintain the health and safety of this vulnerable group. It took longer, required attention to detail and daily coordination, and tested the patience and mettle of the residents.

Despite these complications, the project was completed and the loan converted to permanent financing on time. The residents have settled into their new homes under new management and ownership that will maintain the property as a dignified and high-quality complex.

Century is grateful to have played a role in this important project, and we marvel at the hard work and dedication of Rick and his team at Richman. Here’s to us!

by Josh Hamilton | Senior Vice President, Lending | email hidden; JavaScript is required

“My favorite area is the community room which has brand new furniture and a large kitchen area. I have been working and living here for six years so I’m just as excited about the improvements as the other residents!”

Carson Terrace Senior Apartments Property Manager

62 affordable homes preserved and rehabilitated

Serving seniors earning 30% to 60% of area median income

City of Carson, LA County, and FHLB-SF participating



Lending transactions supporting developers building vital affordable and workforce apartment homes in 2020

Lending transactions supporting developers building vital affordable and workforce apartment homes in 2020


affordable homes financed


construction jobs created

Tough as Nails

Extraordinary effort by workforce housing developers

Over the last year, as developers continue to navigate the unprecedented COVID-19 crisis, the construction industry is finding a new normal. The traditional jobsite we are all accustomed to looks a lot different now than it did in 2019. Builders have been met with increasing demands but have also shown incredible resilience and ability to adapt and serve both their employees and the broader community, which ultimately benefits from the workforce housing they create.

Developers have gone above and beyond to keep their crews safe and employed by providing daily heath checks, supplying PPE, and most importantly, adhering to six-feet apart staff staging guidelines from the CDC. In addition, developers have shown great resilience and flexibility with rising construction costs, vendor postponements and dealing with inspection limitations from the Los Angeles Department of Building and Safety. According to Curtis Quillin with Quillin Construction, “The second wave hit us the hardest. We experienced construction delays, rising construction cost and a shortage of basic materials such as windows. We are now seeing a light at the end of the tunnel.”

Century is doing our part by optimizing the new remote-working environment to keep delivering draws within about five days and getting inspectors out exactly when they are needed. While being faced with these unexpected challenges, contractors have responded by adapting to disruptions and keeping these vital projects, serving low- and moderate-in- come workers, on budget and on schedule. We hope to make your jobs just a bit easier.

by Tracey Burns | Senior Relationship Manager | email hidden; JavaScript is required

Harnessing Project Homekey in Oakland

This was a challenging year like no other. While living on the streets has always been tough, how does one protect oneself from an invisible, widespread pandemic without shelter? In 2020, California’s Housing and Community Development Agency responded with Project Homekey, an effort to rapidly house the chronically homeless. The NOFA hit the presses on July 14, 2020, and required funds to be expended and sites secured by December 30th of the same year! In the pantheon of housing funding programs, this has to have been one of the quickest turn- arounds ever for a program deployment.

Developers Danco and Operation Dignity were up to the task and collaborated on transforming a vacant motel in downtown Oakland, the Temescal Inn, into 21 units of housing for the homeless. Danco rapidly responded to the RFP, coming up with a building transition plan and a minimal rehab scope to adapt the motel for tenant’s use. Operation Dignity quickly found the site, assisted in negotiations with the seller, and brought the City of Oakland together as a partner with HCD to fund the project. Century provided an acquisition loan which closed within 30 days to help expedite construction.

One team member likened the rapid deployment of Project Homekey to “a plane being built in the air.” Given the timeframe of the RFP, site acquisition, funding, rehab and placement all occurring within nine months, Project Homekey gave the industry a great example of just how quickly resources could address a community issue and the importance of having a nimble team.

by Nick Friend | Vice President, Lending | email hidden; JavaScript is required

Financing the Response

Century becomes the first CDFI to offer a municipal bond

In 2020 we undertook transactions that provided opportunities for more groups to invest directly in Century and its affordable housing activities.

During the early months of the pandemic in June we issued the first CDFI bond with a municipal CUSIP. This opened up the CDFI sector to municipal investors providing them with a financial product that will directly support critically needed affordable housing.

These bonds were also the first securities to be offered by a CDFI rated by two credit rating agencies, Fitch and S&P, and received ratings of AA and AA-, respectively. The bonds were further designated Sustainability Bonds by Sustainalytics, the leading provider of second party ESG opinions to the CDFI industry, due to the significant environmental and social benefits of the housing created though Century financing.

With over $1 billion in orders for the $85 million of bonds offered, the issuance was 12 times oversubscribed and received the Sustainability Bond of the Year award in the US muni bond category from Environmental Finance in March 2021.

Century is committed to developing opportunities not only for municipal and institutional investors but for individuals, as well, to invest directly in Century’s works. Launched in early 2021, Century’s retail note program is providing yet another opportunity for investors to make a direct contribution to socially impactful housing, and to the sustainable and green building practices this housing incorporates.

For more information please visit:

by Alan Hoffman | Senior Vice President & CFO | email hidden; JavaScript is required

The Numbers


in cumulative impact investments


affordable homes financed

Financial Position

Century and Consolidated Affiliates | December 31, 2020

Liabilities & Net Assets


Total assets$619,421,982$718,911,255$816,533,440
Net loans receivable$242,238,733$284,519,978$366,592,660
Cash & marketable securities$127,510,689$150,386,803$155,153,886
Net real estate$242,401,969$276,490,098$286 ,024,435
Total net assets$213,374,160$239,397,653$278,698,162

Thank you for your help

Affordable Housing Developers

Abode Communities

Affirmed Housing Group

Alliance Property Group

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

Excelerate Housing Group

Father Joe’s Villages

Highland Property Development

Hollywood Community Housing

Housing Diversity Corporation

Jamboree Housing Corporation

Jemcor Development Partners

Kingdom Development

LA Family Housing

Linc Housing Corporation


Many Mansions

Mercy House

Mercy Housing California

Meta Housing Corporation

Mission Economic Development Agency

National Community Renaissance

The Pacific Companies

PATH Ventures

ROEM Development Corporation

Shara L. Coletta

Skid Row Housing Trust

Solutions For Change

Southport Financial Services

Step Up On Second Street

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

Essential Workforce Housing Developers

Noam Matas

Leo Y. Lee

Edward Lorin

Michael Cohen

Hassan Soltani

Prakash Chandran

Uzi Levy

Chong Lee

Soledad Enrichment Action

Efi Meirson

Michel Welter

Steven Bram

Steven Friedman

Shahar Kalev

Gina Candari

Behzad Okhovat

Diversified Equities

Timothy R. Roth

Yehunda Trattner

Komova Chandran

AMG & Associates

Jonathan Lee

Ahmad Samie

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



City of Long Beach

City National Bank

EastWest Bank

Fannie Mae

Federal Home Loan Bank of San Francisco

GE Foundation


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