We are excited to announce the recipients of this year’s Tim O’Connell Scholarship. Century established the scholarship fund in 2018 in memory of Tim O’Connell, a longtime Century employee who was a strong advocate for social justice and lifelong learning. Qualified applicants can earn a $1,000 scholarship per calendar year; they can renew it for […]
Bond will provide capital for special purpose credit program dedicated to women and minority developers of affordable housing Century Housing Corporation has issued a $10 million Racial Equity Bond to further fund Century’s Emerging Developers Program, a special purpose credit program supporting women and minority developers. Structured by U.S. Bank, a mirror issuance of the […]
We are proud to announce the Community Development Financial Institutions Fund (CDFI Fund) has awarded a $7,803,750 grant to Century Affordable Development, Inc. (CADI) through its Capital Magnet Fund. CADI is one of 52 organizations receiving $321.2 million via the Capital Magnet Fund. The award will help CADI pursue its important work creating and preserving affordable […]
Today we are writing to share important news regarding Century Villages at Cabrillo’s leadership. After 20 years of dedicated service to Century Housing, including 10 years as executive director of the Villages, Steve Colman has announced his retirement. Steve’s vision, passion, and collaborative spirit have been instrumental in shaping the Villages into the transformative community […]
Century Housing celebrated the groundbreaking of several new residences on the West Los Angeles VA North Campus on June 27th, alongside our partners in The Veterans Collective (Thomas Safran & Associates and U.S.VETS), The Core Companies, and the U.S. Department of Veterans Affairs Greater Los Angeles. These communities will provide 374 permanent supportive homes for […]
S&P Global Ratings announced it has upgraded Century Housing’s issuer credit rating to ‘AA,’ from ‘AA-’. This makes Century currently the highest-rated Community Development Financial Institution (CDFI) rated by S&P Global. “We are gratified that S&P Global Ratings recognizes Century’s creditworthiness as a CDFI, which allows us to pursue innovative financial solutions to the housing […]
Century closed its second loan utilizing the Century Emerging Developers Program with a local nonprofit active in the affordable development space. Through the program, Century provides financing to minority and women-owned developers who, because of organizational size, lack of capitalization, or limited track records, do not have access to financing on the same terms as […]
Earlier this month, we celebrated the 25th Anniversary of Century’s stewardship of the Villages at Cabrillo at the Aquarium of the Pacific in Long Beach. More than 200 guests joined us representing our myriad stakeholders that have contributed to the creation of this special community over the years. A community premised on housing and serving […]
The Banning, our first HHH development in the City of Los Angeles and a proud moment for Century, broke ground yesterday. For those that weren’t able to join us, it was a spectacular event that featured our Mayor, Eric Garcetti, State Senator Steven Bradford, Assemblymember Mike Gipson, our Board Chair Yvonne Burke and others. It […]
Recently, Governor Newsom signed the 2022-23 CA state budget, which includes authorization of $50M to establish the California Investment and Innovation Fund, a state-level Community Development Financial Institution (CDFI) fund. This is a great moment for CDFIs and the communities they serve. This investment will strengthen and further support the work of CDFIs that are actively engaged in […]
Century Housing is a proud partner of The Veterans Collective. Alongside Thomas Safran & Associates and U.S.VETS, we are working hard to transform the West Los Angeles VA North Campus into the largest supportive housing community in the United States for homeless and at-risk Veterans and their families. The Veterans Collective last week launched a […]
New York Life, America’s largest and most admired mutual life insurer, announced a commitment of $50 million in long-term capital to Century Housing. Century serves as a vital capital provider in low-income communities across California and is dedicated to delivering responsible and affordable lending to mission-aligned customers. Century has invested more than $2.3 billion in […]
Century is pleased to announce the $66.5 million acquisition of CityView apartments, a 296-unit multifamily senior housing community located on a 2.58-acre site in the Wrigley area of Long Beach, California. Homes at the community serve senior households earning at or below 60% of Area Median Income (AMI). Renovated in 2015, City View includes upgrades […]
Century Housing announces the Century California Fund (CCF) investment initiative to help close the gap in economic and social disparities in California. Since its founding, Century has been focused on addressing the lack of diversity, equity, and inclusion in the communities it serves. Consistent with its mission, Century is making a further investment in underserved […]
Century headed into the summer with the renewed support of one of our longest and strongest financial partners: Wells Fargo! A $125,000 award will support ongoing efforts to preserve and build affordable housing at three Century developments: the Villages at Cabrillo (CVC, Long Beach), One San Pedro (OSP, San Pedro), and the West LA VA […]
Century, as a proud member of the West LA Veterans Collective, joined Senator Dianne Feinstein and Congressman Ted Lieu (both D-California) in applauding President Joe Biden for signing the West Los Angeles VA Campus Improvement Act into law Wednesday. Both the Senator and the Congressman are long-time supporters of the West LA VA Campus and […]
Century Housing, in partnership with the City of Long Beach and The Long Beach Community Investment Company, invited the public to celebrate the completion of The Beacon last week with a virtual event featuring a video presentation acknowledging the many partners and agencies that made the development a success. Home to more than 200 veterans […]
We are honored that, once again, Century made the 2021 Best NonProfits to Work For list! The list is published annually by The NonProfit Times, the leading national business publication for nonprofit management. Participating nonprofits were vetted via a host of surveys, including employees, managers and outside vendors. In this national competition, Century was ranked Number 10 among its peer medium organizations and Number 21 among all nonprofit organizations. Century […]
In the post-COVID-19 era, African American homeownership in Los Angeles County is predicted to reach an even more concerning level. During the 2007 recession, foreclosure rates among African American homeowners were three times that of non-Hispanic Whites. According to the recent UCLA Center for Neighborhood Knowledge’s Saving Black Homeownership report, the significant homeownership gap between […]
Century Housing’s 2020 Sustainability Bond, which raised $85 million to directly support quality affordable housing throughout California, today received the Sustainability Bond of the Year Award from Environmental Finance in the US muni bond category. These Awards seek to recognize those bonds that excel, innovate in and contribute to the successful development of the market […]
Investors are offered an investment-grade opportunity to support Century’s efforts to address social inequalities associated with housing shortages worsened by the COVID pandemic Culver City, CA (February 1, 2021) — Century Housing, a nonprofit Community Development Financial Institution (CDFI) dedicated to creating quality affordable housing throughout California, today announced the launch of an offering of […]
As we reflect back on a challenging 2020, we’d like to recount a sampling of the Century team’s proudest achievements. These accomplishments reflect the best of Century’s values, advancing our mission of making homes the cornerstone of a thriving and just society. Century celebrates 25 years of service with two $25,000 donations to charter schools […]
Century provided financing to Jamboree Housing for the acquisition of a motel in Buena Park that will be converted into permanent supportive housing using 9% LIHTC. The motel was long past its useful life, and Jamboree will complete needed upgrades to the units to help transition individuals from homelessness to housing. Upon completion, Jamboree will add […]
We are proud to share that our Long Beach development, The Beacon, was awarded Multi-Family Development of the Year by SCANPH at the Annual Conference’s Homes Within Reach Awards Ceremony. The award recognizes excellence in affordable housing among projects completed in the last year. Selections are submitted by SCANPH members and chosen by an […]
Century’s commitment to exceptionally-designed affordable housing was recognized with a PCBC Gold Nugget Grand Award for Best Affordable Senior Housing Community presented to our Long Beach development, The Beacon. The seven-story, 121-unit building, centrally located near public transit and serving as a physical gateway to Downtown Long Beach, overcame a series of funding and approval […]
Century Housing announced that it has been assigned a ‘AA’ Rating with a stable outlook by Fitch Ratings, one of the major nationally recognized financial rating organization. Fitch also assigned a AA rating with stable outlook to Century’s recent municipal bond offering, the first municipal bond offered by a Community Development Financial Institution, which raised […]
Century Housing will issue up to $100 million in ESG municipal CUSIP bonds to advance their mission throughout the state of California, becoming the first CDFI to come to market with a municipal bond CUSIP and the first CDFI to be rated by both Fitch and S&P (AA and AA-, respectively). The third-party opinion by […]
We are proud to announce that Los Angeles Better Building Challenge has honored Century Housing with the 2020 Innovation Award: Affordable Multifamily Performance Project of the Year for the efficiency standards reached at two Century-developed affordable communities: Florence Avenue Villas and Morehouse. Century’s rehabilitation work resulted in a 54% energy reduction at Florence, and 40% […]
Dear Clients, Partners, and Colleagues, I hope you are staying safe and sound while we work collectively to minimize the impact of COVID-19. Here at Century, we remain focused on our mission as we follow CDC guidelines by avoiding in-person meetings and unnecessary travel. We have been successful in setting up our remote office network […]
We don’t want to sound like a broken record, but the record has been broken yet again! Century financed 4,274 affordable and workforce homes in 2019, a near 200 home increase from the previous year, which was also a record high. On average, these homes will be available to individuals and families earning 46.22% of […]
Century sponsored eight successful applications for Affordable Housing Program (AHP) grants in FHLBank San Francisco’s 2019 funding competition. The eight sponsored projects were awarded a total of $6,730,000 in subsidies this year, making Century the second highest-ranking member participating in the competition, and the most active AHP application sponsor in California. The AHP grants will […]
Last Thursday, Century held its annual Client Appreciation event at the newly-renovated Hotel Figueroa in Downtown Los Angeles. The iconic hotel’s new 14-story floral mural served as the backdrop to some of California’s most prolific affordable housing developers comparing notes and building out their social network. Josh Hamilton, Century’s Senior Vice President of Lending, thanked […]
500 Lake Park Avenue (pictured): Nonprofit developer EAH Housing, Inc. has secured a half acre site in prime Central Oakland for the construction of 54 affordable family homes using Century acquisition financing. The affordability restrictions are weighted towards the deeply affordable with 8 units restricted to 30% of AMI and 11 units restricted to 40% […]
Calvert Apartments (pictured): The San Fernando neighborhood of Van Nuys will gain 19 workforce homes thanks in part to a Century construction loan. The property is located in a low-income census tract within walking distance of several office parks, retail options and the 2000-acre Sepulveda Basin Recreation Area. The three story building with a 35 […]
Preserving existing affordable housing is as important as creating new affordable housing. Each year, even as demand increase, the United States loses more than half a million affordable homes due to expiring affordability restrictions, conversion to more expensive housing, or building deterioration.1 Without intervention, we are in danger of permanently losing the current supply of […]
Ramona Senior Apartments (pictured above): Chelsea Investment Corporation received acquisition and predevelopment financing to develop 62 new homes for low-income seniors, 20 of which will target seniors transitioning from homelessness. The development was awarded with 9% LIHTC financing as well as AHP and HOME funds and will feature a mix of 50 one-bedroom and 11 […]
The 2018 Annual California Developer’s Conference, co-hosted by Century, brought together affordable housing developers, lenders, and investors to share insights, connections, and hors d’oeuvres at the Beverly Hills Hotel. Panels covered federal, state, and local issues and developer concerns in a post-tax reform world. Chris Thornberg returned as keynote speaker to paint a positive picture […]
Yesterday, Century, the City of Long Beach, and dozens of partners and supporting agencies celebrated the grand opening of Anchor Place, a 120-unit affordable housing development for families and veterans experiencing homelessness. Located within the Century Villlages at Cabrillo campus owned and operated by Century, the five-story development includes 75 units reserved for veterans experiencing homelessness and 45 […]
Mariposa Villa (pictured): $1,400,000 in acquisition financing to developer Leo Lee Family Trust will help convert a parking lot into 33 rental units. With little new construction and rehab of older residential and multi-family buildings within the immediate area, as well as easy access to public transportation, Mariposa will provide much needed workforce housing to […]
Century Housing Corporation was named among the nation’s Top 25 affordable housing lenders in 2016 by Affordable Housing Finance magazine for the third consecutive year. “It is a major accomplishment to be included among lending giants such as Citi Community Capital, Wells Fargo, Bank of America Merrill Lynch, and JP Morgan Chase. As the only […]
Century is proud to have provided financing for two of the Annual Homes Within Reach Award winning developments at SCANPH’s 30th Anniversary Conference on September 18th: Beyond L.A. Project of the Year awardee Affordable Living for the Aging with the Janet L. Witkin Center in West Hollywood and Developer of the Year Skid Rown Housing […]
Century held its anniversary dinner at the National History Museum on September 5th to celebrate 20 years of service to low-income and homeless families and veterans throughout California. Attended by The Honorable Judge Harry Pregerson, his wife, Bernardine Pregerson, Century’s Board, staff, dignitaries, and friends, the event highlighted the social impact of programs created by […]
Fresh off the virtual presses, the Century Annual Report is a brief recounting of our most successful year in terms of homes financed and loan production. This year, we highlight high-impact preservation deals in Northern California that have helped Century reach the 25,000 homes financed milestone. One such development, which utilizes the Golden State Acquisition […]
We are excited to announce that Los Angeles County has closed on LACHIF II, a high-LTV revolving fund providing acquisition and predevelopment financing to nonprofit and for-profit developers throughout the county. As an approved member, official loan originator, and the first lender to utilize the fund, Century is excited about the opportunities that LACHIF II […]
The June 3rd primary election is almost here, and there’s a great reason to make it out to the polls: Proposition 41, The Veterans Housing & Homeless Prevention Act. More than 200,000 California veterans live in poverty, but the existing bond program previously approved by voters to help house our veterans is no longer effective […]
Century loan origination totals from 2013 show a considerable increase from the previous year, totaling over $99M. Demand for bridge loans rose to more than $53M, followed by construction and acquisition loans. Upon completion, Century developments financed in 2013 will contribute 1,948 new homes to California’s affordable housing stock. Much of our growth can be […]
Thank you for making 2013 a great year for Century and for hundreds of low-income families and individuals who will have a place to call home as a result of our work. Century financing in 2013 has laid the foundation for nearly 2,000 affordable homes, and will create more than 1,500 FTE construction jobs. And […]
Southern California’s “can’t miss” affordable housing event is just around the corner. SCANPH will host its 25th Annual Conference on Friday, November 1st at the JW Marriott Hotel in Downtown LA, and it’s not too late to register and take part in the most dynamic affordable housing events around. This year Century is sponsoring, exhibiting, […]
Century had a productive month, closing four loans throughout Southern California: —$1,620,000 in predevelopment financing will help build Baldwin Park Apartments, a 72-unit workforce housing project developed by ROEM Development Corporation, which will also create 84 FTE construction jobs. –Diversified Equity Group received a $8,500,000 construction loan for 61 homes in Sylmar. Construction of Villa […]
You may have caught our Senior Vice President, Aaron Wooler, at the Novogradac 20th Annual Affordable Housing Tax Credit Conference earlier this month, where he took every opportunity to praise the utility of the Golden State Acquisition Fund and share Century’s experience in leading loan originations under the valuable program. To date, Century has closed […]
