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 proudly announces the launch of a new high-LTV acquisition product, the Century Coming Home Fund, designed to deliver flexible financing targeting veteran-focused development throughout California. The fund leverages Century’s near twenty year experience with financing veteran housing with new federal and state programs designed to end veteran homelessness. Century Coming Home Fund Highlights: Loan-to-value […]
Century is joining Southern California Association of Nonprofit Housing (SCANPH) in officially endorsing Measure H and opposing Measure S on the March ballot. To join the fight for passing Measure H and help support homeless services throughout the County of Los Angeles, share the fact sheet and fill out this form to volunteer. If you […]
Village Oaks and Casa Del Sol Two developments financed on a behalf of a joint venture between developer Southport Financial Services and Community Development Trust (a national affordable housing REIT) will bring a combined total of 197 homes at approximately 40% of AMI to Northern California. A $4,207,500 acquisition loan to Southport will develop Village […]
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 […]
Last month Century closed two loans with Skid Row Housing Trust: —$2,100,000 in acquisition financing will help Skid Row Housing Trust develop Sherman Way Apartments in Downtown Los Angeles: 65 units, most of which are reserved for homeless veterans with special needs. —Just a few blocks south, Skid Row Housing trust is building Carondelet Apartments, […]
Residents of the City of San Fernando have Aszkenazy Development, Inc. to thank for Park View Place, a new residential development providing 62 homes affordable to low-income individuals and families, with some reserved for those with special needs. Aszkenazy Development has played an integral role in revitalizing the City of San Fernando, with Park View […]
Exactly two years after a smashing groundbreaking ceremony, Los Angeles City Councilman Dennis Zine returned to Reseda to unveil Canby Woods, the latest affordable housing wonder developed by Thomas Safran & Associates. Like their previous Del Rey Square, the project includes landscaped gardens and outdoor sitting areas and warmly decorated interiors which, this time, will […]
We reported on attention Long Beach Senior Arts Colony was getting from PCBC and Affordable Housing Finance last month. This month, Multi-Housing News ran a lengthy feature which details the partnership between the developer, the state, conventional banks, and Century. Congratulations to Meta Housing for all the well-deserved publicity!
Lending activity picked up in July with Century closing two loans within a span of two weeks: —The Core Companies received $8,672,745 in acquisition financing for 236 low income family homes in San José which will become Newbury Park. —Vitus Group’s Meadowbrook Apartments, 448 low-income family units in San Diego, received $1,500,000 in Century predevelopment […]
Last month, The Los Angeles Business Journal announced that Century has been nominated for the 3rd Annual Nonprofit & Corporate Citizenship Award. Century not only creates affordable housing in California, but is a prominent contributor in numerous charitable activities and events. Some of the organizations that Century has contributed to include YMCA, Midnight Mission, Children’s […]
Look out for the Century’s 2012 Annual Report due to arrive sometime this week. The theme, Lending Matters, explores the tremendous opportunities for investment throughout California with diverse examples of Century’s acquisition, bridge, and construction loan products in action. If you have not joined our mailing list, please add your address here and download the […]
Meta Housing, one of Southern California’s most experienced developers and a long-time Century client, has been awarded the prestigous PCBC Golden Nugget Award for Best Senior Housing Community. The winning project, named Long Beach Senior Arts Colony, is an expansive 200 unit development located along Long Beach’s light-rail line and housing 200 lucky seniors. The […]
On May 29th, Century attended the Grand Opening of Terra Bella in Bell Gardens, where we received a Letter of Recognition from Congresswoman Lucille Roybal-Allard for our contribution. The 65 unit low-income senior housing project, developed by Abode Communities, was supported by a $3,179,000 Century acquisition loan. Also last month, developer Prakash Chandran received $593,000 […]
Our Senior Vice President, Aaron Wooler, will be speaking on the “Policy & Programs in Context: How Will Affordable Housing Fare in 2013 and Beyond” panel at the National Housing and Rehabilitation Association’s 2013 Spring Developers Forum held Wednesday, May 8th, in Marina del Rey. Learn about the future of affordable housing finance and speak […]
Los Angeles City Councilman Bill Rosendahl took the wraps off Del Rey Square, a 124 unit senior housing community in West Los Angeles, on April 12, 2013. Open to formerly homeless and low-income seniors, the complex includes a computer room, fitness center, and private balconies and patios which complement the spectacular Spanish-style exterior. Century helped […]
Century recently closed two loans in Southern California: —Jamboree Housing and WNC Investment Partners are developing Arbor Terrace Apartments in Colton (San Bernardino County) with Century’s $12,350,000 acquisition loan, our first deal financed using the Golden State Acquisition Fund. The project will rehabilitate 129 family apartments, adding improvements such as new bathrooms, kitchens and appliances, and […]
Century will be attending Housing California’s Annual Conference in Sacramento again this year, so be sure to stop by our booth and say hello. Online registration is closed, but onsite registration will be available at the event running between April 16-18. Be sure not to miss the Golden State Acquisition Fund panel, where our own […]
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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
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Century Housing Corporation is a nonprofit Community Development Financial Institution financing affordable housing development throughout California. Century Villages at Cabrillo, Inc. and Century Affordable Development, Inc. are independent nonprofit entities affiliated with Century Housing Corporation.