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 more established developers. The program underscores Century’s ongoing commitment to racial and social equity.
With the help of a Century acquisition loan, developer Alliance Property Group has partnered with the nonprofit Community Bible Community Development Corporation to transform Valley Pride Village Apartments, an existing 88-unit complex in Sylmar (shown above), into affordable housing for seniors. The developer will convert 59 units to affordable homes for seniors earning 50-80% of the area median income (AMI); the rest will remain unrestricted and serve Housing Choice Voucher holders. The investment will also pave the way for solar and energy efficiency improvements and rehabilitation totaling $28,000 per unit.
This follows an earlier transaction with Venice Community Housing (VCH) to develop a 61-unit, 100% affordable new construction project just south of the Baldwin Hills Crenshaw Mall and the upcoming Leimert Park Metro Rail station. Century’s acquisition and predevelopment financing leveraging the Century Emerging Developers Program will help VCH further its mission of building minority-owned business capacity and our common calling to serve low-income Los Angeles households, in this case those earning 30-60% of AMI.
The Century Emerging Developers Program is a Special Purpose Credit Program funded by a dedicated $15 million credit facility provided by JPMorgan Chase Bank.