Century Emerging Developers Program Helps Minority-Owned Businesses

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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.

Looking Back on 2020

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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 that we established and helped operate. Both schools are located in Inglewood and serve low income, minority communities. Find out more at https://century.org/25th/
  • Century closed loans totaling approximately $209M, which will create and preserve 4,544 affordable homes for families, seniors, and veterans at a average affordability of 46.5% of AMI and will help create more than 4,400 construction jobs. We continue to be the highest volume CDFI lender to affordable and workforce housing in the State.
  • Our remarkable Century Villages at Cabrillo staff responded rapidly to the pandemic to provide supportive services, community engagement activities, and property management services, addressing the acute needs of their vulnerable population. This included the coordination and deployment of COVID resources for residents including masks, COVID testing, food vouchers, Internet access, and more, resulting in one of the lowest infection rates compared to similar shared living areas.
  • Century was assigned a ‘AA’ Rating with a stable outlook by Fitch Ratings, one of the major nationally recognized financial rating organization. This rating joins our current S&P Global’s AA- rating and makes Century the first CDFI to be rated by both Fitch and S&P.
  • Century issued $85 million in ESG municipal CUSIP bonds to advance our mission throughout the state of California, becoming the first CDFI to come to market with a municipal bond CUSIP. The third-party opinion by Sustainalytics attests to both the environmental and social benefits that will be created by the homes made possible by these bonds.
  • Our Long Beach development, The Beacon, received numerous prestigious awards, including SCANPH Development of the Year, AIA-LA Residential Architecture Award, PCBC Gold Nugget Grand Award, and Multi-Housing News Excellence Award.
  • In July, a required VA public hearing took place, which cleared the path for development activities at the West LA VA campus. Century and partners Thomas Safran & Associates (TSA) and U.S.VETS continued advocacy for the West LA Campus Improvements Act, which was introduced to Congress by Senator Feinstein in the fall. TSA broke ground on Building 207 and the Dry Utility Trunkline. Visit wlavc.org to learn more.
  • Century and partners, HACLA, Richman Group, and National CORE submitted the One San Pedro Transformation Plan to This plan was the result of extensive hands-on community outreach, planning and design work, and due diligence and assessment activities. It will pave the way for future development activities, including up to 1,400 homes, parks and open space, and commercial and supportive service space. Find out more at www.onesanpedro.org

 

Oakland homes for families and Veterans

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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% of AMI for an overall affordability of 49%. The property will serve families with studios through 3-bedroom units and 14 units will be supported by a VHHP contract to support veterans’ continuing needs.

Ambrosia Apartments: Developer Skid Row Housing Trust is planning a 101-unit service-enriched development in South Los Angeles with the help of Century acquisition financing. 80 studio units and 20 1-bedroom units will target individuals earning at and below 30%, 40%, 50% and 60% of AMI, with an average affordability of 42%. All studio apartments will be permanent supportive housing receiving Section 8 Project-Based Voucher rental assistance from VASH (Veterans Affairs Supportive Housing), the Housing Authority of the City of Los Angeles (HACLA), or the Los Angeles County Department of Health Services.

Wyandotte Apartments: The Van Nuys neighborhood of Los Angeles will receive 10 new workforce homes thanks in part to a Century construction loan. The development is located less than a mile from the 405 Freeway and within walking distance of the Sepulveda Basin Recreation Area. The property will include 10 3-bedroom/2.5 bathroom townhouse-style units within a 2-story Type V structure over one-story private garages.

750 West San Carlos Street: San José will receive 57 new affordable homes for the homeless and formerly homeless thanks to developer Danco Communities helped by Century acquisition financing, 4% tax credits and a subsidy from the County of Santa Clara bond funds. Six units will be restricted to 30% of AMI, 28 units to 40% of AMI and 22 units to 50% of AMI. The entire property will be supported with a rental assistance contract and offer direct services provided by the Santa Clara County Office of Supportive Services.

More about Century lending products

Century Impacts in September

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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 LA’s Korea Town. The acquisition loan will convert to a Century construction loan, reducing holding costs.

New Construction Loans: Century provided $1,610,540 in construction financing to developer Komova Chandran Holding, LP to finance the construction of Komova Apartments, a 5-unit multifamily development in Boyle Heights located near the Metro Gold Line. Century also provided a $1,820,000 construction loan to developer Say West Properties for Rosewood Apartments in Los Angeles, an 8-unit townhome-style development that features a handicap unit and energy efficient appliances.

New Hayward and Palm Desert Projects: Developer New Cities Investment Partners received bridge financing totaling $14,445,000 to build Maple & Main Apartments in Hayward and The Sands Apartments in Palm Desert. The Hayward development consists of 240 units, 20% being affordable to families earning up to 50% of AMI, and is located within walking distance of the Hayward BART stop. The new Palm Desert community will feature 412 units with the same mix of market-rate and affordable homes, and is a welcome addition to a city with no other new affordable homes in its pipeline.

Monterey Gateway Senior Apartments: Humboldt County’s most productive developer of affordable housing, Danco Communities, obtained acquisition financing totaling $3,240,000 to purchase a 1.86-acre site in Gilroy that will be improved with 75 units of affordable senior housing through 4% tax credits and operating and capital subsidy from the County of Santa Clara bond funds. The affordability restrictions are weighted towards the deeply affordable with 37 (50% of total) restricted to 30% AMI. The development will include solar roof, community garden, and a decomposed granite gated dog park.

Los Angeles County’s new and improved Housing Innovation Fund

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Century LA County Housing Innovation Fund II

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 will deliver to LA developers, and ultimately, to low-income residents struggling to find an affordable home.

LACHIF II highlights include:

  • Loan-to-value of up to 95% to for-profit borrowers, and up to 100% to nonprofit borrowers.
  • Loan amount up to $15,000,000
  • Loan term of up to 6 years

Visit Century’s LACHIF II page for a more detailed term sheet or call Aaron Wooler at 310-642-2019 to see how Century can help with your project.

Lending Matters in October

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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 Marbella Apartments will create 71 jobs.

–Hawthorne Family Apartments, 127 units of workforce housing developed by Pacific Companies, is off the ground thanks in part to $2,071,000 of acquisition financing.

–Finally, Reseda residents can look forward to 4 new homes developed by Uzi Levi using a $900,000 construction loan.

Aaron Wooler Can’t Stop Talking About The GSAF

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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 seven loans and is projected to close five more loans through the GSAF before the end of the year, totaling $64,342,500 in financing. There’s plenty more capacity, so don’t hesitate to give Aaron a call at 310-642-2019 or to visit the Century lending page for details.

Lending Matters in August

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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, 52 affordable homes also targeting homeless veterans. This project is being supported by $1,125,000 in acquisition financing.

Both developments will include an array of resident services including case management, substance abuse support, employment support services, and job search training.

Aszkenazy Brings 62 Affordable Homes to San Fernando

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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 Place being just one of their standout achievements.  Park View Place is strategically located directly across from a park and regional pool facility and features a large courtyard, gym, outdoor community firepit, computer lab, and resident services provided by L.A. Family Housing and Partners in Care.

Los Angeles County Supervisor Zev Yaroslavsky joined San Fernando Mayor Antonio Lopez to stress the positive economic and social impacts of affordable housing development. Century was recognized for providing critical financial support through $650,000 in acquisition financing and a $791,000 letter of credit during the course of construction.

Meta Housing Collecting Accolades for Senior Arts Colony

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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 vibrant community includes art studios, theater, computer labs, and community gardens.

To add to the honor, the same development has been selected as a finalist for the Affordable Housing Finance Readers’ Choice Awards in the Seniors category. Be sure to cast your vote when the ballots go out later this month!

Century helped finance the Long Beach Senior Arts Colony with a $9,711,000 acquisition loan.