Pandemic Puts Homeownership in African American Communities at Risk

/in , , , , , ,

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 these groups had only started to close between 2010 and 2019, albeit at an extremely slow pace. However, whatever progress made has now been disrupted by COVID-19.

Compared with non-Hispanic Whites, African American households experienced more job losses during this pandemic. As a result, this vulnerable demographic was about twice as likely to have hardship with mortgage payment. Between April and October 2020, about 3,665 new preforeclosure notices were served. Unfortunately, this rate is more than one-and-a-half times greater in African American neighborhoods.

To preempt the crisis, the UCLA study recommends a series of actions, including:

  1. Prompting elected officials to secure a plan before the inevitable post-COVID-19 evictions and foreclosures happen. This should include a Mortgage Relief Fund or assistance program to cover all or partial missed mortgage payments for low- and moderate-income homeowners, with consideration to the most vulnerable homeowners and neighborhoods.
  2. Continuing to monitor developments in real-time and identifying homeowners who fall behind on their payment.
  3. Addressing funding and access to resource inequalities, such as supporting organizations that can reach struggling homeowners, including those who don’t know about or have trouble accessing resources that can reduce foreclosure risk.
  4. Requiring lenders to provide disclosure to mortgage holders about housing counseling and other available resources.
  5. Building on current policies for an inclusive solution for all homeowners in Los Angeles County. Improving existing policies allow local governments to prioritize and give support to the most vulnerable families and neighborhoods.

It is crucial to take action on the current challenges to African American homeowners. Addressing the needs of at-risk homeowners’ calls for policy reforms with the goal of keeping families in the home by helping those who are behind on their mortgage. Time is of the essence, as thousands of vulnerable residents are certain to lose their homes in the near future.

Read the full UCLA report

Looking Back on 2020

/in , , , , , , , , , , ,

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

 

Aszkenazy Brings 62 Affordable Homes to San Fernando

/in , , , ,

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.

Century Loans in April

/in , , ,

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 extend affordability to lower income tenants.

–Al Leibovic is developing 6900 Laurel Canyon with the help of $1,700,000 in construction financing from Century. The project will create nine units of workforce housing in North Hollywood.

Menlo Family Apartments Opens in Central LA

/in , , ,

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 earning less than 50% of Los Angeles area median income, with an entire 30 units set aside for homeless families, homeless families with children with mental illness, and homeless transitional aged youth. Over 4,000 square feet of service space and community rooms make up the ground floor providing after-school programs, life skills training, financial literacy and parenting, and mental health counseling and treatment, led by KYCC.

Century contributed $1,220,000 to the project’s acquisition and predevlopment financing.

See the LTSC post for details.

More Housing Options Coming to Panorama City

/in , ,

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 2014.