Thank you Wells Fargo

Thank you, Wells Fargo, for $125k award!

Thank you Wells Fargo

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 Campus (WLA, Los Angeles).

Across these three sites, Century has more than 1,500 units of affordable housing planned over the next 15+ years.

“Wells Fargo has been a fantastic partner to the Villages for many years,” CVC Executive Director Steve Colman said. “We are incredibly grateful for the ongoing support, which has allowed us to continue meeting our primary goal: to keep Veterans, seniors, and families with children housed.”

Century has recently obtained site plan approval and critical funding commitments from the County of Los Angeles and the City of Long Beach for The Cove, the latest development phase at the Villages. This project will add 90 supportive homes to the 27-acre supportive housing community, which currently houses more than 1,500 individuals who have previously experienced homelessness.

In addition to developing affordable and permanent supportive housing, Century provides mission driven property management, along with residential services that help residents remain successfully housed, live independently, and progress toward self-sufficiency at the Villages. Century will eventually offer these critical services at both One San Pedro and the West LA VA Campus when they open.

Century Celebrates The Beacon

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 and seniors, many who have experienced homelessness, The Beacon is a landmark symbol of hope at the gateway to Downtown Long Beach.

“This place has been a godsend,” said Kevin Snow, a resident of The Beacon who has experienced 14 years of homelessness. “I’m off the street, I have security…it’s quiet, it’s clean.”

“There’s no denying that this past year has been a very difficult and painful year on many, many levels,” said Century Housing Senior Vice President Brian D’Andrea. “This development represents a source of light and hope for all of us, including the more than 200 residents who now call The Beacon home along with the larger Long Beach community. This is an asset that we can all be proud of.”

The virtual grand opening featured celebratory remarks from LA County Supervisor Janice Hahn, Long Beach Mayor Robert Garcia, Long Beach Councilmember Mary Zendejas, and all of the many partners and collaborators who brought The Beacon to life.

“We are committed to continuing the investment of our resources in developments like The Beacon that fill the vital need for additional affordable housing in the city,” said Patrice Wong, Chair of The Long Beach Community Investment Company, which approved more than $12 million in funding for the project in 2017. “This is a valuable and beautiful project that enhances the strong network of neighborhoods that sustain and promote a thriving Long Beach.”

The Beacon is a transit-oriented development that includes 160 affordable and supportive homes. Located across from the Metro Blue Line light rail and bus lines that operate along both Long Beach Boulevard and East Anaheim Street, residents have immediate connections to vital services and workplaces in Long Beach and beyond.

“The Beacon is a critical project in Long Beach to serve both formerly homeless veterans and formerly homeless seniors, as well as low-income seniors,” said Century Housing Vice President of Housing Oscar Alvarado. “We have a housing crisis, and we have a homelessness crisis … this is really just a quintessential site for an affordable housing development in a dense community.”

Celebrate with us on The Beacon Virtual Grand Opening page

See the Long Beach Post story

Fitch Assigns ‘AA’ Rating to Century

Century receives 'AA' stable rating from Fitch

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 approximately $85 million to support sustainable and socially impactful affordable housing throughout California.

Alan Hoffman, Chief Financial Officer at Century, said, “The Fitch ‘AA stable’ rating, with Century’s ‘AA- stable’ rating from S&P Global, in combination with the Sustainalytics second party opinion designating our bonds Sustainability Bonds, provides investors with confirmation that an investment in Century is not only socially and environmentally very impactful, but has a lower financial risk, as well.”

To further develop its access to capital markets, Century sought a second financial credit rating to provide investors with additional confirmation of Century’s financial strength in the current economic environment. Century provides critical financing to address the shortage of affordable housing, which is a root cause of social and economic inequality. The affordable housing that Century finances also incorporates significant sustainable and energy-efficient building standards.

Our Mission Continues

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 with nearly all Century staff available by email or phone and conducting business with our usual response time and personal attention.

If you have questions about your Century loan, or need special consideration, please contact your loan officer and we will do our best to accommodate your request.

Our commitment to our mission to finance, develop, and operate exceptional affordable housing is undiminished. We plan to continue our work with as minimal interruption as possible. Thank you for your dedication to affordable housing and the communities we build together.

Be well,

Ron Griffith
President & CEO, Century Housing


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2019 Results Repeated

2019 Was Our Best Year Ever!

2019 Results Repeated

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 the area median income and the development work will support 4,625 full-time equivalent construction jobs.

Big thanks to the developers at the front lines of the fight for affordable housing who make our joint success possible. Your confidence in Century allows us to offer the specialized products and responsive service you need to tackle California’s affordability crisis.

Please give Josh a call at 310-642-2030 and let us help make your project pencil.

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Century Leads AHP Sponsorship in California

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 enable the winning applicants to move forward in developing a total of 681 new affordable housing units. The eight projects will create permanent supportive housing intended for homeless and formerly homeless residents, senior and veteran housing, modular housing, and LEED-designed sustainable buildings. Century is a proud member of FHLBank San Francisco and congratulates the applicants on their 2019 awards!

About the Affordable Housing Program

FHLBank San Francisco sets aside 10% of its earnings each year to fund the AHP, with a portion of that funding allocated to two first-time homebuyer downpayment assistance programs. Since 1990, the Bank has awarded over $1.1 billion in AHP funds to support the construction, rehabilitation, or purchase of nearly 142,000 units of quality affordable housing for lower-income households. The Bank’s member financial institutions, working in partnership with community-based housing sponsors or developers, compete for AHP grants by submitting applications for specific projects. AHP-funded projects represent a wide range of strategies and solutions, from historic preservation and adaptive reuse to new construction and rehabilitation. Where AHP projects are developed, local economies also get a boost, as these projects create jobs, increase construction and consumer spending, and generate new tax revenues.

Recent impact in Los Angeles and San Diego

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 car parking garage on ground level will feature upgraded amenities and private balconies throughout.

Arminta Apartments: The Sun Valley community in Los Angeles is getting 110 newly constructed affordable homes thanks to developer Meta Housing and acquisition financing from Century Housing through the New Generation Fund. The project has been selected for the managed pipeline and will be 100% affordable with strong support from the City. The property sits within one mile of the I5 Freeway and a large industrial district and within a short walk of a library and recreational center.

Mt. Alifan: Developer Wakeland Housing & Development has received acquisition financing to acquire land for the construction of 52 units of affordable housing in San Diego. Century used the Golden State Acquisition Fund to offer a 100% LTV acquisition loan. The subject property will provide deep affordability for seniors earning 50% of Area Median Income, or below. Residents will receive supportive services through Wakeland’s partner, PATH, who is featured in our annual report. The project will be located in the Clairemont community of Eastern San Diego, walking distance to public bus transit and extensive retail.

Preservation Critical to Maintaining Affordable Housing Stock


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 affordable housing.


Expiring affordability restrictions
Many affordable housing properties receive rental assistance contracts and/or financing from various federal, state and local programs. As time passes and owners pay off their subsidized mortgages, the low-income use restrictions on these projects expire. Without further incentives, owners often opt out of continuing to offer their properties as low-income housing.

In strong markets, owners can command higher rents as competition for units increase. In addition, higher property values also motivate owners to sell to investors, who are generally not in the business to provide affordable housing. In these situations, affordability is lost and rents will almost always increase.

To maximize returns, property owners can either increase rent or reduce cost. For properties with already low rents, owners will delay fixing vital infrastructure systems such as plumbing, electrical systems, roofs, etc. Over time, the unit can deteriorate to the point where it is no longer habitable. These vacant properties enter foreclosure or become a source of blight. In cases where properties are sold to investors, it is often demolished and replaced with high rent buildings. This is where policy and incentives can intervene, turning these abandoned eyesores into livable homes.


In many cases, preserving housing, rather than building it new from the ground up, has proven to be the most financially sustainable method.

  • Preserving existing affordable housing is generally much more cost-effective than new construction, by as much as 30% to 50% (U.S. Department of Housing and Urban Development2).
  • With inadequate funding for new affordable housing construction, the existing funds can go a long ways in creating more affordable housing options.
  • In many cities, high land costs, limited available land or regulations that restrict land use make it difficult to build new affordable rental housing.
  • Preservation builds on previous public investments: there is no need to buy new land (where prices have skyrocketed in many cities), pay for costly securing of regulatory approval for new construction in certain expensive markets, or contend with “soft-costs” such as closing fees.
  • Preservation of affordable housing is key to a diversified and stable housing stock and economic diversity by creating or sustaining a mixed-income neighborhood.
  • Preservation is less likely to displace longterm residents who may otherwise have to move and change jobs when rents are no longer affordable.
  • Preservation keeps families, communities and social networks intact and safe. Displaced residents often have to move to a more affordable but less safe neighborhood. For those who remain, the loss of a tight-knit community means less protection, reduced communication and more isolation of individuals who no longer look out for each other.
  • Preservation restores vacant buildings to a city’s housing stock, and research shows that restoration also benefits neighborhoods by attracting private investment and improving community safety.

There is no doubt that the need for affordable housing is dire. Through collaboration between public, private, philanthropic groups and elected officials, their combined power can make a difference in preserving affordable housing that can impact individuals, neighborhoods and communities.

Recently, Century funded a bridge loan to Bridge Housing for preservation of low-income senior housing in the growing community of Danville, CA where seniors can now remain in their community even as rents soar. Century also helped with acquisition financing to developer Affirmed Housing to preserve 60 two- and three- bedroom units for families in Bakersfield targeting average affordability of 50% of AMI.



  1. “Community Strategies to Preserve Affordable Housing”
  2. “Preserving Affordable Rental Housing: A Snapshot of Growing Need, Current Threats, and Innovative Solutions,” Evidence Matters, Summer 2013.

Century Impacts Throughout California

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 two-bedroom units with an affordability of 30%-50% of AMI, supported by Project Based Vouchers. Ramona Senior Apartments is part of San Diego’s county-wide Live Well San Diego initiative which aims to ensure that low-income residents have access to suitable living environments. The development will integrate extensive health and wellness services, which will be provided by a supportive housing manager, a service coordinator, a registered nurse, and an activity coordinator. The development will add vital new housing to Ramona’s affordable housing stock, which currently has properties with waiting lists of up to three years.

Grace and Laughter: Highland Property Development received an acquisition loan to purchase Grace and Laughter Apartments and preserve affordability for its 40 units. The property serves seniors age 62 and over and is located in Dinuba, CA. Highland’s plans for the property include a significant rehab scope and anticipates assistance from tax credits. The property has affordability levels ranging from 30 to 60% of AMI, and was constructed in 1974. Century is pleased to assist Highland in adding to its existing portfolio of properties in Dinuba and help it revitalize a community asset with a needed building rehabilitation.

Sun King Apartments: Century’s acquisition loan helped developer Many Mansions secure a Sun Valley site for the development of 26 homes designated for formerly homeless families. The project was financed through a combination of a 4% LIHTC award with tax-exempt bonds, HOME funds, HHH, and AHP. The project will consist of 8 studio, 11 one-bedroom, and 7 two-bedroom apartments with an average affordability of 42% of AMI.

Square Apartments: Construction financing will help a San Fernando Valley developer create nine workforce homes. The Panorama City project is located in a low-income neighborhood within three blocks of a middle school and high school, near a large shopping center, and a short drive away from two major freeways.

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Century Named Top 25 Affordable Lender

ahf_logoCentury 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 CDFI lender on the list, our developments are targeted in both Northern and Southern California, where affordable housing demand is high and inventory is low, coupled with tremendous affordability issues,” said Ronald Griffith, President & CEO of Century Housing.

According to Affordable Housing Finance’s latest report, housing lenders financed a total of $27 billion in loans supporting affordable housing properties in 2016. That is an increase from the $22.9 billion in 2015 and the $18.7 billion in 2014.

“Century Housing is an important partner of Skid Row Housing Trust, helping us build high quality affordable housing that ends homelessness. For many years, Century has served as our main acquisition and predevelopment lender. Some of our most successful projects may not have gotten off the ground without the early support we received from Century,” said Dana Trujilo, Skid Row’s Chief Investment & Finance Officer.

Read the full Affordable Housing Finance article for more perspective about 2016 and an expert forecast about what’s to come in an uncertain 2017.