New York Life, America’s largest and most admired mutual life insurer, announced a commitment of $50 million in long-term capital to Century Housing. Century serves as a vital capital provider in low-income communities across California and is dedicated to delivering responsible and affordable lending to mission-aligned customers. Century has invested more than $2.3 billion in the affordable housing sector, supporting more than 50,000 affordable housing units.
New York Life’s investment involves the purchase of 10-, 15-, and 20-year senior unsecured notes. The funds will be used to offer loans to developers for the acquisition and/or financing of affordable and workforce housing developments and for general corporate purposes.
“At Century, we see homes as the cornerstone of a thriving and just society,” said Alan Hoffman, chief financial officer at Century Housing Corporation. “We finance, build, and operate exceptional affordable housing so that the vulnerable people we serve may have a dignified home, a healthy and hopeful future, and attain economic independence. The long-term capital provided by New York Life will allow us to further our mission by continuing to build communities with proven social impact.”
This is the latest investment by New York Life’s $1 billion impact investment initiative announced in April 2021. The initiative is focused on addressing the racial wealth gap by investing in underserved and undercapitalized communities over the next three years with a focus on supporting small businesses, affordable housing, and community development.
“New York Life’s impact investment initiative will continue to partner with CDFIs like Century, diverse asset managers, and other mission-driven organizations to positively impact the affordable housing sector and beyond,” explained Martin King, managing director and head of impact investments at New York Life. “Our long-term impact investment strategy is to develop large-scale solutions and investment structures that aim to deliver broad and inclusive economic outcomes linked to job growth, health and wellness, and personal and household advancement.”