New York Life logo over affordable development

New York Life Commits $50 Million in Long-Term Capital to Century

New York Life logo over affordable development

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.”

About Century’s investment offerings


Century California Fund Logo

Century Housing Announces The Century California Fund Investment Initiative

Century California Fund Logo

Century Housing announces the Century California Fund (CCF) investment initiative to help close the gap in economic and social disparities in California.

Since its founding, Century has been focused on addressing the lack of diversity, equity, and inclusion in the communities it serves. Consistent with its mission, Century is making a further investment in underserved communities, specifically communities of Black, Indigenous and people of color (BIPOC) who have been disproportionately impacted by lack of access to traditional lending, education, affordable housing, livable wages and small business opportunities.

With an initial seed investment of $8 million in the CCF fund, Century hopes to make a positive impact for underserved communities that typically have inadequate financial wealth to access higher education, or access to financing for business opportunities, affordable housing, or home ownership.

“We believe in closing racial wealth gaps, in access to higher education, living wages, lending and financial opportunities,” said Alan Hoffman, SVP, Century Housing. “The CCF initiative’s emphasis will include education, jobs, small business expansion, and affordable housing,” added Hoffman.

The inaugural theme for the CCF is the Century Educational Opportunity (CEO) grant. CCF’s pilot program is tackling the challenges facing under-resourced communities. We seek to empower students to enroll in vocational or trade school and invest in higher education to become the next generation of leaders, notably in the affordable housing financing and development sectors.

“The CEO grant program is in line with our mission, vision and values of Century, to help people stay housed, healthy, and have new opportunities”, said Ronald Griffith, President and CEO, Century Housing. “In addition, education reduces income inequality and increase intergenerational social mobility”, Mr. Griffith added.

The nine organizations receiving grants include California State University, Fullerton – Project Rebound, Coalition of Rural Housing (CCRH), Coalition for Responsible Community Development (CRCD), El Camino College, Japanese Community Youth Council (JCYC), Larkin Street Youth Services (LSYC), LifeSteps, Los Angeles Community College District (LACCD) and Venice Community Housing (VCH).

“Coalition for Responsible Community Development is proud to be a recipient of the Century California Fund, which will help to support graduates of CRCD Academy, a partnership with Youth Build Charter School of California based in South Los Angeles, to use towards their post-secondary or continued education,” said Mark Wilson, president and CEO, CRCD.

“The California Coalition for Rural Housing is greatly honored to be included in the first cohort of nine Century Housing Fund awardees, statewide.  We will use the funds to provide scholarship assistance to aspiring or current university/college students from farmworker, tribal, and rural communities hard hit by the pandemic, wildfires, and income losses,” said Rob Weiner, President and CEO, CCRH.

Michael Fuller, Executive Director of Foundation for LACC adds, “The Foundation for the Los Angeles Community Colleges is proud to partner with Century California Fund in offering scholarships to LACCD student who will benefit by entering the workforce with good paying jobs that strengthen the social fabric of communities throughout Southern California.”

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.