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.”

Century Wins Environmental Finance Municipal Bond of the Year

Century Housing Municipal Bond Awarded Sustainability Bond of the Year

Century Wins Environmental Finance Municipal Bond of the Year

Century Housing’s 2020 Sustainability Bond, which raised $85 million to directly support quality affordable housing throughout California, today received the Sustainability Bond of the Year Award from Environmental Finance in the US muni bond category. These Awards seek to recognize those bonds that excel, innovate in and contribute to the successful development of the market for environmental bonds.

With its June 2020 bond offering, which was twelve times over-subscribed receiving more than $1 billion in orders, Century Housing became the first Community Development Financial Institution (CDFI) to come to market with a municipal bond CUSIP. Century was also the first CDFI to be rated by two leading public credit rating agencies, Fitch and S&P (rated AA and AA-, respectively). The bond carried a second-party opinion by Sustainalytics attesting to both the environmental and social benefits of the housing created and preserved by this bond. Underwritten and marketed by Wells Fargo Securities as sole manager and offered through the California Municipal Finance Authority, the bond was California tax exempt and federally taxable.

Alan Hoffman, Senior Vice President and CFO of Century Housing, said, ”It is heartening to see the overwhelming investor interest in affordable housing, especially at a time when the COVID pandemic exposes how vulnerable our low-income families, seniors, and veterans really are to the lack of safe, secure, quality housing. We are honored that the Environmental Finance Bond Awards’ judges have recognized Century for its ability to innovate and execute with this bond and hope that the award also reflects our commitment to sustainable, energy-efficient affordable housing in a time of tremendous need.”

Century provides financing for all stages in the development of affordable housing including acquisition, bridge, construction and permanent loans. For more than 25 years, Century’s expertise and quick, reliable execution have allowed affordable housing developers to secure the financing they need, including all-important early stage financing, allowing them to take advantage of programs including Low Income Housing Tax Credits and current COVID-related federal aid like Project Homekey.

More about the award at the Environmental Finance site.

Century Launches Note Program To Fund Affordable Housing


Image of Anchor Place at Century Villages at Cabrillo

Investors are offered an investment-grade opportunity to support Century’s efforts to address social inequalities associated with housing shortages worsened by the COVID pandemic

Culver City, CA 
(February 1, 2021) — Century Housing, a nonprofit Community Development Financial Institution (CDFI) dedicated to creating quality affordable housing throughout California, today announced the launch of an offering of up to $50 million of Century Sustainable Impact Notes (Notes), giving retail and institutional investors the opportunity to support Century’s efforts to address social inequalities associated with housing shortages worsened by the COVID pandemic, while promoting sustainable development. The Notes have received an investment-grade rating from Fitch and S&P and are available in denominations as small as $1,000.

In June, Century became the first CDFI to be rated by both Fitch and S&P, two of the world’s leading providers of independent credit ratings, earning a rating of AA Stable and AA- Stable, respectively. A second-party opinion by Sustainalytics also confirmed the environmental and social benefits attributed to Century-financed affordable development. All net proceeds will be used to support the financing of affordable housing in underserved communities.

Alan Hoffman, Senior Vice President and CFO of Century Housing, said, “The shortage of housing options for low-income households and the related chronic homelessness are being compounded by the COVID pandemic. A stable home is the first step to recovery, and the benefits produced by affordable housing, including improvements in health, education, and employment, are undeniable.”

Century-financed communities typically provide affordable housing to low-income families, seniors, veterans, and youth and offer on-site services, including health clinics and case management. Of the 4,278 homes Century financed in 2019, 76% had a green component, such as high energy-efficiency standards, sustainably sourced materials, and close proximity to transit in order to limit greenhouse gas emissions caused by long commutes. On average, these apartments are affordable to households earning half the median income in the areas where they live.

Century Sustainable Impact Notes are expected to be available beginning on or about February 1, 2021, with maturities that range from six months to 20 years through Incapital, LLC, a leading underwriter and distributor of securities.

“Century’s Notes offer investors the opportunity to address critical social and environmental needs while earning a financial return,” said Ron Griffith, President and CEO of Century Housing. “We are excited to be working with Incapital to give more investors the ability to increase the supply of critically needed affordable housing and to participate in our mission of serving our most vulnerable community members.”

Century provides financing for all stages of the creation and preservation of affordable housing and specializes in early-stage financing, including acquisition and bridge loans. For more than 25 years, Century’s expertise has reliably allowed affordable housing developers to secure important financing, take advantage of current programs, including COVID-related federal aid like Project Homekey, and navigate other state and city resources necessary for affordable housing communities to thrive.

The offering will be made only pursuant to a prospectus and pricing supplement. Copies of the prospectus and the relevant pricing supplement may be obtained from Century’s website at In addition, financial professionals may obtain copies of the prospectus and relevant pricing supplement through Incapital’s Legacy™ platform. The S&P and Fitch ratings should not be the only factors investors rely upon in making an investment decision in the Notes. Before you invest, you should carefully read the prospectus and the relevant pricing supplement for more complete information about Century and the offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.