In a First for a CDFI, Century Housing Launches Commercial Paper Program

Sustainability-labeled commercial paper program designed by U.S. Bank will help fund affordable housing developments in California

MINNEAPOLIS (December 20, 2022) – Century Housing Corporation and U.S. Bank announced today that they have utilized an innovative capital markets solution to help fund Century’s affordable housing development projects.

Century’s new sustainability-labeled commercial paper program provides the organization with affordable short-term funding, while also enabling investors to invest directly in securities that finance energy-efficient, affordable housing developments across California. While commercial paper programs are a common mechanism for large businesses to fund operations, this is the first introduced by a Community Development Financial Institution (CDFI). U.S. Bank serves as Commercial Paper Dealer and Sustainability Coordinator on this innovative transaction.

“Century is driven by its mission to meaningfully increase the supply of truly affordable housing in the communities it serves,” said Alan Hoffman, Chief Financial Officer of Century Housing. “This program will provide Century with increased capital to scale its work.”

“Century Housing Corporation consistently works to identify innovative ways to finance its affordable housing lending operations in California, so it is fitting that they would become the first CDFI to launch a sustainability commercial paper program,” said Zack Boyers, Chief Executive Officer, U.S. Bancorp Community Development Corporation (USBCDC). “For investors, it presents an opportunity to invest in an affordable housing initiative that closely tracks and shares details on the impact of its projects.”

The commercial paper program, rated A1+ by S&P Global and F1+ by Fitch, will raise up to $100 million from investors, which Century will lend to affordable housing developers. Most Century-financed projects are typically retrofitted for energy efficiency; transit-oriented; and/or receive low-income housing tax credits. Over the past 27 years, Century has provided financing for more than 50,000 new affordable and workforce homes.

USBCDC has partnered with Century since 2015, providing traditional financing to support its successful affordable housing initiatives. USBCDC and U.S. Bank’s capital markets division – a top commercial paper dealer – worked together to design this commercial paper program and bring it to market. The securities sold through the program are labeled sustainability notes as they are designed within Century’s Sustainability Bond Framework. The framework, confirmed by a second party opinion to comport with ICMA guidelines, sets strict use of proceeds rules that align with Century’s mission of building sustainable communities by financing the supply of quality affordable housing.

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Sara Williams, Century Housing Corporation
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Todd Deutsch, U.S. Bank Public Affairs & Communications
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About Century Housing Corporation
Century Housing Corporation is a mission-driven Community Development Financial Institution (CDFI) that finances quality, affordable housing throughout California to provide dignified homes, healthy and hopeful futures, and economic independence to the people we serve. From our start as a state agency and through our past 27 years as a private non-profit, Century has invested more than $2 billion to create and preserve over 50,000 homes while creating thousands of construction jobs. Century-financed developments showcase a unique legacy of serving our triple bottom line: positive financial, social, and environmental outcomes supporting a more just and sustainable future in the places where help is needed most. Century Housing is based in Culver City, California.

About U.S. Bancorp Community Development Corporation:
With $39.57 billion in tax credit equity committed as of Nov. 30, 2022, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC’s commitments provide capital investment to areas that need it the most and contribute to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable housing, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at

Investment products and services are:

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.

Looking Back on 2020

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
  • 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 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