Street View of Century Housing Office in Culver City

Century Housing Announces Bond Offering of up to $100 million to Fund Affordable Housing Development

Street View of Century Housing Office in Culver City

Century Housing will issue up to $100 million in ESG municipal CUSIP bonds to advance their mission throughout the state of California, becoming the first CDFI to come to market with a municipal bond CUSIP and the first CDFI to be rated by both Fitch and S&P (AA and AA-, respectively).  The third-party opinion by Sustainalytics attests to both the environmental and social benefits that will be created by the housing made possible by these bonds.  The bonds will be underwritten by sole-senior manager Wells Fargo Securities.

Ron Griffith, President & CEO of Century Housing, said,” Century has financed approximately 45,000 affordable homes providing  a foundation for low-income families, seniors, and veterans to regain their dignity, health, and work prospects in a safe, environmentally sustainable setting. This offering will accelerate our ability to serve our mission and deliver financing exactly where it is needed most.”

“Century’s bonds provide an opportunity for investors to support affordable housing initiatives throughout California, in a manner that is both socially responsible and sustainable, given its Sustainability Bond designation and second-party opinion from Sustainalytics,” said Peter Cannava, Managing Director at Wells Fargo Securities.  “Wells Fargo is proud to share and support Century’s goal of creating safe, decent and affordable housing, and building stronger communities of promise.”

The bonds will be federally taxable and state tax-exempt.  Century expects to provide early stage financing, including acquisition, bridge, and construction loans for developments, most of which will subsequently be financed  with Low Income Housing Tax Credits (LIHTC).

Ron Griffith and Alan Hoffman, Century’s Senior Vice President & Chief Financial Officer, discussed the unique structure of the bond offering with Donna Kimura in a story published in Affordable Housing Finanance (AHF) Magazine.

 

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