Century Housing Receives Generous $15 Million Grant from Philanthropist MacKenzie Scott
CULVER CITY, CALIF. – Century Housing, a nonprofit lender, developer, and manager of affordable housing, announced today that MacKenzie Scott donated $15 million to the organization through her philanthropic fund, Yield Giving. The unrestricted gift will support Century’s critical work across the state of California to create and preserve affordable housing and build stronger, healthier communities.
MacKenzie Scott has been making generous grants to nonprofit organizations around the nation, in a quest to donate the bulk of her fortune to philanthropic causes. Her donations have addressed a wide range of critical issues, including housing, youth development, and education. Ms. Scott’s unsolicited gift is the largest donation to Century given by an individual to date.
“We are extremely grateful for the generosity of MacKenzie Scott and her commitment to improving the lives of the community members we serve,” said Ronald Griffith, President and Chief Executive Officer of Century Housing. “This wonderful gift is a testament to Century’s deep expertise, longstanding partnerships, and strong track record, and will help us continue to make impactful investments and create exceptional affordable housing.”
Century has invested more than $2.5 billion since 1995 to build and preserve more than 55,000 affordable homes across California – from Los Angeles to the Bay Area, San Diego to the Central Valley. As a community development financial institution, Century Housing Corporation makes loans to developers of affordable housing for low-income residents. Century also supports developers of workforce housing for moderate-income residents, who do not typically qualify for subsidized housing.
One recent project financed by Century is 231 Grant in Palo Alto which will offer high-quality affordable housing for Bay Area educators – especially critical during the current teacher shortage. Century provided developers Mercy Housing and Abode Communities with construction lending for the project. Recent credit ratings of “AA” from both S&P Global Ratings and Fitch Ratings have affirmed Century’s financial solvency.
Century also develops, manages, and provides critical services for affordable and supportive housing communities through its various affiliates including Century Affordable Development, Inc. (CADI), with more than 2,100 homes in its portfolio across Southern California with more than 3,000 residents – many of whom were previously unhoused or at risk of homelessness.
Along with its partners, CADI is a lead developer on major initiatives such as the revitalization of the West Los Angeles Veterans Affairs campus. Once completed, the development will become the nation’s largest supportive housing community for unhoused and at-risk Veterans, providing upwards of 1,700 homes and supportive services for residents.
“Ms. Scott’s gift will support the transformative projects underway at Century and in the neighborhoods where we are working hard to bring Californians home,” added Ronald Griffith.
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About Century Housing
Century Housing is a group of nonprofit affiliates committed to affordable housing. For more than 25 years, Century has financed, built, and operated exceptional affordable housing throughout California. Century originally formed from one of the largest public works projects in U.S. history: the construction of the Century Freeway (I-105). As a state agency, the Century Freeway Housing Program created thousands of affordable homes for people displaced by the freeway’s construction. Having successfully exceeded its goals, the program privatized in 1995 and renamed itself Century Housing – the only known California state program to become a nonprofit organization.
