Century proudly announces the launch of a new high-LTV acquisition product, the Century Coming Home Fund, designed to deliver flexible financing targeting veteran-focused development throughout California. The fund leverages Century’s near twenty year experience with financing veteran housing with new federal and state programs designed to end veteran homelessness.
Century Coming Home Fund Highlights:
- Loan-to-value of up to 95% to both for-profit and nonprofit borrowers
- Loan amount up to $15,000,000
- Loan term of up to 5 years
Beginning with Inglewood’s Westside Residents Hall in 1993, Century has supported housing for homeless veterans by providing more than $79,500,000 in financing. In addition, Century has more than ten years’ experience in management of veteran supportive services, acting as steward of the 27-acre Century Villages at Cabrillo campus which houses more than 500 veterans with access to U.S.VETS and a VA clinic.
Ron Griffith, Century’s President and CEO, said, “The timing is right for a reliable and flexible loan program focused on responding to the needs of affordable housing developers that are committed to providing quality and dignified homes for homeless veterans.”
The funds launch coincides with the closing of a $1,997,000 acquisition loan to Community Development Partners to acquire and recapitalize 12 units in Newport Beach, which will utilize 9% LIHTC and VASH vouchers, and provide supportive services through Mercy House. Developer Eric Paine has stated, “We had a great experience with Century on the execution of this acquisition and their team fully understands the dynamic partnerships between the developer, service providers, municipal agencies, and veterans that need to come together in order to ensure the success of a veteran-focused affordable housing project.”
Be the first to take advantage of the Century Coming Home Fund and help California continue to lead in the fight against veteran homelessness!
Call Aaron Wooler at 310-642-2019 or visit the Century Coming Home Fund page for details.