Developers Respond to Prolonged Pandemic
Century provided financing to Jamboree Housing for the acquisition of a motel in Buena Park that will be converted into permanent supportive housing using 9% LIHTC. The motel was long past its useful life, and Jamboree will complete needed upgrades to the units to help transition individuals from homelessness to housing. Upon completion, Jamboree will add 57 units of critically needed permanent housing to help address the growing problem of homelessness in Orange County. Each resident will have access to wrap around social services. Jamboree is based in Irvine and is one of the most active nonprofit affordable housing builders in California.
Additional Recent Impacts
- Developer Uzi Levy received high-LTV construction financing to build 32 workforce homes in Chatsworth. Uzi acquired this single-family home site in 2014 and his ability to break ground now is another testament to the resiliency of developers navigating the global pandemic while adding density to urban centers suffering from critical shortages.
- In Berkeley, developer Bridge Housing is using Century acquisition financing to build 61 new affordable apartments and receive a sizable commitment from the city made possible by recent tax measure spending. The property (shown at right) will provide one-bedroom units to low-income seniors and special-needs individuals earning 20%, 30%, and 40% of AMI while maintaining an overall affordability of 31% of AMI.
- Several years ago, Century provided a construction loan to develop 27 workforce homes in Panorama City, a district of the San Fernando Valley. Subsequent design changes, including installation of a parapet wall and open space ground level interlocks mandated by the city, prevented the developer from converting the loan until the City of Los Angeles purchase the property in April. The developer’s dedication and Century’s flexibility will pave the way for more naturally occurring affordable projects in a financially vulnerable area.