Expanding Construction Lending to Advance Affordable Housing

Century Housing had a milestone year in construction lending in 2024, stepping up as traditional lenders pulled back. By providing critical construction financing, Century enabled mission-driven developers to move forward with affordable housing projects that leveraged Portfolio Reinvestment Program (PRP) funding or 9% Low-Income Housing Tax Credits (LIHTC). 

One example is SRO Housing Corporation’s rehabilitation of three Single Room Occupancy (SRO) properties in Downtown Los Angeles—The Regal, Golden West, and The Ward—preserving 201 deeply affordable units for individuals earning 30% AMI, many of whom are transitioning from homelessness. 

Since PRP funds from the California Department of Housing and Community Development are disbursed only after renovations are complete, Century provided essential construction loans to bridge the gap—allowing work to begin immediately and ensuring that these historic buildings continue serving residents in need. 

“Many of our residents had been living on the streets of Skid Row for over a decade before moving into one of these apartments,” said Anita Nelson, Chief Executive Officer of SRO Housing Corporation. “For them, it’s not just a room—it’s their first opportunity to have a key to their own front door, a mailbox, and a space that’s truly theirs. Being able to return to a newly upgraded home in the same community they’ve long called home is incredibly meaningful.” 

By maintaining a strong lending capacity, Century filled critical financing gaps, ensuring that the production and preservation of affordable housing remained on track despite market challenges. 

Visit our Media Center to read more stories like this in our 2024 Annual Report.