Century Housing Corporation’s permanent loans provide a secure pathway for affordable housing developers to repay construction and other loans prior to opening their properties. We offer a forward commitment of up to three years, with a maximum term of 18 years, guaranteeing the long-term financial stability of your affordable housing investment.
| Loan-to-Value | Up to 90%. Up to 80% for non-LIHTC properties. |
| DCR | 1.15 minimum. 1.20 minimum for non-LIHTC properties. |
| Amortization | Up to 35 years. |
| Eligible Uses | Refinancing of existing debt including partial cash-out, acquisition of buildings, current funding or forward committed takeout of construction financing. |
| Loan Amount | $1,000,000 minimum |
| Origination Fee | 1.0% to 2.0% depending on loan amount |
| Interest Rate | Fixed, varies depending on loan term |
| Loan Term | Up to 18 years, including extensions |
| Forward Commitment | Up to 36 months |
| Affordability | Developments must be affordable to households earning no more than 120% of AMI. |
| Mixed-Use Projects | Mixed-use projects are eligible. |
| Borrowers | Nonprofits, for-profits, cities, counties and other public agencies within California, and joint ventures comprised of these entities, with a track record of developing affordable housing. |
| Collateral | A first deed of trust in favor of Century upon the real property being acquired. Loans are non-recourse. |
| Fees | Application (refundable), up to $10,000. Legal, up to $20,000. Administrative, up to $1,000. Forward-commitment and appraisal fees, market determined. |
| Third-Party Reports | Appraisal (Century-ordered), phase I environmental, physical needs assessment, and soils, as necessary. |
| Timing | 30–45 day closings are typical, from receipt of application fee. |
| Financial Reporting | Past 3 years of compiled or audited financial statements for borrower as well as operating statements for property. |
Oakland, California
Developer
MidPen Housing Corporation
Century Loan Amount: $12,262,000
Loan Type: Permanent
Units: 125
Population: Families
MidPen Housing Corporation received permanent financing for Foon Lok East in Brooklyn Basin, a new master-planned community along Oakland’s waterfront. The development will provide 125 affordable rental units for low- and extremely low-income working families and unhoused individuals, adding to MidPen’s total contribution of 465 homes to this new community.
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Century Housing Corporation is a nonprofit Community Development Financial Institution financing affordable housing development throughout California. Century Villages at Cabrillo, Inc. and Century Affordable Development, Inc. are independent nonprofit entities affiliated with Century Housing Corporation.