We are honored that National Community Renaissance (CORE) named Century its 2022 Corporate Partner of the Year. Our staff celebrated the honor at National CORE’s annual An Evening of Hope Gala. “Century Housing has been a great partner to National CORE over the years and is the rare case of an organization whose mission is in complete alignment with ours,” said National CORE President Michael Ruane.
Over the course of our long partnership, Century has provided acquisition and predevelopment loans for various National CORE projects and sponsored Affordable Housing Program loans on its behalf. We are also the permanent lender for a couple National CORE projects in Orange County that are currently under construction. In 2022, our team joined the groundbreaking for Miraflores in Anaheim, which will provide 86 affordable homes for low-income and formerly unhoused residents.
“Financing partners like Century Housing are imperative to the work of affordable housing developers like National CORE,” noted Mr. Ruane. “Due to the rising costs of land and construction and increasing competition for low-income housing tax credits, partners who are dedicated to funding affordable developments are critical to our success.”
Century launched the Emerging Developers program in 2022. Affordable housing development is crucial to ending the homelessness crisis—and this special purpose program enables us to identify and support female and minority developers who share our mission.
In 2022, Century provided financing through the program to support two projects. Liberty Community Land Trust leveraged Century financing through Venice Community Housing for a new, 100%-affordable housing project in Leimert Park. Also, Alliance Property Group partnered with the nonprofit Community Bible Community Development Corporation to transform a complex in Sylmar into affordable housing for seniors. We are grateful to JPMorgan Chase Bank for providing a dedicated $15 million credit facility to fund this program.
In a first for the national CDFI industry, Century started a groundbreaking commercial paper program in the amount of $100 million. The sustainability-labeled program launched in partnership with U.S. Bank will provide Century with short-term funding, and enable investors to support energy-efficient, affordable housing developments across California.
The program received the highest possible ratings from both S&P (A-1+) and Fitch (F1+). The securities sold through the program are labeled sustainability notes as they are designed within Century’s Sustainability Bond Framework, which—confirmed by a second-party opinion—sets strict use of proceed rules that align with Century’s mission, by financing the supply of quality affordable housing.
High land prices and construction costs, along with lengthy pre-development processes, have prompted more developers to consider Naturally Occurring Affordable Housing (NOAH). An opportunity to acquire a NOAH property in the East Bay brought Eden Housing to Century in 2022, after partnering on multiple projects throughout the state. “De Anza Terrace was a perfect example of naturally occurring affordable housing right in our own backyard,” said Eden Housing Vice President of Development Kevin Leichner.
The 24-unit property in Ashland is next to an apartment complex already owned by Eden, which made the project even more attractive. Through Century, Eden also connected with the Bay Area Housing Finance Authority (BAHFA), which provided critical support for the project. BAHFA recorded a deed restriction on De Anza Terrace — qualifying the building for a property tax exemption, and ensuring rents remain affordable for low-income tenants.
“The Century Housing team is a joy to work with and is willing to put in the time and effort to brainstorm financing solutions with us,” shared Mr. Leichner. “The ability to work with people who think outside of the box and get things done in a timely manner makes it that much easier to serve our mission of rapidly increasing housing opportunities and equitable access to affordable housing.”
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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.