Emerging Developers Program
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.
Commercial Paper 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.