by Nick Friend, Director, Northern California
Century recently closed its latest Portfolio Reinvestment Program (PRP) project with Eden Housing: Vista Verde, a 76-unit apartment complex in Santa Cruz County, which is undergoing rehabilitation as part of California’s innovative PRP initiative. Through this program, the state is repurposing leftover federal COVID relief funds to support aging properties with expiring regulatory agreements and in need of upgrades.
In 2023, Century leapt into action and signed up half of the projects under this new program to serve as a construction lender, a vital bridge role. Funding from HCD only comes in after construction is completed and tenancies are reestablished.
Century worked with Eden Housing as an early participant to set a process and method of engagement with HCD staff on closing these loans. Along with Vista Verde, Century has provided $44 million in financing for Eden Housing’s PRP projects, which includes three others.
The community at Vista Verde and the city of Freedom will benefit for decades from this property being significantly upgraded. We are excited to be part of an opportunity to revitalize an affordable housing community that otherwise could have slid into disrepair.
In exciting news, the California Department of Housing and Community Development (HCD) has opened the application period for the next PRP NOFA. Learn how Century can support your PRP project — please contact us to set up a conversation.