Century is a leading Community Development Financial Institution (CDFI), delivering innovative financial products quickly and reliably to support the development of critical housing projects throughout California. Our lending activity, combined with expert service and support for our developer clients, has resulted in the development and preservation of more than 25,000 affordable homes and apartments in underserved communities throughout the state.
Where Great Projects Begin
Century is a mission driven nonprofit corporation working with both nonprofit and for-profit housing developers to finance quality affordable home development. We structure our lending products to respond to the special needs of our clients at every phase of development: land acquisition, bridge financing, and construction. By virtue of the expertise of our management, Century is able to provide more flexibility and better response time than competing lenders.
From it’s own beginnings as a state agency and through the past 18 years of service as a private nonprofit, Century’s work has resulted in the following accomplishments:
- More than $1 billion in financing for over 25,000 new affordable homes and apartments.
- More than $400 million in capital under management.
- Nearly 4,000 FTE construction jobs created in 2015 alone.
In the Beginning
Century formed from one of the largest public works projects in U.S. history. And it all started with one of L.A.’s most iconic symbols: a freeway.
In 1972, planning began on the Century Freeway (I-105), a major thoroughfare that would connect the Los Angeles Airport to the city of Norwalk. Residents in areas affected by the proposed development fought the construction.
Lawsuits were filed including Keith v. Volpe, which asked the U.S. District Court to halt construction until the environmental and housing impacts of the freeway could be evaluated and minimized. The case tied up construction for several years until in1979 a solution was reached: the creation of the Century Freeway Housing Program (CFHP).
CFHP was tasked with creating nearly 4,000 units of affordable housing for those displaced by the freeway’s construction along with minority and female employment opportunities. Ten years later, CFHP had transitioned from a housing developer into a lender/financier to more efficiently leverage public and private lending sources.
In October 1993 the Century Freeway opened. At the time it was the nation’s largest public works project at a cost of approximately $2.2 billion.
Having successfully exceeded its initial housing development goal, CHFP was privatized and renamed Century Housing Corporation. We remain the only known California state program converted into a private, nonprofit corporation.
Today, Century Housing proudly continues our original goal of finding housing and opportunities for those most in need.