The 2018 Annual California Developer’s Conference, co-hosted by Century, brought together affordable housing developers, lenders, and investors to share insights, connections, and hors d’oeuvres at the Beverly Hills Hotel. Panels covered federal, state, and local issues and developer concerns in a post-tax reform world. Chris Thornberg returned as keynote speaker to paint a positive picture of the economy while encouraging developers to support all types of housing development, noting that market-rate housing helps free up rent-controlled housing to low-income residents. You can download Mr. Thornber’s presentation and the presentation from the Federal Update panel, below.
Yesterday, Century, the City of Long Beach, and dozens of partners and supporting agencies celebrated the grand opening of Anchor Place, a 120-unit affordable housing development for families and veterans experiencing homelessness.
Located within the Century Villlages at Cabrillo campus owned and operated by Century, the five-story development includes 75 units reserved for veterans experiencing homelessness and 45 units set aside for extremely low-income residents. Anchor Place consists of a mix of one-, two-, and three-bedroom units, extensive open space, and courtyard recreational areas.
“Providing affordable, safe, and secure housing for a veterans and families is a key to addressing the City’s housing needs,” said Councilmember Roberto Uranga. “This development will support the tremendous efforts at the Century Villages at Cabrillo, and further promote vibrant and diverse communities.”
Residents have access to comprehensive on-site supportive services including case management, physical and mental health services, employment services, life skills training, and counseling.
“Century is very proud of Anchor Place and what has been created in the larger Villages at Cabrillo community,” said Ronald M. Griffith, President & CEO of Century Housing. “We are grateful for the investment and contributions of our many partners that have created this special community where lives are being transformed.”
The 15th Annual California Developers’ Roundtable hosted by Downs Pham & Kuei, LLP and Century brought together an overflowing crowd of California’s top affordable housing developers, lenders, and investors at The Peninsula Hotel in Beverly Hills on March 3, 2015.
“The mood was upbeat to say the least. Optimistic energy and conversation filled the room upon hearing the positive market outlook on interest rates, rental housing starts, the increasing need for Affordable Housing, especially in California. An impressive array of speakers and attendees were on hand to reinforce the depth of experience and ability this group has to continue to make a positive impact on Affordable Housing going forward. We are in good hands to meet the changing environment and challenges of this mission,” said Mr. Kelly Sands, President of ICON Builders, who attended the conference.
This year’s panel discussed, among other topics, the local economic forecast and market conditions, the future of debt financing, and developer opportunities. According to Christopher Thornberg, Founding Partner of Beacon Economics and a speaker at the event, “California was among the nation’s stronger economies in 2014 with the labor market turning a corner, but there is also growing inequality of income and wealth, and a lack of housing that has resulted in an exodus of families with incomes of under $100,000 from the state.
Six years ago, the employment outlook and real estate industry were facing tough times. However, as 2015 begins, economic indicators are more favorable. “With the increase in financial resources and new funding through state and federal programs, the outlook for affordable housing looks encouraging,” said Aaron Wooler, SVP of Century, in the debt financing panel.
While developers are waiting for the new AHSC and VHHP funding sources, as well as LIHTC and bond allocations, the event gave everyone an opportunity to discuss larger issues and also share some creative tidbits. Peter Barker, President of Valued Housing, said, “Opportunity arises with innovative thinking. For example, obtaining an independent appraisal commissioned by a developer showed a FMV significantly above purchase price, which helped to generate additional credit in the recapitalization model.”
It was exciting for Century to be a part of this year’s California Developers’ Roundtable, and we hope to see everyone back next year.
Southern California’s “can’t miss” affordable housing event is just around the corner. SCANPH will host its 25th Annual Conference on Friday, November 1st at the JW Marriott Hotel in Downtown LA, and it’s not too late to register and take part in the most dynamic affordable housing events around.
This year Century is sponsoring, exhibiting, and participating in an early afternoon panel titled Social Impact Reporting: Telling Our Story. Brian D’Andrea, President of Century Villages at Cabrillo, will join the session moderated by Century’s Loan Officer, Neha Shah, to share insight into the successful adoption of investor-focused impact reporting which demonstrates the social, environmental, and economic returns on investment.
Century Housing finances affordable housing developments throughout California. From acquisition loans to bridge and construction loans, Century has worked for more than 20 years to provide tax-credit developers and infill developers with innovative loan solutions and responsive service.