Download Century's 2010 Annual Report
Century Housing’s 2010 Annual Report offers a look into the highlights of the past year and important developments from years past. Presented in calendar format, the Annual Report contains photographs of twelve Century projects, including Del Sol Apartments, Century’s very first investment in San Diego. Century expanded farther out of Southern California in 2010, with the closing of a $2.1 million loan for a 74-apartment development in Winters, near Sacramento. Two of Century’s highlight investments in South Los Angeles put almost $8 million into two projects in South Los Angeles, which resulted in nearly $60 million in additional investment in the community and provided 180 apartments for very-low income families and seniors as well as a new grocery store. In another 2010 highlight, Century partnered with Los Angeles County, the Corporation for Supportive Housing, and the Low Income Investment Fund to create the Los Angeles County Housing Innovation Fund, which closed its first loan in January. Despite a slow environment for the affordable housing industry in 2010, Century continued to invest in affordable housing and looks forward to even bigger and better things in 2011.
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Boyle Hotel Renovation
East Los Angeles Community Corporation held a groundbreaking ceremony for the $24.6 million renovation of the historic Boyle Hotel in Boyle Heights was held on December 9th. Also known as the Mariachi Hotel for its role in housing mariachi players and their families, the Boyle Hotel is adjacent to the famous Mariachi Plaza and the new Eastside Gold Line station. Built in 1899, the historic hotel will be redeveloped into 20 affordable apartments, with an additional 31 apartments and parking built immediately to the east of the Hotel along 1st Street. The reborn Boyle Hotel will also provide new commercial space to add to the burgeoning Arts District along First Street, as noted by Los Angeles City Councilman Jose Huizar in his remarks at the groundbreaking.
Century provided ELACC with more than $4.4 million to purchase the hotel and adjacent properties in 2006 and 2007 when another developer had planned to acquire and demolish the historic building. The Boyle Hotel is a gateway to the Boyle Heights community and a symbol of the impact of Mexican immigrants. This development will balance the Boyle Heights neighborhood’s need for new affordable homes and commercial development with the need to respect and preserve its history.
CDFI Grant
We are very pleased to report that on October 14, Congresswoman Barbara Lee and Donna J. Gambrell, the Director of the US Department of the Treasury’s CDFI Fund, announced that Century Housing was awarded $5,000,000 from the $80 million Capital Magnet Fund, to expand the geographic reach of Century’s lending programs. This grant was the result of a highly competitive application process by CDFI’s and qualified nonprofit housing organizations located throughout the United States. Century was one of only 23 awardees in the country out of 230 applicants. Century is extremely excited about the additional affordable homes we will be able to finance and the families we will be able to help throughout California thanks to this grant.
NEWS: A Rescue for Affordable Housing
New York Times opinion piece discussing new legislation designed to boost affordable housing development.
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Developments
Construction of new affordable homes is underway in San Diego, thanks in part to Century’s accelerated $1,850,000 predevelopment loan closed on June 15th. In a joint venture between Phoenix Realty Partners and Palm Desert Development Company, a 4.2 acre vacant site will become Mesa Commons, a community of 87 homes for low-income residents.
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