PRESS RELEASE
March 21, 2005
Media Relations Officer
310.642.2042 Fax: 310.258-0701
rmcpherson@centuryhousing.org
Century Housing Announces $1,257,525 Acquisition Loan
To Create 115 Affordable Apartments for Homeless
Los Angeles , CA — Century Housing, one of California’s largest affordable housing lenders, announces the purchase of a fifty percent participation in a $2,515,050 acquisition loan for Abbey Apartments, L.P. from the Low Income Investment Fund.
Abbey Apartments will provide 115 SRO units for low-income homeless residents in the Skid Row area of downtown Los Angeles.
“Century is very excited about our part in financing Abbey Apartments,” said G. Allan Kingston, President and CEO of Century. “Our mission is to provide affordable housing and More Than Shelter® to the community, and the special needs of these people makes this development particularly meaningful to Century.”
Skid Row Housing Trust will provide service-enriched housing for very low-income and homeless individuals with special needs, including case management, support groups, benefits advocacy, and educational workshops.
Ninety units will be set-aside for people diagnosed with chronic or severe mental illness, and other disorders. All 115 units will be affordable to very low-income formerly homeless tenants—those earning between 25% and 40% of area median income, or about $14,000 to $22,400 annually.
Skid Row Housing Trust, the non-profit developer, has acquired, renovated, or built 19 single-room-occupancy and similar properties in Los Angeles’ Skid Row.
Century Housing is a nonprofit affordable housing lender based in Culver City, California, which has used more than $320 million in financing to help create more than 11,000 quality ownership and rental homes affordable to low-income working families in the greater Los Angeles area. Century also links its lending products with More Than Shelter® social services supported through The More Than Shelter Fund®. These programs include on-site after-school academic tutoring for at-risk youth, construction job training and placement for men and women, child development centers for low-income families, transitional housing for homeless veterans, and wellness programs for seniors. For more information on Century Housing, please visit www.centuryhousing.org, or for information about supporting the More Than Shelter programs, please visit www.morethanshelter.org.