MEDIA ADVISORY
FOR IMMEDIATE RELEASE
February 23, 2006
Media Relations Manager
310.642.2032 Fax: 310.258.0701
rmcpherson@centuryhousing.org
Century Community Development, Inc. Announces $1.9 Million Loan to Finance Affordable Housing for 49 Families
Los Angeles , CA — Century Community Development, Inc. announces the closing of a $1.9 million acquisition loan to developer American Communities for Witmer Heights Apartments in Los Angeles. The 49-unit apartment rental community will provide much-needed affordable housing for working families who earn 30% to 60% of the area median income.
“The Los Angeles workforce is in desperate need of affordable housing, especially for low-income families,” said G. Allan Kingston, President and CEO of Century Housing, which established CCDI to finance housing affordable to low- and moderate-income families.
“Witmer Heights will give 49 working families an opportunity to live in quality housing within their means,” Kingston said.
Job training services, financial literacy classes, computer skills training and other social services will be available to residents through a social services provider.
Construction is expected to be completed in September of 2007.
Based in Culver City, Calif., Century Housing is a nonprofit affordable housing lender, which has used more than $320 million in financing to help create more than 12,000 quality ownership and rental homes, affordable to low- and moderate-income working families. Century links its affordable housing with social programs supported through The More Than Shelter Fund® that have served more than 20,000 Southern California residents. These services 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.