PRESS RELEASE

December 6, 2005

Los Angeles , CA — Century Housing, one of California’s largest nonprofit affordable housing lenders, announces the creation of The CCD Investment Fund, which brings 15 lending institutions and one foundation together to form a $15 million funding pool exclusively for affordable rental housing in Los Angeles. The fund was formally announced at a luncheon honoring the participating banks October 12 in Los Angeles.

“This fund is a landmark financing coalition that will create much-needed affordable housing for our community,” said G. Allan Kingston, President and CEO of Century Housing.

“Century is especially pleased that Mellon 1st Business Bank has taken a leadership role in joining this funding pool. With their participation we will help finance more than 300 apartment homes affordable to low-income families each year,” he said.

CCDI Vice President Stephen Peelor says what makes this fund different is the flexibility that allows developers to meet the market demands of high land costs and short closing times.  

“The Los Angeles area is in dire need of affordable housing,” said Peelor, “and if we create a fund that will help developers find financing, we are moving toward a solution to the housing crisis.” 

Century Housing is a nonprofit affordable housing lender based in Culver City, Calif., which has helped finance more than 11,000 quality ownership and rental homes, affordable to low-income working families. Century links its affordable housing with social services supported through The More Than Shelter Fund®, which supports social programs that have served more than 20,000 Southern California residents, including 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 please call Neha Shah, Senior Financial Analyst, at (310) 642-2063.