PRESS RELEASE
FOR IMMEDIATE RELEASE
August 11, 2005
Media Relations Officer
310.642.2032 Fax: 310.258-0701
rmcpherson@centuryhousing.org
Century Housing Announces Funding For Acquisition And Rehabilitation Of Distressed Home, Creating Workforce Housing For One Compton Family
Culver City , CA — Century Housing funded $345,000 for the first acquisition and rehabilitation of a distressed home under Gateway Cities Partnership’s new community revitalization program. The three-bedroom, one and one-half bath home in Compton will be available for purchase by a moderate-income buyer (earning up to 120% of the area median income) in the next three to four months.
“Century is pleased to have the opportunity to participate in the Gateway Cities program,” said G. Allan Kingston, Century’s President and CEO.
“We look forward to making the American Dream available to more working families in the Los Angeles community,” he said.
Gateway Cities will utilize a $4 million line of credit from Century Housing to purchase and rehabilitate up to 50 distressed properties annually in the cities of southeastern Los Angeles County to revitalize low-income neighborhoods.
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 the programs that have served more than 20,000 Southern California residents. 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 please visit www.centuryhousing.org.