MEDIA ADVISORY
FOR IMMEDIATE RELEASE
January 16 , 2006
Media Relations Manager
310.642.2032 Fax: 310.258.0701
rmcpherson@centuryhousing.org
Century Housing Announces Financing of $825,000 Acquisition Loan to ADI, Inc. for 30 Low-Income Families in Westlake
Culver City, CA – Century Housing, one of California’s largest nonprofit housing lenders, announces the closing of a $825,000 acquisition loan to Advance Development & Investments, Inc., for the creation of Hancock Vistas, a 30-family apartment development in Westlake.
All of the project’s four-bedroom homes will be priced affordably for families earning less than approximately $35,000 per year.
“This is Century’s third collaboration with ADI, Inc.,” said G. Allan Kingston, President & CEO of Century Housing. “With two developments already in the works, providing homes affordable to 93 families in Fallbrook and Anaheim, we are pleased to help create homes affordable to 30 more families in the Westlake community,” he said.
The $9.3 million development is expected to be completed in October, 2008.
Century Housing is a private nonprofit affordable housing lender, which has used more than $400 million in financing to help create more than 13,000 quality rental and ownership homes in the metropolitan Los Angeles area, affordable to families earning approximately $16,000 to$80,000 a year. Century’s President & CEO, G. Allan Kingston, recently completed a three-year term as Chairman of the Board of Governors for the National Housing Conference. Century links its financing with the More Than Shelter ® family of social services, including after-school tutoring for at-risk students, career counseling for men and women to enter the construction trades, child development for low-income families, and wellness programs for seniors. For more information on Century Housing, please visit our website: www.centuryhousing.org
To contribute to More Than Shelter, which supports all of Century’s More Than Shelter® life-enriching programs, please visit www.morethanshelter.org.