PRESS RELEASE
October 31, 2003
Media Relations Officer
310.642.2042 Fax: 310.258-0701
rmcpherson@centuryhousing.org
Century Housing Provides $935,000 Property Acquisition Loan to Finance
Koreatown Affordable Housing Development
Culver City, CA — Century Housing, one of California’s largest nonprofit affordable housing lenders, announces the closing of a $935,000 property acquisition loan for the development of Harvard Heights Apartments in Koreatown. When completed in 2005, Harvard Heights Apartments will provide 44 two-, three-, and four-bedroom apartments affordable to very-low income families, in an area of Los Angeles where 44% of households pay more than 30% of their income for housing.
Century’s $935,000
loan allows the developer, American Communities, LLC, of Redondo Beach,
to have control of the site, when they apply for low-income housing tax
credits and for financing from the City of Los Angeles Housing Trust Fund
in early 2004.
Century Housing is a private nonprofit affordable housing lender, which
has created more than 11,000 units of quality affordable housing in
the metropolitan Los Angeles area. Century links affordable housing
for low-moderate income families with More Than Shelter®
social services which include on-site after-school tutoring for at-risk
youth, career counseling for women to enter the construction trades,
child care for low-income families, and wellness programs for seniors.
To contribute to the More Than Shelter Fund, which supports all of Century’s More Than Shelter programs, please visit www.morethanshelter.org.
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