PRESS RELEASE
August 11, 2005
Media Relations Officer
310.642.2042 Fax: 310.258-0701
rmcpherson@centuryhousing.org
Century Housing Announces Financing of Condominium Development in Crenshaw, Creating Workforce Housing For 56 Families
Culver City, CA — Century Housing announces the closing of a $2,043,000 site acquisition loan to West Angeles Community Development Corporation for West Angeles Gardens, a for-sale, workforce housing development of 52 condominiums and four town homes. The homes will be located on the site of the former Wave Newspapers building in the Crenshaw community of South Los Angeles.
“The shortage of workforce housing has reached a crisis state,” said G. Allan Kingston, President and CEO of Century Housing. “The 56 working families who will live in these homes will be able to provide a life for their children that may be otherwise impossible, with housing as out of reach for most workers as it is in Los Angeles,” he said.
Phoenix Housing Partners, the manager of the Genesis Workforce Housing Fund, will participate in the development as the financial consultant and equity partner. Construction is scheduled to begin in September 2006 and complete in December 2007.
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.