As one of only two nonbank CDFI members of the Federal Home Loan Bank of San Francisco, Century can access the FHLB’s credit, rather than cash, to assist affordable housing developers in innovative ways. Aszkenazy Development has started construction on 62 affordable apartments in the City of San Fernando thanks to an innovative credit enhancement provided by Century Housing. For San Fernando Community Housing Phase I, Century provided a $791,000 letter of credit backed by FHLBSF, that replaced a typical construction performance bond. The cost of such a bond can be prohibitive when a development is not very large. Read more
Century is pleased to announce the August 25th closing of a $5.5 million construction loan to Blondy Development. The loan will finance the construction of 36 new apartments on Laurel Canyon Blvd. in Sun Valley. The vacant parcel is already being excavated for subterranean parking, and construction is scheduled to be completed before the end of 2012. In order to get a reduced parking variance, the property will have two apartments reserved for very-low income renters, families earning less than $30,000 annually.
This was Century’s first loan to Blondy Development and our seventh construction loan, totalling almost $12 million in Sun Valley/North Hollywood.
Century Housing finances affordable housing developments throughout California. From acquisition loans to bridge and construction loans, Century has worked for more than 20 years to provide tax-credit developers and infill developers with innovative loan solutions and responsive service.