Century Housing Among AHF’s Top Affordable Housing Lenders

CULVER CITY, Calif., March 5, 2015 /PRNewswire-USNewswire/ — Century Housing was named among the Top 25 Affordable Housing Lenders in Affordable Housing Finance (AHF) Magazine’s 2014 list.  Century financed several types of affordable housing and community investment projects, for a total of $118.9 million invested in 2014 throughout the State of California.

Century is the only Community Development Financial Institution (CDFI) named on the list (a CDFI is a financial institution which provides credit and financial services to underserved markets and populations).  Century has provided more than $950 million in financing for over 25,000 new affordable homes and apartments.

“We have flexible products and a dedicated team that can deliver financing quickly and reliably, exactly when developers need it.  This award reflects our ability to provide for the specific needs of our clients, and by extension, to provide affordable housing for working families throughout California,” said Ronald Griffith, CEO and President of Century Housing.

Remember to VOTE YES on 41

Vote YES on 41The June 3rd primary election is almost here, and there’s a great reason to make it out to the polls: Proposition 41, The Veterans Housing & Homeless Prevention Act.

More than 200,000 California veterans live in poverty, but the existing bond program previously approved by voters to help house our veterans is no longer effective in today’s market. The original bonds were designed to help veterans acquire single-family homes that are now out of reach for most everyone, especially veterans. Proposition 41 takes $600 million from the existing bond program which is not being used and redirects it to create new, service-enriched affordable rental housing. It is important to note that Proposition 41 does not create any new taxes.

Century has been a long-time supporter of veterans, having invested more that $100 million toward the development of affordable housing targeting veterans throughout California. We hope that you join us in voting YES in Proposition 41 and spreading the word to your social network!

Year-End Numbers Show Growth and Impact of GSAF Program

Century loan origination totals from 2013 show a considerable increase from the previous year, totaling over $99M. Demand for bridge loans rose to more than $53M, followed by construction and acquisition loans. Upon completion, Century developments financed in 2013 will contribute 1,948 new homes to California’s affordable housing stock.

Much of our growth can be attributed to the success of the Golden Stage Acquisition Fund program, a partnership between the CDFI community and the California Department of Housing and Community Development. Century clients have embraced the high LTV offering and with the help of our responsive service and flexibility Century is leading GSAF originations with nearly $75M in financing to date, 89% of the program’s total output.

Please visit Century’s Golden State Acquisition Fund page for details.

Happy Holidays and All the Best from Century!

Thank you for making 2013 a great year for Century and for hundreds of low-income families and individuals who will have a place to call home as a result of our work. Century financing in 2013 has laid the foundation for nearly 2,000 affordable homes, and will create more than 1,500 FTE construction jobs. And we’re planning for an even more ambitious 2014!

We wish you a wonderful holiday and all the best for the New Year! May we continue to help build a California where everyone in need can find dignity and hope with an affordable home of their own.

Southern California’s Biggest Show Is Almost Here

SCANPH_25thSouthern California’s “can’t miss” affordable housing event is just around the corner. SCANPH will host its 25th Annual Conference on Friday, November 1st at the JW Marriott Hotel in Downtown LA, and it’s not too late to register and take part in the most dynamic affordable housing events around.

This year Century is sponsoring, exhibiting, and participating in an early afternoon panel titled Social Impact Reporting: Telling Our Story. Brian D’Andrea, President of Century Villages at Cabrillo, will join the session moderated by Century’s Loan Officer, Neha Shah, to share insight into the successful adoption of investor-focused impact reporting which demonstrates the social, environmental, and economic returns on investment.

Aszkenazy Brings 62 Affordable Homes to San Fernando

paark_view_opening1Residents of the City of San Fernando have Aszkenazy Development, Inc. to thank for Park View Place, a new residential development providing 62 homes affordable to low-income individuals and families, with some reserved for those with special needs. Aszkenazy Development has played an integral role in revitalizing the City of San Fernando, with Park View Place being just one of their standout achievements.  Park View Place is strategically located directly across from a park and regional pool facility and features a large courtyard, gym, outdoor community firepit, computer lab, and resident services provided by L.A. Family Housing and Partners in Care.

Los Angeles County Supervisor Zev Yaroslavsky joined San Fernando Mayor Antonio Lopez to stress the positive economic and social impacts of affordable housing development. Century was recognized for providing critical financial support through $650,000 in acquisition financing and a $791,000 letter of credit during the course of construction.

Canby Woods Opens in Reseda

IMG_2124_small-214x300Exactly two years after a smashing groundbreaking ceremony, Los Angeles City Councilman Dennis Zine returned to Reseda to unveil Canby Woods, the latest affordable housing wonder developed by Thomas Safran & Associates. Like their previous Del Rey Square, the project includes landscaped gardens and outdoor sitting areas and warmly decorated interiors which, this time, will house 98 low-income seniors.

Canby Woods was achieved through a long-term private-public partnership between Thomas Safran & Associates, Los Angeles City Community Redevelopment Agency, and Los Angeles Housing Department. Councilman Dennis Zine stressed the importance of collaboration in affordable housing, after which Neha Shah accepted recognition for Century’s contribution of $705,600 in predevelopment financing, which helped kickstart the project.

Meta Housing’s Senior Arts Colony Continues to Impress

We reported on attention Long Beach Senior Arts Colony was getting from PCBC and Affordable Housing Finance last month. This month, Multi-Housing News ran a lengthy feature which details the partnership between the developer, the state, conventional banks, and Century. Congratulations to Meta Housing for all the well-deserved publicity!

Lending Matters in July

Lending activity picked up in July with Century closing two loans within a span of two weeks:

—The Core Companies received $8,672,745 in acquisition financing for 236 low income family homes in San José which will become Newbury Park.

—Vitus Group’s Meadowbrook Apartments, 448 low-income family units in San Diego, received $1,500,000 in Century predevelopment financing.

The Los Angeles Business Journal’s Nonprofit & Corporate Citizenship Awards

Last month, The Los Angeles Business Journal announced that Century has been nominated for the 3rd Annual Nonprofit & Corporate Citizenship Award.  Century not only creates affordable housing in California, but is a prominent contributor in numerous charitable activities and events.  Some of the organizations that Century has contributed to include YMCA, Midnight Mission, Children’s Action Network, People Assisting the Homeless, Good Shepherd Center, Shelter Partnership, Alzheimer’s Association, St. John’s Well Child & Family Center, and Affordable Living for the Aging.

Century believes in supporting underserved communities through financial support in charter schools, childcare facilities, youth programs, job training and satellite health centers.

Century also encourages company-wide charitable efforts such as Adopt-A–Home and Adopt-A–Camper for the less fortunate to provide for household goods and special events for families at the Century Villages of Cabrillo in Long Beach, California.