Affirmed Housing Group has received a $268,000 Century Acquisition Loan to purchase one of several lots Affirmed and the City of Carson have assembled to develop 40 apartments for low-income families. This is Century’s second loan to Affirmed, a major affordable housing developer based in San Diego.
Thanks in part to a $3,700,000 acquisition loan from Century Housing and the first loan made by the LA County Housing Innovation Fund (LACHIF), Abode Communities broke ground on a new affordable senior housing community in Northwest Pasadena. The 45-unit development will replace a vacant, blighted building damaged by fire in 2005, and provide much-needed affordable apartments for very low-income seniors with incomes between $17,400 to $19,800. As stated by Vice Mayor Victor Gordo, Council Member District 5, “There are many reasons to celebrate the project today. Besides providing affordable housing for seniors, it is also a neighborhood revitalization project.”
Read the entire Pasadena Journal release here.
Century Housing’s 2010 Annual Report offers a look into the highlights of the past year and important developments from years past. Presented in calendar format, the Annual Report contains photographs of twelve Century projects, including Del Sol Apartments, Century’s very first investment in San Diego. Century expanded farther out of Southern California in 2010, with the closing of a $2.1 million loan for a 74-apartment development in Winters, near Sacramento. Two of Century’s highlight investments in South Los Angeles put almost $8 million into two projects in South Los Angeles, which resulted in nearly $60 million in additional investment in the community and provided 180 apartments for very-low income families and seniors as well as a new grocery store. In another 2010 highlight, Century partnered with Los Angeles County, the Corporation for Supportive Housing, and the Low Income Investment Fund to create the Los Angeles County Housing Innovation Fund, which closed its first loan in January. Despite a slow environment for the affordable housing industry in 2010, Century continued to invest in affordable housing and looks forward to even bigger and better things in 2011.
Download the report
We are very pleased to report that on October 14, Congresswoman Barbara Lee and Donna J. Gambrell, the Director of the US Department of the Treasury’s CDFI Fund, announced that Century Housing was awarded $5,000,000 from the $80 million Capital Magnet Fund, to expand the geographic reach of Century’s lending programs. This grant was the result of a highly competitive application process by CDFI’s and qualified nonprofit housing organizations located throughout the United States. Century was one of only 23 awardees in the country out of 230 applicants. Century is extremely excited about the additional affordable homes we will be able to finance and the families we will be able to help throughout California thanks to this grant.
New York Times opinion piece discussing new legislation designed to boost affordable housing development.
Construction of new affordable homes is underway in San Diego, thanks in part to Century’s accelerated $1,850,000 predevelopment loan closed on June 15th. In a joint venture between Phoenix Realty Partners and Palm Desert Development Company, a 4.2 acre vacant site will become Mesa Commons, a community of 87 homes for low-income residents.
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.