CULVER CITY, Calif., Feb. 5, 2016 /PRNewswire-USNewswire/ -- Century Housing, a leading Community Development Financial Institution (CDFI), announced today that it has launched a new flexible acquisition financial product, the Century Coming Home Fund, targeting veteran-focused affordable housing development throughout California.
According to the most recent statistics from the U.S. Department of Housing and Urban Development, there are an estimated 49,933 homeless veterans in the United States, most of whom live in California. Through collaboration of Governors, Mayors, and communities across the country, Veteran homelessness has declined since 2010. However, initiatives like the Mayors Challenge, announced by First Lady Michelle Obama in 2015, have fallen far short of their goal to end veteran homelessness outright.
Ron Griffith, Century's President and CEO, said, "The timing is right for a flexible loan program focused on responding to the needs of affordable housing developers that are committed to providing quality and dignified homes for homeless veterans."
The Coming Home Fund leverages Century's more than twenty years' experience with financing veteran housing with new federal and state programs devised to end veteran homelessness. Beginning with Inglewood's Westside Residents Hall in 1993, Century has provided more than $79,500,000 in financing for homeless veterans, which supported 2,200 service-enriched homes. Additionally, Century is armed with more than ten years' experience in management of veteran supportive services, functioning as steward of the 27-acre Century Villages at Cabrillo campus, which houses veterans with access to U.S.VETS and a VA clinic. Century understands the complexities affecting homelessness veterans, which include extreme shortage of affordable housing, livable income and access to health care.
The funds launch coincides with the closing of a $1,997,000 acquisition loan to Community Development Partners to acquire and recapitalize 12 units in Newport Beach, which will utilize 9% LIHTC and VASH vouchers, and provide supportive services through Mercy House. Developer Eric Paine has stated that, "We had a great experience with Century on the execution of this acquisition and their team fully understands the dynamic partnerships between the developer, service providers, municipal agencies, and veterans that need to come together in order to ensure the success of a veteran-focused affordable housing project."
ABOUT CENTURY HOUSING
SOURCE Century Housing