Calvert Foundation Invests $5 Million in Century Housing's Villages at Cabrillo Community in Long Beach
LONG BEACH, Calif., Feb. 17, 2015 /PRNewswire-USNewswire/ -- Century Housing's 27-acre Villages at Cabrillo supportive housing complex in West Long Beach is the beneficiary of a $5 million social impact investment by the Calvert Foundation, based in Bethesda, Maryland. The Calvert Foundation loan will refinance a significant piece of the Villages' existing debt and allow Century to increase its lending capacity to affordable housing developers throughout California.
Century's Chief Financial Officer, Alan Hoffman, remarked, "Century is pleased to renew its longstanding relationship with the Calvert Foundation and dedicate this critical piece of capital to our efforts at the Villages at Cabrillo." Developed on a former Navy housing site tied to the Long Beach Shipyards, the Villages at Cabrillo has been transformed over the past 17 years from an abandoned housing site into a vibrant supportive housing community that is home to more than 1,000 residents on any given night, including more than 550 veterans. "The Villages is truly a unique model for addressing homelessness through place-based collaboration and the use of public-private partnership. We are so pleased to count on the impact-focused capital from the Calvert Foundation," said Ron Griffith, President and CEO of Century Housing Corporation.
Century currently is expanding its permanent supportive housing at the Villages. The Cabrillo Gateway project, to be completed this summer, will add 80 permanent, dignified and affordable homes along with a federally qualified health clinic to the Villages. "The Calvert Foundation investment provides a stable financial foundation for growth at the Villages as we respond to the needs of our community's most vulnerable," said Brian D'Andrea, President of Century Villages at Cabrillo.
For the past 20 years, Century has provided more than $950 million of financing for more than 24,000 affordable homes across California. And since 1995, the Calvert Foundation has invested more than $1 billion for the provision of social good throughout the world.
For more information on the Calvert Foundation, please visit: www.calvertfoundation.org
For more information on the Century Housing, please visit: www.centuryhousing.org
For more information on the Villages at Cabrillo, please visit: www.centuryvillages.org
SOURCE Century Housing
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