New York Life has committed $50 million in long-term capital to Century Housing Corporation to promote affordable housing development in California.

Target Information

Century Housing Corporation (Century) is a U.S. Treasury-certified Community Development Financial Institution (CDFI) that plays a significant role in providing access to capital in low-income communities throughout California. Founded in 1995, Century has successfully invested over $2.3 billion in the affordable housing sector, contributing to the development of more than 50,000 affordable housing units over its 26-year history. With a strong commitment to responsible and equitable lending, Century aims to increase the availability of affordable housing for low- and moderate-income families.

In addition to its financing capabilities, Century operates through two controlled affiliates: Century Villages at Cabrillo Inc. and Century Affordable Development, Inc., which further enhances its efficacy as a developer, owner, and operator of affordable housing. Century enjoys high public investment-grade ratings, with current ratings of AA- from S&P and AA from Fitch, underscoring its financial stability and trustworthiness in the marketplace.

Industry Overview in California

The affordable housing market in California is currently facing significant challenges, characterized by a severe housing shortage and rising costs that have placed homeownership and rental options beyond the reach of many residents