Community Affairs:
Article Archive > California

Century Housing
Century Housing has provided affordable housing financing, technical assistance, and residential supportive services in Southern California for more than 25 years. Originally established by a 1979 consent decree as part of the I-105 (Century) Freeway, the Century Freeway

Housing Program supported the financing and construction of more than 3,700 homes. In 1995, the organization was privatized and became Century Housing. It expanded its services to provide other life-enriching programs for project residents, including job training, homeless services, seniors and wellness programs, and tutorial services. Century Housing has participated in the creation of more than 12,000 units and $330 million in financing for low- and moderate-income (LMI) persons and families.

Century has spurred development by creating and administering loan pools both directly and through Century Community Development (CCDI), its CDFI subsidiary. Century’s loan pools have generated more than $125 million in financing for 49 projects in Los Angeles and Orange counties. Investors have included financial institutions and foundations.

Century Community Lending Company (CCLC) is another subsidiary of Century Housing. It is a $50 million fund that closed in 2006. It provides rehab/construction loans to small project (2-12 units) owners and developers. The fund is modeled on New York’s Community Preservation Corporation Fund. It is a “one stop shop” for affordable housing developers and owners.

CCDI closed its first $15 million loan pool, the Century Community Development Investment Fund, in 2005, with 18 small and midsized banks participating. Its second fund is scheduled to close later this year.

Century has a goal of reaching $200 million in investment commitments in its funds within the next few years.

For more information, call Stephen Peelor at (310) 642-2034 or visit Century Housing

California Community Reinvestment Initiative (CCRI)
CCRI is a training and capacity building initiative sponsored by the County of San Bernadino and several financial institutions in southern California. Its goal is to assist communities in identifying and developing solutions to urban and rural housing and economic development challenges. San Bernadino is one of the fastest growing counties in the country and experienced a 31 percent increase in single-family home prices over the last year. The county saw a need for more comprehensive community development planning in its communities, and sought a different perspective on the process. The California Community Economic Development Association (CCEDA), a statewide training association with experience in California and Nevada, is providing the training and technical assistance. The sessions include: (1) a community analysis (understanding how a community fits into the context of a larger market); (2) strategies of intervention (mitigating the impact of soft markets); and (3) a strategic plan that will enable communities to mobilize resources and stabilize or turn themselves around.

Information regarding the sessions is available from Delores Armstead of the County of San Bernardino at darmstead@ecd.sbcounty.gov.
[Published in News from the Districts, Community Developments, Spring 2006]

California Organized Investment Network
In 1996, California Organized Investment Network (COIN) was incorporated to stimulate capital investing by California's insurance industry. By investing in economic development and affordable housing projects and programs, the state's low-and moderate-income (LMI) urban and rural communities would benefit. Originally established as a three-year pilot program, COIN has become a permanent operation with a staff of three, soliciting and analyzing investment opportunities throughout the state. Since 1997, over $1.3 billion has been invested in 635 COIN qualified community development investments. Investments are made on a direct or indirect basis (through intermediaries), and run the gamut of CRA and community development qualifying investments. The organization regularly identifies opportunities in its Investment Bulletins and reports on new investment opportunities . COIN also runs its own community development financial institutions (CDFI) program, certifying community development programs and projects around the state. Two popular programs stand out among the opportunities identified by COIN. First are the deposits or equity investments in California's community development banks and credit unions. COIN recommends that the investments be made in federally insured financial institutions but does not make any recommendations relating to interest rates. Each institution negotiates with depositors on rates, varying from 0 percent to market rate. The second well-known opportunity is the COIN CDFI Premium Tax Credit Program. COIN has received an annual allocation of $10 million from the state budget. An insurer or other financial institution may make an investment (minimum $50,000) into a COIN-certified CDFI and receive a 20 percent tax credit based on an investment maturity of at least five years. Many of California's insurers and banks of all asset sizes have participated in both programs over the last seven years.

For more information on COIN, please visit its Web site at www.insurance.ca.gov/COIN. Delores McKinnon, the organization's director, may be reached at McKinnonD@insurance.ca.gov.
[Published in News from the Districts, Community Developments, Summer 2005]

San Diego Capital Collaborative
The nonprofit San Diego Capital Collaborative (SDCC) is an equity capital investment fund that facilitates public and private investment in low- and moderate-income areas of San Diego City and County. Investments will receive funding from partnerships between banks, insurance companies, and pension funds. The organization has a board of directors that includes representatives from San Diego's corporate and community development communities who have experience in urban revitalization and development. The SDCC's first investment opportunity is a for-profit Smart Growth Fund (SGF) intended to raise $60 million. The fund is intended to provide multifamily and single family housing in low- and moderate-income areas. SGF is scheduled to close in late 2004 with full funding from private sector capital.

Those interested in the fund may obtain more information by contacting Barry Shultz at (619) 985-1720; Shultz@capitalcollaborative.com; www.capitalcollaborative.com.
[Published in News from the Districts, Community Developments, Winter 2005]

Yurok Indian Tribe Reaches Out to Financial Institutions
In an effort to spur partnerships and conventional lending on the Yurok reservation in northern California, the tribe's Housing Authority now holds title to all land for affordable housing development (and associated community facilities) on the reservation in fee simple. This removes a long-time barrier to conventional financing because the land is not held in trust and thus may be used for collateral for loans. The Yurok Tribe, with about 4300 members, is the largest federally recognized tribe in California.

For more information, please contact Judith Marasco, Executive Director of the Yurok Tribal Housing Authority at (707) 482-1506.
[Published in News from the Districts, Community Developments, Fall 2002]

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