CULVER CITY, Calif., Feb. 25, 2020 /PRNewswire/ -- Century Housing was awarded a Capital Magnet Fund grant in the amount of $4.7 million from the CDFI Fund administered by the US Treasury. This national, competitive grant will allow Century to finance additional critically needed affordable housing throughout the State of California. Of the 38 awardees, 23 are Community Development Financial Institutions (CDFIs) and 15 are non-profit housing organizations. The awardees were selected after a merit-based competitive review of applications submitted from a total of 113 organizations requesting more than $522 million from the Capital Magnet Fund for the FY 2019 round.
The awards will support financing for the preservation, rehabilitation, development or purchase of affordable housing for low-income communities; as well as related economic development and community service facilities such as day care centers, workforce development centers and health care clinics. The awardees are required to leverage their awards with other private and public investment by at least 10 to 1, guaranteeing that a minimum of $1.3 billion will be invested in eligible projects across the United States.
"With the current housing crisis, this could not have come at a more opportune time to support underserved communities throughout the State of California," said Century's President & CEO, Ronald Griffith.
More than 1 in 5 households statewide face severe housing cost burdens, spending more than half of their income toward housing expenses. This burden leaves little income for other major necessities such as medical care, food and transportation – vital services that are often not easily available in low-income communities. The Capital Magnet Fund was created to stimulate investment in affordable housing and related economic development efforts that serve low-income families and low-income communities across the country.
Abut Century- Century Housing Corporation is a mission-driven Community Development Financial Institution (CDFI) supporting quality affordable home development throughout California. With offices in Culver City, Long Beach and San Francisco, Century provides innovative end-to-end financing for affordable housing from predevelopment to permanent loans. https://century.org/about/
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SOURCE Century Housing