IMPACTASSETS 50™
An Annual Showcase of Impact Investment Fund Managers

ImpactAssets 50
An Annual Showcase of Impact Investment Fund Managers

Century Housing Corporation




Firm Overview
Century Housing Corporation (CHC) is a mission-driven Community Development Financial Institution (CDFI) that finances quality, affordable housing throughout California to provide dignified homes, healthy and hopeful futures, and economic independence to the people we serve. Century is the highest rated CDFI with ratings from S&P Global of AA and Fitch Ratings of AA. From its start as a state agency and through its past 28 years as a non-profit, Century has invested more than $2.5 billion to create and preserve over 55,000 homes while creating thousands of construction jobs. Century-financed developments showcase a unique legacy of serving its triple bottom line: positive financial, social, and environmental outcomes supporting a more just and sustainable future in the places where help is needed most.
Years of Operation: 10 years or more
% of Capital from Top 3 Investors: 25% – 49%
Century finances affordable housing and “workforce” housing also referred to as “naturally occurring affordable housing” or “NOAH”.
In pursuit of its mission, and in conformance with its IRS tax exempt purpose, Century finances affordable housing and “workforce” housing also referred to as “naturally occurring affordable housing” or “NOAH”. Century has traditionally specialized in early stage loans for the creation of multifamily rental properties, and bridge loans to finance projects during the application periods for new funding to extend a property’s affordability. Century has also added permanent loans, i.e. longer term mortgages (i.e. 5 to17 years) on occupied properties, to its loan product offerings. Originally focused on the 105 freeway corridor in Los Angeles, today Century operates throughout the State.
Century’s singular focus on housing makes it the most impactful CDFI in the housing space in California. Century maintains a hands-on approach to lending and is aligned with its mission of building sustainable cities by supporting the supply of quality affordable housing within its service areas. Its financial strategy is based on maintaining low leverage and high liquidity to provide it access to the capital markets in the volume and on terms that will support its mission of addressing the critical shortage of affordable housing. Century’s credit ratings reflect its very strong financial and operating performance, including a strong debt-to-equity ratio at 1.1x, and a total-equity-to-assets ratio that is above those of its peers. Century's programs exhibit social capital opportunities, reflecting its mission. The need for affordable housing in underserved communities within Century's footprint, will continue fueling demand for its loan products.
Investment Example
Century recently funded Valley Pride Village LP, an acquisition loan in the amount of $16,650,000 for an existing 88 multifamily rental unit apartment complex located in Sylmar, California. The developer, Alliance Property Group (APG), is a multigenerational developer, owner and operator of affordable communities in California, Nevada and Arizona. APG’s principals are Black and is majority-owned and led by women. The property currently operates as unrestricted naturally occurring affordable housing (“NOAH”) for seniors age 55 and older. The proposed exterior improvements will include new cool roofing and solar installation for energy efficiency improvements, along with painting, lighting, landscaping and modifications for accessibility. The proposed site improvements include concrete replacement for accessible path of travel, seal coat and re-striping of asphalt parking including providing accessible parking spaces for residents and accessible van parking. The proposed rehabilitation will be completed with tenants in place with no involuntary permanent displacement or relocation.
Leadership and Team
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Ronald Griffith – CEO More Info
Since 2007, Mr. Griffith has served as President and CEO of Century Housing. Prior to his current position, Mr. Griffith was Senior Vice President and General Counsel. Before joining Century, he was a partner in a national law firm specializing in all aspects of real estate law and finance. He also established the office of general counsel at Union Federal Bank. Earlier in his career, Mr. Griffith served as Assistant U.S. Attorney with the U.S. Department of Justice. Mr. Griffith graduated magna cum laude from Tufts University and holds a law degree from the University of Pennsylvania School of Law. Mr. Griffith was the recipient of the Combat Infantry Badge and Purple Heart for his service in Vietnam. |
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Alan Hoffman – CFO More Info
Alan Hoffman is Senior Vice President and Chief Financial Officer for Century Housing. With more than 30 years of experience in management and finance, Mr. Hoffman is currently responsible for all corporate finance, risk management, investments, financial planning, and tax functions. Mr. Hoffman has spearheaded capital markets and corporate finance functions for such companies as Exxon Corporation, GM-Hughes Electronics, K & B Home Corporation, and Lockheed Martin Finance Corporation. To date he has raised over $5 billion in debt and equity capital for companies in various industries in public and private markets, including 3 IPOs. |
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Joshua Hamilton – SVP, Lending More Info
As Senior Vice President of Lending, Josh Hamilton oversees Century’s affordable and workforce housing lending platform. He is a seasoned professional with more than 15 years of experience in affordable housing finance. Mr. Hamilton graduated from the University of California, Los Angeles with a degree in Political Science. Upon graduation, he served in state government as a California State Senate Fellow, and a legislative analyst, with a focus on affordable housing and local government policy. |
Financial Performance
Impact Performance
Percentage of Total Assets Under
Management that are Impact Investments: |
100%
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Century works with affordable housing developers in providing safe and respectable places to live and alleviate poverty. Most projects cater to a higher proportion of minority residents. Century tracks and monitors the impact (social and/or environmental) of each loan through key metrics. In addition to the number of jobs created, Century determines if the loan is for a property in a high opportunity zone or economically distressed community, if it is a transit oriented development for accessible and sustainable transport systems, and/or if the property has energy retrofits. Other sustainability metrics include tracking Low Income Housing Tax Credit projects, rental subsidy-based projects, as well as the demographics of the population being served (breakdown of minority versus non-minority populations). Through its Emerging Developers program, Century provides financing to minority and women-owned developers and preservers of affordable housing. This program underscores Century’s commitment to advancing racial and gender equity.
Century aims in its Lending practices to encourage diversity among its clients. In addition, Century’s prospective developers must score full points on various environmental and energy metrics in the areas of sustainable design, building methods and materials, including compliance with various recognized green building standards and the integration of energy and water efficiency measures to be competitive in the awarding of LIHTC investments.
Impact Tracking and Monitoring

Learn More
1000 Corporate Pointe, Suite 200, Culver City, CA 90230 USA
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