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Century Housing Corporation and Disability Opportunity Fund - $1MM Development Loan

Success Story
Asset ClassMulti-Family Housing
GeographyCalifornia
CityLong Beach, CA
Amount$1,000,000
Financing TypeLong Term Financing
Interest Areas
Disability
Housing
Veterans

Century Housing Corporation (CHC) was developing a 200-unit apartment building with wraparound supportive services for Veterans but needed a partner who could provide long-term financing.  Despite the project’s strong financial and social performance, CHC was having difficulty finding a buyer for its $1 million participation loan. Through CapNexus, CHC discovered the Disability Opportunity Fund (DOF), a CDFI that provides housing opportunities for and advances the needs of people with disabilities and their families. "If not for CapNexus, we wouldn’t have crossed paths with the Disability Opportunity Fund. Given the alignment of this loan with DOF’s financing priorities, the synergies were incredible," said Aaron Wooler, Senior Vice President, Century Housing Corporation.  The Plaza now provides 200 apartments for single veterans with incomes less than $33,000, and also offers social services to residents, including counseling, meals, social activities, and job assistance. 

Non-Metropolitan County Status and NMTC Eligibility: 
Not Eligible or Not Non-Metropolitan

Data provided by

CDFI Fund New Markets Tax Credit Eligibility

% of Area Median Income: 
39.03%
Poverty Rate: 
54.80%
Unemployment Rate: 
34.60%
SBA HUBZone: 
Redesignated HUBZone Until December 2021
Medically Underserved Area: 
Medically Underserved Area

CDFI Fund Investment Areas

High Population Loss: 
Low Population Loss (Metro & Non-Metro)
Total Population: 
1,041
% of Area Median Income: 
40.05%
Unemployment Rate: 
34.6%
Poverty Rate: 
54.8%

CRA Eligibility

CRA Eligibility: 
Low Income
% of Area Median Income: 
44.02%
Minority Population: 
701

BEA Distressed Communities

BEA Distressed Community: 
Distressed Community (Partial)