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INNOVATE INVEST IMPACT

CENTURY HOUSING>2007 Annual Report

W E L C O M E & S U M M A R Y L E T T E R

For more than 25 years, Century Housing has worked to improve the lives

of and give hope to people throughout Southern California. We have created

more than 14,000 opportunities for families to live in a good home that they

can afford. We have prepared nearly 10,000 men and women for success in

the construction trades. We have helped more than 2,500 children get on a

good academic track to succeed in middle school, high school, and college.

And last May, we graduated our fi rst class of eighth graders from inner city

neighborhoods in Inglewood and South Los Angeles.

This report is about more than what we have done. It is about how our

successes have made Century ready to conquer the future. 2007

was a pivotal year—Century decided to focus on our greatest strengths

and move forward. Because of our accomplishments, accolades, and

achievements, Century can quickly adapt to dynamic and uncertain market

conditions, and fi nd new ways to positively impact our neighborhoods.

This report focuses on how Century innovates to meet our communities’

needs, invests in neighborhoods, and creates positive social and economic

impacts. To increase the reach of our impact, from Ventura County to

Rancho Cucamonga to south San Diego County, we will continue to

innovate, providing market solutions that other lenders and investors

are unwilling to try.

In the past two years, we expanded our lending activities three fold. We

added more than $90 million to our capital base, allowing us to make more

high-impact investments. We doubled the amount of our investments, too,

with more than $180 million committed in the past two years alone. We

added an entirely new business, an underserved niche for construction

loans to neighborhood entrepreneurs, creating dozens of new homes in

North Hollywood, Harbor Gateway, South Los Angeles, and East LA.

Century and its predecessor agency have always been in the vanguard,

taking risks to prove the viability of new fi nancial products and

investments, generating policy solutions and showing the way to their

successful implementation, fearlessly accepting challenges, regardless

of the odds of success. Management and the Board of Directors guided

a pioneering state agency, Century Freeway Housing Program, through

an unprecedented transition, completely reworking the agency’s method,

projects, and geography, creating the leading nonprofi t affordable housing

lender in California. Century’s service area grew from 108 square miles

to more than 38,000 square miles, from $120 million in loans to nearly

$500 million, and we started new businesses unimagined at privatization.

Now Century has reached a pivot point, a fork in the road where, as we

have done in the past, Century will take the road less traveled. Century will

I S A C O N T I N U U M …The theme of this report

W E L C O M E & S U M M A R Y L E T T E R

Carrie HawkinsChair, Century Housing Board of Directors

Daniel B. LopezVice Chair, Century Housing Board of Directors

continue to take risks and succeed with investments that others shy away

from, proving they are both economically and socially rewarding.

This report is about Century’s investment in our neighborhoods. It is the

story of local entrepreneurs who make neighborhoods better places to live

through their engagement, effort, and excitement. The good works of just a

few people are sometimes all that is needed to change the course of a

community, and Century is dedicated to fi nding those people, supporting

their efforts, and investing our time, talent, and treasure in them.

Century’s next phase of growth will be fueled by a combination of new

capital and new relationships. We have always been committed to a

customer-friendly culture. To take the next step, Century will expand our

network to include more government agencies, more community nonprofi ts,

more developers, and more local stakeholders, and we will build strong

relationships that bring their resources to satisfy our customers and

stakeholders. This alignment of purpose will create more opportunities

for Century to make high-impact investments in the areas where they

are most needed.

As you read this report, understand that Century is just one player in a

dynamic and unpredictable marketplace. Few would have predicted that

home prices in Southern California would fall 8% in the past year, or that

more than $100 billion in mortgage debt would be written off by the world’s

major banks. Century sees opportunities in these changes, and we are

adapting to seize those opportunities. We have reached a pivot point after

25 years, and are happy that you have been, and will be, along for what is

sure to be an exciting ride.

Thank you,

… I N N O V A T E - I N V E S T - I M P A C T

CENTURY HOUSING | 2007 ANNUAL REPORT4

M A R I AC H I H O T E L

Mariachi Hotel, before renovation (inset) and architectural rendering Boyle Heights has long been an area of transition.

Successive waves of immigrants settled there, and each

group—Russian, Japanese, and Mexican—left lasting

symbols in the neighborhood.

The MTA Gold Line Eastside Extension is going to further

change Boyle Heights. East LA Community Corporation

(ELACC), the neighborhood’s leading community

development company, sees the changes coming, and is

at the forefront to ensure that the $900 million public

investment leads to an improved Boyle Heights. Large

public investments often lead to signifi cant dislocation

of homeowners, businesses, and residents. Century

Housing was created to mitigate such impacts, so we

understand these issues better than other lenders.

A major part of the coming changes will be

transit-oriented development (TOD) around the new

Eastside stations. Directly on top of the Mariachi Plaza

station at Boyle Avenue and 1st Street is the Mariachi

(Boyle) Hotel. Century provided ELACC with more than

$3.2 million to purchase the Hotel and adjacent

properties when another developer had planned to

acquire and demolish the historic building.

The Mariachi Hotel is a gateway to Boyle Heights, and

a physical symbol of the impact of Mexican immigrants.

While the Mariachi Hotel is not the beauty it once was,

ELACC will bring it back to its former glory and more.

Beyond the 51 two- and three-bedroom apartments for

low-income families, the Mariachi Hotel will have

ground-fl oor space, facing the Gold Line station, for

local entrepreneurs and local merchants, such as a

tailor specializing in the distinctive costumes of the

local mariachis, and a bookstore, the only one in

Boyle Heights.

With the Mariachi Hotel, ELACC will be the TOD pioneer

on the Eastside, setting a standard for community

improvement that other signifi cant residential and

commercial developments will have to meet. ELACC’s

commitment will help local leaders keep Boyle Heights a

racially and economically diverse neighborhood, balancing

the neighborhood’s need for

new affordable homes and

commercial development

with the need to respect and

preserve its history.

The NEW Mariachi Hotel is a

symbol of that balance. Maria Cabildo, President, East LA Community Corporation

Preserving history amidst neighborhood change

“The Mariachi Hotel speaks to the impact of Mexican immigrants in Los Angeles…and we will make it better than it is.” ~ Maria Cabildo

CENTURY HOUSING | 2007 ANNUAL REPORT 5

P I C O - G R A M E RC Y A PA R T M E N T S Meta Housing is one of the leading builders of

affordable apartments for low-income seniors and

families in Southern California. In the past 14 years,

Meta has developed more than 2,600 apartments in

20 separate communities, 80% of which were

designed for seniors. This represents $300 million in

development activity

leveraged with low

income housing tax

credits, bonds, and

local municipal funds.

One testament to

Meta’s perseverance

is Pico-Gramercy

Apartments, a 71-unit

family development

adjacent to Country Club Park, a gated community

in mid-city Los Angeles. During the initial planning

hearings for Pico-Gramercy, Meta received opposition

from 130 residents of Country Club Park. They had the

typical fears that an affordable housing project would

bring crime to their neighborhood.

Meta addressed these fears by incorporating

amenities and More Than Shelter services into their

development plan. They developed a 1,500 square foot

community center where Century/LIFT operates an

after-school tutoring program for the residents’

children. The space is also available for adult classes,

such as ESL and fi nancial literacy. Meta also added a

10,000 square foot community yard, which includes a

play ground for the children, barbecues, park benches

and landscape to add to the project’s overall serenity.

Providing these amenities clearly demonstrated to

concerned residents of the Country Club Park that

Meta and Century, a partner in the development, were

committed to delivering a quality affordable housing

Century/LIFT students at Pico- Gramercy Apartments

a es Sout e Ca o a t e past yea s,

development. Meta’s commitment turned the neighborhood’s

opposition into support for Pico-Gramercy.

Meta also endured double-digit increases in construction

costs, and Los Angeles experienced a record amount of

rain for the year. These challenges resulted in a signifi cant

increase in development costs and tested Meta’s ability to

close the funding gap. Meta needed to use funds ranging

from a $10,000 Federal Home Loan Bank grant to $5.6

million in tax credit equity—eleven different sources in all.

Century provided the fi rst of those funds with a $1,087,500

site acquisition loan in 2001.

Community-enhancing homes and services

Century/LIFT and community center


WA L C RO F T S T R E E T

Developing affordable homes has always been a dream

for Fernando Uriarte. Interested in the construction business

and the revitalization of communities, Fernando decided

that he wanted to make a difference. His background

combines architecture, urban planning, and construction,

providing him with a strong foundation for starting a real

estate development company. The Century Community

Lending Company (CCLC) helped his dream become a

reality. “My fi rst business deal was actually purchasing

a small apartment building, which I still own today.

Developing this property has lead to bigger and

better opportunities.”

The Walcroft Street project was Fernando’s fi rst with the

Lakewood Redevelopment Agency, showing that public-

private partnerships work even with small developments.

The project was innovative in providing a single family

home in the front, and an affordable rental in the rear.

Walcroft, before construction

Fernando Uriarte

“I think being creative and thinking outside the box

helped win the city’s support.” High quality architectural

design and fi tting the project into the neighborhood’s

character were key selling points.

Being a small builder has actually worked to Fernando’s

advantage in competing with, and beating, the big

developers. Fernando had a hands-on approach by

providing custom touches where possible, treating

each project as if it were his personal residence. The

Lakewood RFP stressed quality, and Fernando met and

surpassed the city’s expectations, from fl ooring to tile to

roofi ng. Looking at the plans and the effort that was put

into the RFP process, the City of Lakewood decided that

they would take a chance with a small developer.CCLC

also took a chance, as our $453,000 construction loan

was for Fernando’s fi rst ground-up development.

The success of Fernando’s fi rst public-private

project has lead to new opportunities in

Lakewood. Next is a duplex that should break

ground in the coming months, and in June,

Fernando is planning to build fi ve

condominiums on another

city-owned site on Pioneer

Boulevard. With the city’s support,

this development will also feature

affordable homes, continuing Fernando

and CCLC’s impact on the neighborhood.

Walcroft, after construction

One man can make a difference


The second innovation is The New Carver’s

location—outside of Skid Row, where all of SRHT’s

22 prior developments have been. The people who

will live at The New Carver are the reason—the elderly

or handicapped, who are the most vulnerable on

Skid Row. The location, one block from California

Hospital, provides an in-place partner for SRHT. The

hospital will provide medical and psychiatric services

for The New Carver’s residents. SRHT will provide a

place for homeless people coming out of the hospital.

The New Carver Apartments, architectural rendering

Site of New Carver Apartments

T H E N E W C A R V E R A PA R T M E N T S

This expansion does not mean that SRHT is moving out

of “the Row.” “There should be some decentralization of

the homeless population, but not too much,” says Cristian.

“Too much dispersal would make our property management

and services delivery much more diffi cult. And the NIMBY

issues are huge.”

Skid Row Housing Trust is an evolving organization.

They lead the way with innovative solutions to ending

chronic homelessness.

Century is dedicated to solving the severe

problem of homelessness in greater Los Angeles.

Our clients include many of the leading private

providers of transitional and permanent housing

for homeless men, women, and families: L.A.

Family Housing, SRO Housing, PATH, and Skid Row

Housing Trust. Since 1989, SRHT has created more

than 1,500 affordable apartments for homeless

men and women in 22 developments in Skid Row

(the largest portfolio in the area).

Century recently provided SRHT with more than

$3.6 million in acquisition and predevelopment

fi nancing for SRHT’s most innovative project to date,

The New Carver Apartments. First, the architecture:

rather than a standard cube, the New Carver is a

barrel, sure to be a landmark just off the Santa

Monica freeway. This follows other signifi cant designs

by SRHT: Rainbow Apartments, Abbey Apartments,

and The New Carver have all been featured in

Dwell Magazine.

“Some critics said that the population we serve

would not appreciate the design,” according to

Cristian Ahumada, SRHT’s Director of Development.

“We believe the opposite—an open design that fosters

social interactions is vital to people who have been in

an environment as isolating as Skid Row.”

Serving the most in need


2 0 07 I M PAC T I N V E S T M E N T S

LONG BEACH TRANSIT VILLAGE Long Beach $24,440,000

Meta Housing utilized Century’s acquisition and

predevelopment fi nancing for a 3.2 acre site on

Anaheim Street for the development of a mixed-income,

mixed-use, transit-orientated development that will

capitalize on the Metro Blue Line Station adjacent to

the site. The transit village will consist of 400

affordable and market rate apartments and

condominiums and commercial/retail space.

MONTECITO TERRACES APARTMENT Panorama City $2,385,000

Century provided fi nancing to AMCAL Multi-Housing, a

for-profi t developer, to acquire a 0.5 acre site to develop

69 apartments for low-income seniors. AMCAL has

been developing affordable and market rate apartments

and condominiums since 1978 and currently has more

than $315,000,000 in development completed or

under construction.

WILLOW APARTMENTS Panorama City $1,305,000

Century provided fi nancing to a joint venture of

W.O.R.K.S., a nonprofi t developer and service provider,

and AMCAL Multi-Housing, to acquire a 0.5 acre site

near Montecito Terraces to develop 29 affordable

apartments for low-income seniors.

BOSTON ASSOCIATES South Central LA $283,450

Boston Associates specializes in redeveloping

underutilized sites throughout Los Angeles with

affordable homeownership for working families.

CCLC’s fi rst (of several) loans to Boston Associates

fi nanced the construction of a duplex on a vacant

lot in South Los Angeles.

BOSTON ASSOCIATES East Los Angeles $1,419,000

CCLC’s second construction loan to Boston Associates

fi nanced three duplexes in East Los Angeles.

NORTHSTAR DEVELOPMENT/COMFORT CONSTRUCTION North Hollywood $725,000

Northstar/Comfort are entrepreneurial builders/developers

who expanded from speculative single-family

development into small apartment construction in

2005. CCLC made a construction loan for a fi ve-

apartment project in North Hollywood. The new apartment

building replaces a substandard single family house, and

will provide quality three-bedroom apartments to fi ve

working families. This was Century/CCLC’s third loan to

Northstar/Comfort.

MARK & KAREN MANFIELDWest Adams $1,334,000

Century provided an acquisition and construction loan to

gut-rehab a 24-unit apartment development on 28th Street

in West Adams. The Manfi elds are experienced developers

specializing in rehab work on small apartment properties,

and this is their tenth development.



WARWICK TERRACE APARTMENTS Compton $2,900,000

Concerned Citizens of South Central Los Angeles, a

nonprofi t developer, has been an advocate of low-income

families since 1987 and has acquired and managed

affordable housing developments throughout South

Central Los Angeles since 1992. Through Century’s

subordinate bond credit enhancement program,

Concerned Citizens was able to acquire and preserve

the affordability of 108 apartments in Compton.

THE FAMILY COMMONS AT CABRILLO Long Beach $26,000,000

Century Villages at Cabrillo (CVC), a

nonprofi t affi liate of Century, is the

owner and developer of a 26-acre

adaptive reuse of military base

property for the benefi t of homeless

and low-income families and

individuals in Long Beach. Century’s

construction loan will fi nance the

development of 81 affordable

apartments in CVC’s third tax credit

development, expanding the

continuum of care for homeless

veterans and their families. A

comprehensive More Than Shelter

program will be provided at The Family

Commons by PATH, utilizing 9,000

square feet of support service space.

NORTHSTAR DEVELOPMENT/COMFORT CONSTRUCTION North Hollywood $450,000

Century provided an acquisition loan for a fi ve-

apartment development on Irvine Avenue in North

Hollywood, replacing a run-down single family home.

An $825,000 construction loan from CCLC (closed in

July 2007) repaid Century’s loan, the fourth made to

Northstar/Comfort.

THE MARIACHI HOTEL Boyle Heights $3,323,000

ELACC is a nonprofi t community development

corporation creating signifi cant housing, job creation,

and community and political

impacts in Boyle Heights and East Los

Angeles. CCDI and Century

provided a $2,475,500 site

acquisition loan and a $578,000

predevelopment loan to acquire

the historic Mariachi Hotel and

adjacent properties. The Hotel will

be substantially rehabilitated and the

site developed with 51 affordable

apartments for low-income families,

with many units dedicated to house

the mariachis who live in the Hotel.

The property is located adjacent to a

new station for the Metro Gold Line

Eastside Extension, to open in 2009.

Century was awarded the Eastside Ascending Award for our investment in the Mariachi Hotel.

About CCLCCentury recognized a growing and underserved

market—entrepreneurial, neighborhood-focused

developers—building small residential projects.

Century had worked with this type of small

developer in the past, and saw an opportunity

to help middle-income families become home-

owners by working with these builders again.

Century was assisted by the Community

Preservation Corporation, a leading nonprofi t

lender in New York, on how to structure a program

to serve this new client base. We assembled a

$50 million revolving credit facility, funded by fi ve

major fi nancial institutions, to make construction

loans for small deals that most banks won’t do.

With CCLC fully rolled out in 2007, we’ve closed

24 loans for $38.7 million, creating new

affordable homes for 169 families in Los Angeles.

CCLC’s goals are to create new apartments and

homes that are affordable to working families,

and to help entrepreneurial developers become

more “bankable,” growing to the point that they

have outgrown CCLC and can be fi nanced by

traditional commercial lenders, because of the

technical assistance that CCLC provides.


14 , 0 0 0 H O M E S … 2 6 0 D E V E L O P M E N T S … 6 0 , 0 0 0 FA M I L I E SPRE-PRIVATIZATION

Homes Development2 119th Place Apartments21 120th Street Apartments I3 120th Street Apartments II2 120th Street Duplex2 120th Street Duplex II10 161st Street Apartments23 Acacia Gardens4 Acacia Street Apartments I4 Acacia Street Apartments II46 Academy Hall52 Adams West8 AlhamBridge Loana Villas35 Allingham Court29 Arlington Avenue Apartments57 Athens Glen10 Ballona Villas I10 Ballona Villas II12 Belcourt North12 Belcourt South46 Beverly Villas24 Blaine Gardens20 Camino Sierra I15 Camino Sierra II5 Camino Sierra III47 Carondelet Apartments20 Casa Berendo74 Casa De Flores24 Casa De Oro46 Casa Gloria100 Casa Heiwa110 Casa Loma34 Casa Rampart33 Casa Rampart103 Casa Rita22 Casa Sierra I49 Central Park Estates12 Century Apartments45 Century Crescent1 Century Owned Single-Family34 Century Terrace Apartments42 Chadron Deville72 City View Terrace41 Clark Manor10 Cochran Villas38 Colden Oaks66 Compton Manor6 Copeland 2 Cross Roads I2 Cross Roads I2 Cross Roads I22 Dunlap Crossing

48 E.L. Bridge Loanown Apartments25 El Segundo Terrace13 Elizabeth Street Apartments30 FAME Manor5 Fernwood Apartments I20 Florence Villas44 Florwood Estates26 Foothill Villas18 Fumbah Manor6 Gale Avenue Apartments6 Gardena Gardens I14 Gardena Gardens II82 Givens Way Compton I32 Greenwood Townhomes22 Harper Community Apartments52 Hawthorne Terrace I & II48 Hawthorne Terrace I & II11 Henderson Homes25 Hyde Park Manor22 Imperial Arms28 Joanne Villas86 Keith Village19 Korean Youth Center95 La Puente Gardens20 Ladera Vista I8 Ladera Vista II8 Ladera Vista III50 Lakewood Village12 Lakewood Villas41 Laurel Norton Apartments6 Live Oak Apartments14 Lynwood Gardens I8 Lynwood Gardens II5 Lynwood Gardens III64 Marina (Coronado) Apartments55 Marlton Villas31 Mills Terrace41 Morehouse51 Mulberry Villas22 Normandie Apartments18 One Wilkins Place6 Orchid Gardens I8 Orchid Gardens II6 Orchid Gardens III9 Orchid Gardens IV32 Pacifi c Apartments6 Pine Street Condominium64 Rita Courts23 Roberta Stephens Villas I17 Roberta Stephens Villas II12 Robinson Villas16 Rohit Villas9 Rosamel (Elden) Apartments13 Santa Ana Apartments

32 Sundance50 Taylor Manor I20 Taylor Manor II90 Three Ranch Estates36 Venicia Villas32 Vermont Manor24 View Terrace Apartments135 Villa Anaheim Senior Apartments81 Villa Del Pueblo13 Villa Florentina115 Villa Mariposa126 Vinas La Campana10 Walnut Park12 Watson Terrace75 WestPark

POST-PRIVATIZATION

Homes Development14 11120 Huston St.12 11274 La Maida St.2 11714 Walcroft St.5 12040 Dehougne St.2 1235 Stone St.6 135 N Bonnie Beach Pl.12 1415 W 224th St.18 14654 Nordhoff St.4 1509 W. 207th St.4 1515 W. 207th St.10 1520 W 227th St.5 1529 W 208th St.7 1536 W 11th St.10 1609 224th St.4 1611 W 208th St.12 1811 W 5th St.3 2159 E. Hatchway St.2 2255 E. Hatchway St.2 240 W 66th St.4 2975 Fernwood Ave.31 415 Burlington Apartments24 4218 W. 28th St.7 5335 Cartwright Ave.5 6640 Irvine Ave.5 6842 Morella Ave.5 6843 Agnes Ave.11 7621 S. Figueroa Blvd.115 Abbey Apartments11 Access Community Housing86 Adams Family Development42 Avalon Family Housing30 Avalon Seniors51 Barbizon Hotel* Barrio Action Youth & Family Center

100 Beechwood Manor Apartments276 Belmont Station Apartments180 Bellfl ower Terrace Senior Apartments38 Benton Green53 Bonnie Brae Apartments141 Burbank Senior Artists Colony20 Burlington Apartments18 Camarillo Senior Apartments32 Carondelet Court Apartments35 Carson Terrace200 Casa de Cabrillo204 Casitas de Oro30 Cecil Younger Gardens137 Cedar Villas66 Central Avenue Apartments24 Century Alameda Center218 Century Villages at Cabrillo2 Citigroup Pilot Program4 Civic Center Barrio Housing150 Claremont Village* Culture & Language Academy of Success91 Del Sol Apartments2 Dunbar EDC51 East L A Community Corporation* East LA Community Corp (HQ)50 Elm Street Apartments84 Emerald Family Apartments35 Emerald Village81 Family Commons at Cabrillo75 Farmers Homestead at Calabasas Creek1 Fernwood Homes20 Florence Mills Theater-Lofts102 Fuller Lofts7 Gateway Cities CDC10 Good Shepherd Center 60 Hartford Avenue Apartments49 Harvard Heights Apartments48 Hobart Heights Apartments50 Hoover Hotel185 La Brea Garden Apartments* LA Coalition to End Hunger and Homelessness247§ LA Family Housing196 Long Beach Savannah Housing408 Long Beach Transit Village49 Lorena Terrace* Los Angeles International Charter High School§ Little Tokyo Service Center CDC2 Lynwood Homes60 Menlo Apartments84 Mission Village Terrace75 MLK Townhomes59 Montecito Terraces8 Mountain Court Townhomes85 National Avenue Family Housing

132 New Harbor Vista80 Northridge Senior Apartments80 Orange Tree Apartments91 Osage Senior Villas132 Pacifi c Villas79 Parkside Apartments13 Pascual Reyes Apartments99 PATH Regional Homeless Center* Paul R Williams Cultural Center230 Pepperwood Apartments71 Pico Gramercy Apartments141 Pioneer Gardens92 Preservation I109 Preservation II48 Preservation III124 Preservation IV30 Preservation V84 Professional Development Portfolio4 Progress Place360 River Run Senior Apartments65 Rivers Hotel132 Rowland Heights Apartments65 San Antonio Gardens165 Santee Court - Phase I118 Seasons at Compton73 Skyline Village Apartments132 Solara Court Apartments43 Springbrook Grove Apartments48 The Ardmore55 The Mariachi Hotel30 The Mediterranean78 The New Carver Apartments198 The Piedmont70 Vermont Seniors Housing15 Victory Gardens Apartments147 Villa Azusa71 Villa Ramona44 Village Green34 Villages at Willowbrook30 Villas Del Monte108 Warwick Terrace Apartments96 Watts/Athens Preservation45 Wesley Habersham Senior Apt. 52 West Angeles City View316 Westside Residence Hall29 Willow Apartments200 Wilshire Court Apartments26 Wisconsin III48 Witmer Heights Apartments150 Woodbridge Manor Apartments

* Community Facility§ Line of Credit


LA INTERNATIONAL CHARTER HIGH SCHOOL Highland Park $67,500

Century provided a loan to LAICHS to bridge the

funding of a $360,000 operating grant from the

California Department of Education. LAICHS serves

9th–12th grade students from northeast Los Angeles

with a college preparatory curriculum in a supportive

learning environment.

LITTLE TOKYO SERVICE CENTER CDC Koreatown $1,000,000

LTSC is a nonprofi t developer and service provider with

a wide range of programs in Little Tokyo and lends its

experience and skills to other nonprofi ts to revitalize

areas of Los Angeles with large Asian-American

populations. Century provided a revolving line of credit to

LTSC to allow them to act rapidly on property acquisition

opportunities and to fi nance

predevelopment costs.

227TH STREET Harbor Gateway $2,729,800

CCLC provided a $2,729,800

construction loan for the

development of ten

condominiums, less than one

mile from the developer’s fi rst

CCLC-fi nanced project.

BONNIE BRAE APARTMENTS Westlake $2,500,000

Century provided America Communities, LLC, with a

$2,500,000 site acquisition loan for the development

of 53 units of affordable housing for very low-income

families. American Communities has grown rapidly,

with six developments in Los Angeles underway or

completed since 2004. This was Century’s fi fth loan

to American Communities.

THE MEDITERRANEAN Echo Park $824,500

Advanced Development and Investment (ADI) is one of

the most active affordable apartment developers in Los

Angeles, with 48 projects completed or in predevelopment

and construction. Century provided a predevelopment

loan for The Mediterranean, creating 30 affordable

apartments for very low-income families in Echo Park.

LITTLE TOKYO SERVICE CENTER CDC Koreatown $4,127,182

Century participated in an $8.4 million acquisition

loan to preserve 84 affordable apartments in fi ve

properties in Koreatown. LTSC, a long-time Century

client, will rehabilitate and refi nance the properties

using tax-exempt bond and 4% tax credit fi nancing.

Century participated $2 million of its portion of the

loan to RSF Social Investment.


208TH STREET Harbor Gateway $875,000

Century’s acquisition loan fi nanced the developer’s

purchase of a 14,000 square foot lot for the

development of ten condominiums.

415 BURLINGTON Westlake $984,000

May Odiakosa is entering the affordable housing

business with a 31-unit development on a site she and

her husband have owned for several years, rather than

selling the site for a considerable profi t to market-rate

developers. Century provided a predevelopment loan

to assist this fi rst-time developer.


2 0 07 I M PAC T I N V E S T M E N T

S & M DEVELOPMENT Harbor Gateway $1,371,600

S & M Development is an experienced multifamily

and commercial developer from Orange County.

CCLC provided a $1,371,600 construction loan to

develop fi ve condominiums. This was the fi rst of

two projects in the area.

THE WIN PROJECT Lynwood $1,500,000

The WIN Project is a nonprofi t organization creating

homeowership opportunities for low-income and

fi rst-time homebuyers in South Los Angeles County.

CCLC provided a $1,500,000 construction loan to

develop four single family homes in Lynwood near

the Century/I-105 Freeway.

About CCDIA key element of Century’s mission is to make

capital available to developers. Acting as an

intermediary between traditional capital sources

—commercial banks—and affordable housing

developers, Century fulfi lls this mission and uses

its balance sheet more effectively.

Century’s fi rst foray into the capital markets

was through Century Community Development,

Inc. (CCDI), an affi liate established to manage a

revolving loan pool funded by a large group of

local banks. The group is large because we focus

on small fi nancial institutions—none has tens of

billions of dollars in assets—because they often

fi nd it diffi cult to invest in, and lack expertise in,

affordable housing, despite the demonstrated

low risk of those investments.

CCDI’s revolving loan fund has 23 investors, with

commitments of $500,000 to $3,000,000, and

has helped to create more than 1,000 affordable

apartments since 2005.

MDM HOLDINGS Compton $565,000

MDM is a partnership of three experienced residential

and commercial builders. CCLC assisted their fi rst project

in Compton, providing a construction loan to develop two

single family homes.

GTO LITE, LLC Harbor Gateway $1,475,000

GTO’s principal is an experienced commercial developer,

now working on small residential projects. CCLC assisted

their second condominium development, providing a

$1,475,000 construction loan for four new homes in

Harbor Gateway.

BOSTON ASSOCIATES Pico Union $400,000

Century provided Boston Associates with a $400,000

loan to acquire an infi ll lot for the development of fi ve

single family homes in Pico Union.

THE ARDMORE Koreatown $2,700,000

Century provided a site acquisition loan for the

development of the Ardmore Apartments which will

create 48 affordable apartments for very low-income

families. This was Century’s sixth loan to American

Communities.



LOS ANGELES COALITION TO END HUNGER AND HOMELESSNESS $12,000

LACEHH’s mission is to work collectively to end hunger

and homelessness through public education, technical

assistance, public policy analysis, advocacy, organizing,

and community action. Century provided a $12,000

bridge loan to Los Angeles Coalition to End Hunger

and Homelessness, in advance of grant funds from

Washington Mutual.

BOSTON ASSOCIATES South Central LA $628,000

Boston Associates used a Century acquisition loan

to acquire a 12,000 square foot parcel, were they will

develop eleven single family homes, using construction

fi nancing from CCLC.

BURLINGTON APARTMENTS Westlake-Pico Union $1,725,000

W.O.R.K.S. is a nonprofi t developer and service

provider targeting rehabilitation and new construction

of affordable housing. CCDI and Century provided a

$1,425,000 site acquisition loan and a $300,000

predevelopment loan to W.O.R.K.S. for the construction

of 20 affordable apartments on Burlington Avenue in

Westlake/Pico-Union.

MENLO APARTMENTS Koreatown $1,220,000

Century provided a $1,220,000 second TD loan to LTSC

for the acquisition of a 30,000 square foot site on Menlo

Avenue in Koreatown to be developed with 60 affordable

apartments for low-income families. Century’s fi nancing

was provided in conjunction with a $3,060,000

acquisition loan from Enterprise Community Loan Fund.

COMMUNITY ENHANCEMENT CORPORATION South Central LA $107,750

Community Enhancement Corporation is a nonprofi t

founded in 1992 for revitalizing neighborhoods and

empowering special population groups, especially

homeless emancipated foster youth. Century has

provided a $107,750 bridge loan for predevelopment

costs associated with the Paul R. Williams Cultural and

Historical Community Family Health Care Centers.

208TH STREET Harbor Gateway $1,310,900

A local developer/GC in Harbor Gateway has built

several small condominium projects in the

neighborhood. CCLC provided a $1,310,900

construction loan to develop four condominiums.

This was the fi rst of the developer’s three projects

fi nanced by Century/CCLC.

S&M DEVELOPMENT Harbor Gateway $2,780,900

This is the second construction project for S & M

in Harbor Gateway. CCLC provided a $2,780,900

construction loan for the development of twelve

condominiums on a very blighted site.

K2 DEVELOPMENT Harbor Gateway $1,445,000

K2 is an experienced general contractor.

CCLC provided a $1,445,000 construction loan for the

development of four condominiums in Harbor Gateway.


C E N T U R Y S TA F F

Aaron WoolerAlan Hoffman Andrea G. SantanaAnna Echeveria Ara Abramyan Araceli Ramirez Araceli TapiaBartek Malecki Betty O’Quinn Beulah Ku Bonnie Newton Brian D’Andrea Carolina Raygoza Cathy Cates Corinne Baruch Cynthia Catzalco Fern Hendrickson Frank Ferdon Gary Zimble Jacqueline Mentenh Jenifer Singleton Jessy Lu Jorge Guerrero Julie Yu Julao Karen Bennett-Green Katerina Yousef Kim Ferraro Maria Mejia Maria Obledo Maria Ruiz May Calucag Nadine Felix Olibra Bailey Ron Griffi th Rosa Cardona Sandra Lew Sabrina Boisvert Serybrem Brooks-Bass Shu Farmer Stephen Peelor Steve Colman Stuart Nieman Tim O’Connell Tracey Burns Vermelle Johnson Zina Grant


F I N A N C I A L H I G H L I G H T S

Century closed its fi rst credit facilities in 2006. Since then, Century has closed credit facilities of

$142 million, more than doubling our lending capacity. Century’s innovative lending staff has rapidly

invested our new capital resources, growing our loan portfolio by 130% in the past two years, including

$14.3 million in new construction investment. These new capital resources allowed Century to broaden

our impact to new neighborhoods and to benefi t more underserved people.

Growth of our investments has also been fueled by an expanding geographic footprint, outside of

Los Angeles, Century’s historic focus. Century now has investments in 114 different zip codes, from

south San Diego County to Lancaster in the Antelope Valley.

With new capital available through credit facilities, Century made major investments throughout

Southern California in 2006 and 2007, more than doubling our impact investments from prior years.


S E L E C T F I N A N C I A L DATAFOR YEARS ENDED JUNE 30 (Dollars in thousands)

2003 2004 2005 2006 2007

FINANCIAL POSITION

Total assets $128,417 $132,354 $133,810 $141,856 $183,545

Loans receivable 45,715 42,976 33,822 73,633 93,981

Allowance for loan losses 2,047 1,948 1,150 1,360 1,863

Financial investments 47,741 56,912 66,216 31,174 27,013

Real estate investments 26,098 22,451 24,168 23,926 50,299

Loans payable 2,751 2,730 2,707 12,121 36,952

Net assets

Unrestricted 124,300 128,426 128,698 128,412 128,366

Temporarily restricted 175 175 175 175 162

Total Net Assets $124,475 $128,601 $128,873 $128,587 $128,528

ACTIVITIES

New loans originated $28,843 $3,973 $18,324 $84,393 $96,166

Net interest income 3,971 3,558 3,488 3,234 6,581

Provision for loan losses (754) (100) (195) (221) (507)

Residual receipt mortgage repayments 7,791 1,233 2,458 1,731 1,063

Financial investment income 631 6,652 3,926 4,651 4,808

Real estate income 4876 4,157 3,815 8,374 4,524

Grants and contributions 0 748 2,272 1,145 1,318

Change in net assets 5,468 4,126 599 (287) (59)

OTHER DATA

Total loan capital under management $68,786 $74,168 $74,185 $131,649 $158,995

Net loan loss ratio 0.045% 0.045% 0.035% 0.020% 0.029%

Deployment ratio* 36.8% 33.5% 26.3% 53.4% 57.8%

*Capital invested divided by capital available


O U R PA R T N E R SDevelopersA Community of FriendsAccess Community HousingAdvanced Development and Investment, Inc.Alliance Property Group, Inc.AMCAL Multi-housing, Inc.American Communities, LLCBarrio Action Beyond Shelter Housing Development CorporationBi-Coastal Affordable HousingBoston AssociatesBraemar Urban VenturesCantwell-AndersonCivic Center Barrio HousingCommunity Enhancement CorporationCommunity Resource & Talent Development, Inc.Concerned Citizens of South Central Los AngelesCorporation for Better HousingCorridor Economic Development CorporationCulture and Language Academy of SuccessDanBerg Development, Inc.David MiDunbar Economic Development CorporationEast L.A. Community CorporationFernando UriarteFoundation for Affordable HousingFrank ShabestariGateway Cities CDCGood Shepherd Center for Homeless Women and ChildrenGTO Lite, LLCHermandad Los Angeles EDCHudson Housing CapitalIrvine Housing OpportunitiesJamboree Housing CorporationJim MorrisJoshua One CDCJovenes, Inc.K2 Redevelopment, LLCKDF CommunitiesL.A. Community Design CenterL.A. Family HousingLA Housing Partnership

Lennar Affordable CommunitiesLINC HousingLittle Tokyo Service Center CDCLivable PlacesLos Angeles International Charter High SchoolMark & Karen Manfi eldMay OdiakosaMayans DevelopmentMDM Holding, LLCMehdi & Jamez EbrahimzadehMenorah Housing FoundationMeta Housing CorporationMJW InvestmentsMountain Court Developers, Inc.Mutual Capital AdvisorsNehemiah West Housing CorporationNeighborhood EffortPATH PartnersPara Los NiñosParviz SetarehPico Union Housing CorporationPreservation PartnersRealty Royalties, LLCRelated Capital CompanyRTD Creative Developers, Inc.Scotto Properties, LLCShields Housing CorporationSimpson Housing SolutionsSkid Row Housing TrustSRO Housing CorpSt. Joseph Center, Inc.Steadfast CompaniesSustainable Housing CorporationThe Lee GroupThe WIN ProjectThomas Safran & AssociatesUrban Town, Inc.W.O.R.K.S.Wakeland HousingWest Angeles CDCWestern America PropertiesWHAR Housing CorpWyman Dunford & Bogdan Zeljkovic

Capital InvestorsAlliance BankAmerican Business BankAmerican Communities FundBank of America Community Development BankCalifornia Bank & TrustCalNational BankCalvert Social Investment FoundationCathay BankJP Morgan ChaseCity National BankEastWest BankEnterprise Community Loan FundFannie MaeFar East National BankFirst Private Bank & TrustFirst Regional BankFreddie MacHanmi BankHSBC Bank USAHousing Partnership NetworkJohn Hancock Realty Advisors, Inc.Low Income Investment FundMellon 1st Business BankMercantile National BankMerrill Lynch CDCNara BankNorthern TrustPacifi c Western BankRSF Social FinanceSouth Bay BankSunwest BankU.S. TrustWachovia BankWashington MutualWells Fargo BankWestern Financial Bank

StakeholdersCalifornia Association of Local Housing Finance AgenciesCalifornia Community Reinvestment CorporationCalifornia Housing ConsortiumCalifornia Housing Finance AgencyCatholic Charities of Los AngelesCenter for Community LendingCenter for Housing PolicyCentral City AssociationCommunity Preservation CorporationGood Shepherd Lutheran ChurchHousing Authority of the City of Los AngelesHousing CaliforniaLISC – Los AngelesLong Beach Department of Community DevelopmentLong Beach Unifi ed School DistrictLos Angeles Business CouncilLA Coalition to End Hunger and HomelessnessLos Angeles Community Redevelopment AgencyLos Angeles County Community Development CommissionLos Angeles Downtown Rotary ClubLos Angeles Housing DepartmentNational Association of Affordable Housing LendersNational Association of Black VeteransNational Coalition for Homeless VeteransNational Community RenaissanceNational Housing ConferencePasadena NHSSalvation ArmyShelter PartnershipThe California EndowmentThe Campaign for Affordable HousingUS Department of Veterans Affairs Long Beach Healthcare SystemUS Veterans Initiative


BOA R D O F D I R E C T O R S

CENTURY HOUSING Board of Directors

William G. BrennanExecutive Director,California New Motor Vehicle Board

Earl G. FieldsConsultant,Housing & Community Development

Carrie Hawkins, CHAIRPresident,Carrie Hawkins & Associates

Robert M. HertzbergSpeaker EmeritusCalifornia State Assembly

Diann H. KimPartner,Overland Borenstein Scheper & Kim LLP

CCDI Board of DirectorsGerard McCallumWMS Partners

Maria CabildoEast LA Community Corporation

Earl FieldsCentury Housing (Director)

Carrie HawkinsCentury Housing (Director)

Stephen PeelorCentury Housing (Staff)

CCLC Loan CommitteeMyron PerrymanBank of America

Kathy KwanEast West Bank

Robert ReinhardtMerrill Lynch CDC

Neha ShahWashington Mutual

David WoodJPMorgan Chase Bank

Daniel B. Lopez, VICE CHAIR Principal,Dan Lopez & Associates

Stephen McDonaldManaging Director,Trust Company of the West

Alec NedelmanSenior Vice President Business and Legal Affairs,iStar Financial

Louise OliverRegional Operations Offi cer & Director of Government Contracts,Goodwill Southern California

1 0 0 0 C O R P O R A T E P O I N T EC U L V E R C I T Y , C A 9 0 2 3 0

W W W . C E N T U R Y H O U S I N G . O R GCynthia La: Ar t Direct ion & Design Bar tek Malecki : Project Director/select photography

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