Century Housing Announces Bond Offering of up to $100 millio
CULVER CITY, Calif., June 18, 2020 /PRNewswire/ -- Century Housing, a Community Development Financial Institution (CDFI) dedicated to supporting quality affordable housing in California, will issue up to $100 million in ESG municipal CUSIP bonds to advance their mission throughout the state of California.
Century will be the first CDFI to come to market with a municipal bond CUSIP and the first CDFI to be rated by both Fitch and S&P (AA and AA-, respectively). The third-party opinion by Sustainalytics attests to both the environmental and social benefits that will be created by the housing made possible by these bonds. The bonds will be underwritten by sole-senior manager Wells Fargo Securities.
Ron Griffith, President & CEO of Century Housing, said," Century has financed approximately 45,000 affordable homes providing a foundation for low-income families, seniors, and veterans to regain their dignity, health, and work prospects in a safe, environmentally sustainable setting. This offering will accelerate our ability to serve our mission and deliver financing exactly where it is needed most."
"Century's bonds provide an opportunity for investors to support affordable housing initiatives throughout California, in a manner that is both socially responsible and sustainable, given its Sustainability Bond designation and second-party opinion from Sustainalytics," said Peter Cannava, Managing Director at Wells Fargo Securities. "Wells Fargo is proud to share and support Century's goal of creating safe, decent and affordable housing, and building stronger communities of promise."
The bonds will be federally taxable and state tax-exempt. Century expects to provide early stage financing, including acquisition, bridge, and construction loans for developments, most of which will subsequently be financed with Low Income Housing Tax Credits (LIHTC).
Century Housing is a self-sufficient CDFI, delivering innovative financial products quickly and reliably to support the development of critical housing projects in underserved communities. Century has invested more than $2 billion directly toward the development of affordable homes in California alone and has been named four times among the Top 25 Affordable Lenders by Affordable Housing Finance (AHF) Magazine. The list includes the most productive financial institutions supporting the development of affordable homes throughout the nation.
SOURCE Century Housing