New York Life has announced investments totaling $50 million in long-term capital in Century Housing Corporation for the purchase of 10-, 15-, and 20-year senior unsecured notes. 

Century is a U.S. Treasury-certified Community Development Financial Institution (CDFI) and serves as a vital capital provider in low-income communities across California. Part of the three-year, $1 billion impact investing initiative the insurance company announced last April, the funds will be used to provide loans to developers for the acquisition and/or financing of affordable and workforce housing developments and for general corporate purposes. Century finances the acquisition, construction, and development of affordable housing units and serves as developer, owner, and operator of affordable housing through two controlled affiliates. 

“At Century, we see homes as the cornerstone of a thriving and just society,” said Century Housing Corporation chief financial officer Alan Hoffman. “We finance, build, and operate exceptional affordable housing so that the vulnerable people we serve may have a dignified home, a healthy and hopeful future, and attain economic independence. The long-term capital provided by New York Life will allow us to further our mission by continuing to build communities with proven social impact.” 

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