Century Housing, a nonprofit lender, developer, and manager of affordable housing, announced that it has received a $15 million donation from MacKenzie Scott’s philanthropic fund.
The unsolicited gift from Yield Giving is the largest donation given to Century Housing by an individual to date, and it’s the latest award that Scott has made to a housing organization this year.
“We are extremely grateful for the generosity of MacKenzie Scott and her commitment to improving the lives of the community members we serve,” said Ronald Griffith, president and CEO of Century Housing. “This wonderful gift is a testament to Century’s deep expertise, longstanding partnerships, and strong track record, and will help us continue to make impactful investments and create exceptional affordable housing.”
The unrestricted gift will support the organization's work across California to create and preserve affordable housing at a time when rents continue to rise, putting more people at risk of housing instability, according to company officials.
It will allow the nonprofit to invest in more affordable housing developments and expand wraparound services for vulnerable populations.
Century has invested more than $2.5 billion since 1995 to build and preserve more than 55,000 affordable homes across California—from Los Angeles and San Diego to the Central Valley and the Bay Area. As a Community Development Financial Institution, Century Housing Corp. makes loans to developers of affordable housing for low-income residents. Century also supports developers of workforce housing for moderate-income residents, who do not typically qualify for subsidized housing.
One recent project financed by Century is 231 Grant in Palo Alto, which will offer affordable housing for Bay Area educators—especially critical during the current teacher shortage. Century provided developers Mercy Housing and Abode Communities with construction lending for the project. Recent credit ratings of “AA” from both S&P Global Ratings and Fitch Ratings have affirmed Century’s financial solvency.
Century also develops, manages, and provides critical services for affordable and supportive housing communities through its various affiliates, including Century Affordable Development, Inc. (CADI), with more than 2,100 homes in its portfolio across Southern California that serve more than 3,000 residents—many of whom were previously unhoused or at risk of homelessness.
Along with its partners, CADI is a lead developer on major initiatives such as the revitalization of the West Los Angeles Veterans Affairs campus. Once completed, the development will become the nation’s largest supportive housing community for unhoused and at-risk veterans, providing upward of 1,700 homes and supportive services for residents.
“Ms. Scott’s gift will support the transformative projects underway at Century and in the neighborhoods where we are working hard to bring Californians home,” Griffith added.
Yield Giving has provided major gifts to several housing organizations this year, including $10 million to the National Housing Trust, $12 million to the Housing Partnership Network, $8 million to BRIDGE Housing, and $20 million to the Champlain Housing Trust in Vermont. In August, Stewards of Affordable Housing for the Future also reported receiving a major investment.