In a First for a CDFI, Century Housing Launches Commercial Paper Program

Sustainability-labeled commercial paper program designed by U.S. Bank will help fund affordable housing developments in California

MINNEAPOLIS–(BUSINESS WIRE)–Century Housing Corporation and U.S. Bank announced today that they have utilized an innovative capital markets solution to help fund Century’s affordable housing development projects.

Century’s new sustainability-labeled commercial paper program provides the organization with affordable short-term funding, while also enabling investors to invest directly in securities that finance energy-efficient, affordable housing developments across California. While commercial paper programs are a common mechanism for large businesses to fund operations, this is the first introduced by a Community Development Financial Institution (CDFI). U.S. Bank serves as Commercial Paper Dealer and Sustainability Coordinator on this innovative transaction.

“Century is driven by its mission to meaningfully increase the supply of truly affordable housing in the communities it serves,” said Alan Hoffman, Chief Financial Officer of Century Housing. “This program will provide Century with increased capital to scale its work.”

“Century Housing Corporation consistently works to identify innovative ways to finance its affordable housing lending operations in California, so it is fitting that they would become the first CDFI to launch a sustainability commercial paper program,” said Zack Boyers, Chief Executive Officer, U.S. Bancorp Community Development Corporation (USBCDC). “For investors, it presents an opportunity to invest in an affordable housing initiative that closely tracks and shares details on the impact of its projects.”

The commercial paper program, rated A1+ by S&P Global and F1+ by Fitch, will raise up to $100 million from investors, which Century will lend to affordable housing developers. Most Century-financed projects are typically retrofitted for energy efficiency; transit-oriented; and/or receive low-income housing tax credits. Over the past 25 years, Century has provided financing for more than 50,000 new affordable and workforce homes.

USBCDC has partnered with Century since 2015, providing traditional financing to support its successful affordable housing initiatives. USBCDC and U.S. Bank’s capital markets division – a top commercial paper dealer – worked together to design this commercial paper program and bring it to market. The securities sold through the program are labeled sustainability notes as they are designed within Century’s Sustainability Bond Framework. The framework, confirmed by a second party opinion to comport with ICMA guidelines, sets strict use of proceeds rules that align with Century’s mission of building sustainable communities by financing the supply of quality affordable housing.

About Century Housing Corporation

Century Housing Corporation is a mission-driven Community Development Financial Institution (CDFI) that finances quality, affordable housing throughout California to provide dignified homes, healthy and hopeful futures, and economic independence to the people we serve. From our start as a state agency and through our past 27 years as a private non-profit, Century has invested more than $2 billion to create and preserve over 50,000 homes while creating thousands of construction jobs. Century-financed developments showcase a unique legacy of serving our triple bottom line: positive financial, social, and environmental outcomes supporting a more just and sustainable future in the places where help is needed most. Century Housing is based in Culver City, California.

About U.S. Bancorp Community Development Corporation:

With $39.57 billion in tax credit equity committed as of Nov. 30, 2022, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC’s commitments provide capital investment to areas that need it the most and contribute to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable housing, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at

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Sara Williams, Century Housing Corporation | 310.642.2055

Todd Deutsch, U.S. Bank Public Affairs & Communications | 612.303.4148

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