Why was the original housing program privatized?
A. A number of objectives were achieved with the privatization: Privatizing the program allowed Century to retain funds for the creation of additional much-needed affordable housing in Southern California. Under the privatization order, it is intended that Century continue to exist and recycle its funds in order to provide affordable housing opportunities in for years to come. Century now has more flexibility in its approach to creating affordable housing, both in the types of eligible projects and the financing methods. Proposals are accepted and reviewed on a year-round basis, making funds available when needed, as opposed to creating artificial deadlines or competition periods that do not coincide with borrowers needs or other financing deadlines.
