Enterprise Launches New Fund to Streamline the Affordable Housing Investment Process Nationwide
Enterprise Housing Partners 24 Fund serves as a model for offering investors unique, flexible pricing and market options
COLUMBIA, Md. and SEATTLE – December 11, 2013 – In the latest example of its innovative leadership in affordable housing and community development, Enterprise Community Investment, Inc. (Enterprise) today announced the launch of the Enterprise Housing Partners 24 Fund, significantly streamlining the investment process and providing new resources for affordable housing developments nationwide.
“The launch of our Enterprise Housing Partners 24 Fund exemplifies Enterprise’s commitment to innovation and leadership in affordable housing,” said Charlie Werhane, president and CEO of Enterprise Community Investment, Inc. “We are constantly looking at ways to pioneer new efforts to strengthen communities, in this case by providing our partners with unique, flexible pricing and market options for investing in affordable housing around the country.”
By offering multi-regional pricing and providing targeted Community Reinvestment Act investment opportunities at varying yields with a single Limited Partnership Agreement and fund closing, the $143.9 million fund is a one-stop shop for investors interested in one or multiple regional markets across the Pacific Northwest, California and Chicago regions, or nationwide excluding those specific areas.
Thirteen deals so far have been financed through the fund, including Ballard Apartments in Seattle, which recently closed, marking Enterprise’s 2000th deal using the federal Low Income Housing Tax Credit (Housing Credit). Enterprise helped to create the Housing Credit in 1986, and since then it has become the most successful tool for creating and preserving affordable housing nationwide. A 51-unit development for very low-income and formerly homeless seniors being developed by the Low Income Housing Institute, Ballard Apartments will meet Enterprise Green Communities Criteria, the first national framework for creating and preserving green affordable housing.