Enterprise-Financed Developments Receive Industry Recogntion
Affordable Housing Tax Credit Coalition Recognizes 2007 Recipients
Columbia, Md. (June 21, 2007) – Enterprise Community Investment, Inc. (Enterprise) congratulates four of its partners whose low-income housing tax credit (LIHTC) properties were recognized by the Charles L. Edson Tax Credit Excellence Awards. One of the properties won top honors and three others earned honorable mentions in their respective categories. Enterprise invested equity through the LIHTC program in all four properties. Sponsored by the Affordable Housing Tax Credit Coalition, the awards are presented annually to outstanding LIHTC projects in four categories.
New Holland Apartments in Danville, Ill., was named winner in the Rural Housing category. Broadway Crossing in Seattle, and New Columbia in Portland, Ore., each received honorable mentions in the Metropolitan/Urban category. Kingsbury Place in Grand Rapids, Mich., received an honorable mention in the Special Needs Housing category.
"We're honored to be associated with the outstanding developers who made these projects possible," said Jeff Donahue, president and CEO of Enterprise Community Investment, Inc. "These awards reflect our 25-year commitment to helping people by creating communities that are healthy, sustainable and more vibrant than ever."
New Holland Apartments is a substantially rehabilitated five-story building on the National Register of historic places. By integrating green affordable housing and historic preservation goals, the developer, Crosspoint Human Services, transformed a vacant, deteriorating building into 46 high quality, resource efficient apartment homes for people with special needs. As the Rural Housing category winner, New Holland received $5,000 from the Affordable Housing Tax Credit Coalition to help bring additional services, facilities or amenities to residents.
Broadway Crossing provides 44 new apartments in a unique mixed-use development. The 5-story building is home to an 11,000 square foot Walgreens drugstore on the first floor, with the remaining floors providing affordable residential housing. Fifteen financing sources combined to make Broadway Crossing a reality.
The New Columbia-Woolsey development offers 131 units of sustainable housing for families and is part of a large HOPE VI redevelopment. Green building techniques that focus on energy efficiency, resource conservation and improved neighborhood integration were incorporated throughout the development.
Developed by Genesis Nonprofit Housing Corporation, Kingsbury Place blends housing for residents from various transitional housing programs, shelters and treatment programs with mainstream low-income residents. This supportive housing model enabled the developer to reduce the concentration of residents with a specific type of disability and to maximize funding sources for the development. Green building features at Kingsbury Place include energy efficiency and storm water retention and management.
Enterprise Community Investment, Inc. (Enterprise) is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. Enterprise leverages low-income housing, new markets and historic rehabilitation tax credits, short- and long-term debt, and development services to capitalize projects that make a catalytic difference in communities. Over the last 25 years, Enterprise has privately raised more than $7 billion to finance more than 200,000 affordable rental and for-sale homes, create vital communities and help transform the lives of low-income Americans, particularly those at the lowest end of the economic scale. Currently, Enterprise is investing in communities at a rate of nearly $1 billion a year. Visit www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.
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