Grand Opening of Deerfield Village Creates 26 New Homes for Low-Income Families in Hardeeville, South Carolina

Hardeeville, South Carolina – (January 14, 2008) – Enterprise Community Investment, Inc. (Enterprise), the Community Development & Improvement Corporation (CDIC) and Jasper County Neighbors United (JCNU) today announced the grand opening of Deerfield Village, a new community of 26 detached, single-family rental homes created for families earning 50 percent or less of area median income. Deerfield Village is located off of Highway 321 in Hardeeville, South Carolina, and the 9.8 acre development is located within a larger 79.6 acre property and former timber farm recently annexed into the city of Hardeeville. Deerfield Village, managed by non-profit JCNU and CDIC, is a community that will offer rents between $350 and $450 per month to low-income residents. The site will also include an amenity center and green space.

“Enterprise is committed to building decent, affordable housing for low-income families in rural and urban communities nationwide,” said Charles R. Werhane, vice chairman and chief operating officer, Enterprise Community Investment, Inc. “We are proud to partner with Jasper County Neighbors United and local government housing agencies to make this project a dream come true for Jasper County residents.”

Deerfield Village features 10 two-bedroom/two-bathroom homes, 10 three-bedroom/two-bathroom homes, and six four-bedroom homes with 2.5 bathrooms. Two of the 26 homes will be available for families with mental health challenges. The South Carolina Department of Mental Health will provide these families with additional support services including rental and utility assistance and financial management.

“Jasper County Neighbors United has a unique goal for its tenants, which is to help them buy homes of their own,” said Mary Davis, housing coordinator for Deerfield Village. “All tenants are required to take a class on first-time homeownership as well as a course that teaches financial responsibility so they will be in a position to buy homes of their own as soon as possible. This service will be available during the rental period, and funds will be available for down payment assistance.”

Soon-to-be Deerfield Village resident William Rogers, 45, who has never owned a home, plans on staying in the community for about five years. The sixth grade Hardeeville Elementary School teacher said Davis and JCNU chair and instructor, Sister Lupe Stump, are preparing him to buy a home by helping him modify his spending habits.

“They’ve taught me that homeownership can be achieved with some sacrifice, determination and willpower,” said Rogers.

Deerfield Village is being co-developed by CDIC, a subsidiary of the Housing Authority of the City of Aiken, South Carolina, and JCNU, a nonprofit formed by the Sisters of Mercy and Jasper County residents as an all-volunteer community housing development organization. JCNU purchased the land for Deerfield Village from Georgia Pacific and worked with the city of Hardeeville and Jasper County on the site’s master plan.

“CDIC is proud to be part of the Deerfield Village development,” said Claudia Adams, chief financial officer at CDIC. “A major component of a healthy family is a safe, clean and affordable home in which to live. We wish to acknowledge our construction related partners in this project, for their efforts played a major role in the completion of these fine homes. They are contractors H. G. Reynolds Construction Company, Inc. and Cleland Site Prep, Inc., Carolina Engineering, architect Hussey Gay Bell and Deyoung, SCE&G, Beaufort/Jasper Water and Sewer Authority, Land Resource Consultants, Surveying Services, Inc., DHEC and the City of Hardeeville.”

Deerfield Village is financed with $3.3 million in low-income housing tax credit equity investment from Enterprise, $213,000 from Regions Bank, $500,000 from South Carolina Housing Finance and Development Authority through the HOME Investment Partnership Program, and $250,000 from the Federal Home Loan Bank of Atlanta. To date, Enterprise has made more than $37.8 million in low-income tax credit equity investments in the state of South Carolina to create 800 units of affordable housing at 17 properties.

“Deerfield Village demonstrates Enterprise’s and our partners’ continued commitment to create increased opportunities for those in need of fit, affordable housing in South Carolina,” said Audrey Easaw, vice president of Corporate Marketing and Strategic Communications for Enterprise Community Investment, Inc. “Through public-private partnerships, we have helped to build or rehabilitate 800 affordable homes in Charleston, Columbia, Greenville, Bluffton and several other South Carolina cities. We look forward to expanding housing opportunities for those most in need throughout the Palmetto State. ”

The Community Development & Improvement Corporation (CDIC) was formed in 1996 as a subsidiary non-profit of the Aiken Housing Authority. The corporation, formerly New Labor Housing and Economic Development Corporation, was created to address the challenges the low-to-moderate income families encounter and to provide education, experience, jobs and promote a future of self-reliance.

Established in 2000, Jasper County Neighbors United (JCNU) assists low income and disadvantaged residents of Jasper County and its surrounding communities through social services, community and economic development, housing, education, recreation and transportation.

Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For 25 years, Enterprise has pioneered neighborhood solutions through public-private partnerships with financial institutions, governments and community organizations. Enterprise has raised and invested $8 billion in equity, grants and loans to finance more than 225,000 affordable rental and for-sale homes. Enterprise currently invests in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.

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© 2008 Enterprise Community Investment, Inc. All rights reserved.
Enterprise Community Investment is a for-profit subsidiary of Enterprise Community Partners, Inc.
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