Mayor David Combs Celebrates the Grand Opening of Rollinwood Manor

64 New Affordable Homes for Seniors in Rocky Mount, North Carolina

Rocky Mount, North Carolina – (April 25, 2008) – United Property Management, LLC, Morning Star Church of Christ and Enterprise Community Investment, Inc., (Enterprise) today announced the grand opening of Rollinwood Manor, a newly constructed community of 64 affordable apartments for seniors age 55 and older who earn 60 percent or less of area median income. Rollinwood Manor residents and project partners were joined by Mayor David W. Combs and Representative Joe P. Tolson to welcome the seniors to their new home.

Rollinwood Manor is a $5.8 million development financed with $5.2 million in low-income housing tax credit equity investment from Enterprise, a $2.3 million construction loan from Mountain 1st Bank & Trust and $986,361 in funding from the North Carolina Housing Finance Agency. The development is located in Edgecombe County in Rocky Mount, North Carolina at 144 Rollinwood Drive, at the intersection of South Glendale Drive.

“Enterprise is proud to partner with the city of Rocky Mount, the state of North Carolina, United Property Management and all of the entities that came together to create more affordable housing for seniors in the Rocky Mount community,” said Charles R. Werhane, vice chairman and chief operating officer, Enterprise Community Investment, Inc. “We have successfully partnered with UPM’s Fred Mills and his team on several local housing developments and, like Enterprise, he remains committed to building decent, affordable housing for individuals and families in North Carolina.”

Developed by United Property Management, Rollinwood Manor features a three-story building with an elevator, energy efficient one- and two-bedroom apartments, a secure keypad entry system, a resident computer center, library and an entertainment room. In addition, some apartment units are accessible to individuals with disabilities. The North Carolina Division for the Deaf and the Hard of Hearing, Wilson Regional Center, assisted in recruiting eligible residents and is partnering to provide a variety of supportive services. Nearby churches, the Morning Star Church of Christ and the Light of Peace Baptist Church, helped inform and recruit senior parishioners for the new community.

United Property Management, LLC has been managing tax credit properties since 1999. Fred G. Mills formed United Equities in 1990 with his longtime friend and business associate, Stuart H. LeGrand, both from Shelby, North Carolina, to further pursue his interests in affordable housing. United Equities began developing affordable multifamily developments, utilizing the Section 42 Low Income Housing Tax Credit Program. In 1999, United Equities created a management company, United Property Management, LLC with the understanding that ownership of tax credit properties establishes a personal interest to effectively manage tax credit properties. United Property Management now successfully manages 20 properties across the state of North Carolina.

In North Carolina, Enterprise has financed more than $182 million in tax credit equity and loans to rehabilitate or develop more than 3,200 units of affordable and market-rate homes and 38,000 square feet of office/retail space.

Enterprise Community Investment, Inc. 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. Enterprise has privately raised over $9 billion to finance more than 240,000 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 $1 billion a year. Visit 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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