2014 Year in Review
Our Chicago market team works to produce and preserve sustainable, affordable housing connected to opportunity. In 2014 Enterprise invested nearly $78 million to create homes for seniors, veterans, chronically homeless and working families.
With our partners, Enterprise moved closer to fulfilling
- Our generational goal to end housing insecurity
- Our 2020 commitment to provide opportunity to 1 million low-income families through quality affordable housing and connections to good schools, jobs, transit and health care
Investing in the Midwest
|Green energy features help reduce the carbon footprint of affordable housing while making housing economically sustainable by reducing utility costs. Rooftop solar panels were a part of the rehabilitation and modernization of Evergreen Towers 1, a 100-apartment building serving seniors and people with disabilities.
Through Enterprise’s family of financial companies, nearly $78 million was invested in the region last year.
- Enterprise Community Investment, $53.5 million
- Enterprise Community Loan Fund, $12.4 million
- Bellwether Enterprise, $11.7 million
In 2014, Enterprise awarded $744,000 in Section 4 capacity building grants to 15 organizations in Chicago, Detroit and Milwaukee. These grants provide vital funds that allow affordable housing nonprofits to improve real estate strategies, pursue transit-oriented development opportunities and advance green housing. Grants require at least a three to one match in private funds, resulting in a total of $2.2 million in direct investment. Section 4 funds advance concepts that would otherwise be stuck at the drawing board.
|(Left) Residents of Chicago’s historic Lathrop Homes. Lathrop is located in an affluent area on Chicago’s northwest side where affordable housing is scarce and where the 1,116-unit public housing project was recently threatened by demolition. Two Enterprise grantees, Heartland Housing and Bickerdike Redevelopment Corporation, are working together to redevelop the property as green affordable housing. Enterprise funding supports neighborhood scale sustainability planning and engineering at Lathrop. Current plans in progress include green features such as a district solar system.|
|Midtown Detroit Inc. used Section 4 funds in the design of the Fourth Street Eco-Housing Project. MDI plans to construct 17 energy-efficient single-family homes within a larger eco-landscaped green space community.|
Financing equitable transit-oriented development
Southland Community Development Loan Fund Target Area
In early 2014, Enterprise closed our first loan through the Southland Community Development Loan Fund, helping to preserve 98 affordable apartments in Blue Island, Ill. The $6 million TOD fund leverages existing transportation assets in the south suburbs, such as Metra rail, to foster thriving and environmentally sustainable communities. Enterprise manages the fund in partnership with the South Suburban Mayors and Managers Association and the Chicago Community Loan Fund. With additional support from the Chicago Community Trust, Enterprise is also advancing TOD in Blue Island, Olympia Fields and Richton Park.
Greening affordable housing
In June, the City of Chicago announced the results of the Chicago Neighborhood Energy Challenge, a six-month competition managed by Enterprise. The challenge motivated 750 residents in 14 buildings to reduce energy and water consumption, putting an extra $54,000 in their pockets. In a post competition survey, 96 percent of residents said they would continue conserving.
Enterprise is also engaging community development corporations in energy savings through the new Enterprise Sustainability Exchange, which launched in December. Over the next year, the exchange will advance green asset management and development practices through workshops, strategy sessions and technical assistance. This initiative helps advance our national Green Communities work through on-the-ground, community-based solutions.
Enterprise will continue advancing equitable TOD with our municipal partners and expand to additional communities. In our first full year of the Enterprise Sustainability Exchange, we will promote sustainable housing solutions in Chicagoland. Finally, we will continue to advocate for local, regional and state level policies that create affordable housing and promote community revitalization.
Support our work
Enterprise Community Partners is a national organization that works to create opportunity for low- and moderate-income families and individuals through affordable housing in diverse, thriving communities. Our unique blend of solutions, finance and advocacy brings public-private partnerships and solutions to end housing insecurity. We would like to thank several of our key supporters for making our work possible in 2014.
- Bank of America Foundation
- The Chicago Community Trust
- Citigroup Foundation
- City of Chicago
- Department of Housing and Urban Development (HUD)
- US Bank