Faith-Based Development Initiative
The Faith-Based Development Initiative (FBDI) is a collaboration between Enterprise, East of the River Clergy-Police-Community Partnership, Wesley Theological Seminary and Georgetown University.FBDI seeks to engage and assist the faith-based community as active agents in creating an economically diverse Washington, D.C., metropolitan area where people of all incomes have access to fit and affordable housing and community resources.
From its inception, FBDI has supported over 40 different faith-based development partners at various stages of the development process. By June 2011, the FBDI had more than 1,115 units in the pipeline and supported the construction of 228 affordable housing units.
In financial support alone, the FBDI has provided more than $15 million in Enterprise grants, loans and tax credit equity. This includes:
- More than $145,000 in grants (supporting 13 projects)
- More than $1.5 million in loans (supporting five projects)
- Over $13.8 million in Low-Income Housing Tax Credit equity (supporting 214 affordable housing units)
Training
The Initiative provides regular development process trainings for the faith community. Training topics may include the "nuts-and-bolts" of affordable housing development, how to access public and private financing, organizational development and asset management. All workshops are free. The Initiative also hosts twice-a-year networking luncheons.Capital
Enterprise provides access to capital resources to assist the faith community in their development projects:- Predevelopment Grant: This grant of up to $10,000 with a 25 percent match helps faith-based organizations defray early development costs. Contact Jessica Rafferty to learn more.
- Community Loan Products: Enterprise's lending experts provide developers with innovative short-term loan products.
- Multifamily Mortgage Finance: Enterprise offers competitive long-term mortgage loans for new construction and rehabilitation for affordable and market-rate multifamily housing.
- Tax Credits: Enterprise is one of the leading providers of Low-Income Housing Tax Credit (LIHTC) equity in the country and is one of the largest allocatees of New Markets Tax Credits (NMTC).
Technical Assistance
The Initiative provides preliminary property and market analyses and makes referrals to appropriate development experts. The Initiative and its team of consultants can conduct organizational assessments to strengthen the position of a faith-based development organization to seek funding.Partnership with Legal Services
From the beginning to the end of the development process, the Initiative provides houses of worship access to pro bono legal services. Partnerships include: D.C. Bar Pro Bono Program, the Maryland Volunteer Service, American University College of Law, George Washington Law School, Georgetown University Law Center and David A. Clarke School of Law at the University of the District of Columbia. The initiative also makes referrals to fee-based attorneys with specific knowledge and capacity to work with faith-based organizations.Internships
Pivotal to the success of the FBDI has been the support of undergraduate and graduate student interns in the Washington, D.C. region. Interns have worked on real estate and policy research, program evaluation, and project case studies.Watch the video to hear from past FBDI interns, whose experience at Enterprise helped them grow professionally to prepare for a full-time career in affordable housing. If you're interested in an internship, contact Jessica Rafferty.
For more information on the Faith-Based Development Initiative, contact Jessica Rafferty.
Building on Faith
Read the FBDI white paper to learn how FBDI offers technical and financial tools to help the Washington, D.C. region's houses of worship create affordable housing.
FBDI Fact Sheet
Download the fact sheet for more on the Faith-Based Development Initiative.