Enterprise Closes 2 Affordable Housing Funds at $365M

Skagit County PSH. Image courtesy of Enterprise

Enterprise Community Partners has closed Enterprise Housing Partners Funds XXXVI (EHP 36) and XXXVII (EHP 37), two low-income housing credit funds. Seventeen investors provided the $365 million which will help build and preserve 3,526 affordable rental homes. These mark the third and fourth multi-investor housing funds Enterprise has closed this year.

The 35 properties or projects which benefit from EHP 36 and EHP 37 are located in California, Florida, Georgia, Idaho, Illinois, Louisiana, Maryland, Massachusetts, Missouri, New York, North Carolina, Ohio, Pennsylvania, Texas, Virginia, Washington and Wisconsin. According to estimates of jobs and economic impact based on national multipliers created by the National Association of Homebuilders in 2020, the two funds will also create 5,750 jobs leading to $370 million in wages and salaries and $146 million in income for small businesses.

Two representative communities

Two of the properties representative of the range of investments are the 307-unit Bridge at Turtle Creek in Austin and the 70-unit Skagit County PSH in Mt. Vernon, Wash.

Expected to deliver in the spring of 2023, the five-story Bridge at Turtle Creek is being developed through EHP 36 and will offer a mix of studios, one- and two-bedroom units, ranging from 510 to 1,214 square feet, according to Yardi Matrix data. The property is slated to be Austin Energy Green Building certified and to include amenities such as a fitness room, grilling area and indoor lounge. JCI Residential and Austin Affordable Housing Corp. will develop the project.

Located at 6020 First St., the development is 6 miles southwest of downtown Austin. Several dining, retail and entertainment options are available on a 1-mile radius. St. David’s South Austin Medical Center is 2 miles northeast of the property, while Barton Creek Wilderness Park is less than 8 miles northwest.

Scheduled to deliver by February 2023, Skagit County PSH, which will be developed through EHP37, will have 25 units set aside for people battling with mental illness, 10 for formerly homeless individuals recovering from substance abuse and five for formerly homeless veterans. The community will offer permanent supportive housing, which helps people stay stably housed long-term. Two units will benefit from project-based Veterans Affairs Supportive Housing vouchers through the Housing Authority of Skagit County. The remaining 68 units will annually receive rental and operating subsidies from Skagit County. Catholic Housing Services will develop the community.

Skagit Couty PSH will be located in Mt. Vernon, Wash., which is situated along Route 5, 62 miles north of Seattle.

The EHP 36 and EHP 37 funds come months after the nearly $236 million EHP 35. In 2021, Enterprise’s total investment was $800 million in nearly 8,000 affordable units across the U.S.