Enterprise Community Investment Combines With CPDC
The deal represents an opportunity for the companies to improve access to affordable housing at a time when prices are rising and credits are limited.
By D.C. Stribling
Cheryl Chow Court, an affordable Enterprise community in Seattle.
Enterprise Community Investment, an affordable housing specialist that is part of Enterprise Community Partners of Washington, D.C., has combined with another affordable housing specialist, Community Preservation and Development Corp. (CPDC). Going forward, CPDC will operate as an affiliate of Enterprise.
CPDC has more than 30 properties providing homes to more than 10,000 people in the Mid-Atlantic region. Altogether, Enterprise has created 470,000 affordable units, including 144,000 units through the Low-Income Housing Tax Credit program.
Sliver Spring, Md.-based CPDC offers regional development expertise and resident services through its Community Impact Strategies (CIS) program. According to CPDC, the CIS model is built upon five areas of sustainable community development: economic development, education, environment, health and wellness, and resident engagement.
The Goal is to Keep Properties Affordable
“The deepening housing challenges demand preservation of existing affordable properties, and Enterprise and CPDC share deep expertise in keeping homes affordable,” said Charlie Werhane, president and CEO of Enterprise Community Investment. “The opportunity to collaborate with CPDC will benefit both organizations.”
“The combination offers a path for organizations looking for operational efficiency, while also delivering a platform that augments services to our residents,” said Brian McLaughlin, a former board member of CPDC and current member of the Enterprise Community Investment board of directors, who characterizes the two entities as having “two sets of complementary expertise.”
