JV Commits $50M to Mid-Atlantic Affordable Housing

Roughly 4,100 units will preserve their affordability, thanks to a partnership between TIAA and Enterprise Homes. The two companies acquired a 43-property portfolio from The Shelter Group.

By Laura Calugar

The portfolio includes 43 properties located in Maryland, Pennsylvania and Virginia.

The portfolio includes 43 properties located in Maryland, Pennsylvania and Virginia.

A joint venture between TIAA Investments and Enterprise Homes, a nonprofit affordable housing developer, ensured that more than 4,100 units in Maryland, Pennsylvania and Virginia will remain affordable to low-income residents. Both firms invested a combined $50 million in a fund that Enterprise Homes formed to acquire the communities from The Shelter Group. 

Located throughout the Mid-Atlantic, the portfolio includes 43 properties. The investment aims to address the growing affordability challenges facing communities across the U.S. “Nearly 19 million low-income families in the U.S. are homeless or paying at least half of their monthly income on housing. TIAA Investments’ $50 million contribution shows a commitment to ending our country’s affordability challenges and improving the lives of hard-working Americans nationwide,” said Chris Herrmann, vice president of conventional equity at Enterprise Community Investment, in a prepared statement.  

Enterprise's The Greens at English Consul includes apartments for seniors 62 and older in Halethorpe, Md.

Enterprise property The Greens at English Consul in Halethorpe, Md.

The 4,153 apartments were originally financed through the Low-Income Housing Tax Credit program, America’s main tool for creating and preserving affordable homes for low-income families, seniors, veterans and people with special needs. “This investment opportunity was particularly attractive given the properties were consistently of high quality, are located in high-demand markets and offer steady cash flows,” said Rekha Unnithan, director of impact investing at TIAA Investments.

Image via Google Maps 

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