$40M Green Affordable Housing Fund Will Help Build 500 Green Homes
- Mar 20, 2009
By Anuradha Kher, Online News EditorLos Angeles–As the California market continues to look for new sources of capital to fund construction of much-needed affordable housing, Enterprise Community Investment Inc. and four long-term financial partners have launched a green affordable housing fund for the Golden State.The $40 million Enterprise California Green Communities Fund will help finance the creation of 500 energy-efficient, affordable homes in Los Angeles, Oakland, and metropolitan San Francisco through the syndication of federal low-income housing tax credit (LIHTC) equity. “The Enterprise California Green Communities Fund offers financing with a nod to sustainability,” says Rich Gross, vice president of California Initiatives, Enterprise Community Partners. “We anticipate launching more financing tools like this in the near future and will continue connecting capital to communities to provide green, affordable housing.” To ensure the sustainability of the participating properties and the cost savings associated with green living, each development funded by money from the Enterprise California Green Communities will utilize the Enterprise Green Communities criteria, which is the only national standard for green, affordable housing.By building in such features as rooftop solar photovoltaic systems (solar panels), hydronic space heating, Energy Star appliances and other environmentally responsive technologies, the utility costs for residents and the environmental impact are substantially reduced. The fund has several investors including U.S. Bancorp Community Development Corp., Wells Fargo & Co., Merrill Lynch Community Development Corporation and MetLife Inc.