Enterprise Introduces New Fund for Affordable Housing Investment
- Dec 13, 2013
Columbia, Md.—Enterprise Community Investment Inc. has revealed its new fund, the Enterprise Housing Partners 24 Fund, which aims to streamline the investment process of developing affordable housing in multiple regions nationwide.
“The launch of our Enterprise Housing Partners 24 Fund exemplifies Enterprise’s commitment to innovation and leadership in affordable housing,” says Charlie Werhane, president and CEO of Enterprise Community Investment. “We are constantly looking at ways to pioneer new efforts to strengthen communities, in this case by providing our partners with unique, flexible pricing and market options for investing in affordable housing around the country.”
The fund, which offers multi-regional pricing and provides targeted Community Reinvestment Act investment opportunities at varying yields with a single Limited Partnership Agreement and fund closing, has a current value of $143.9 million. The fund provides a single-point option for investors that are targeting one or multiple regions in the Pacific Northwest, California and Chicago, or nationwide excluding the aforementioned areas.
To date, the fund has provided financing for 13 deals, including Ballard Apartments in Seattle, which marked Enterprise’s 2,000th deal using the Low Income Housing Tax Credit (LIHTC). The 51-unit Ballard Apartments, which is being developed by the Low Income Housing Institute and will target very low-income and formerly homeless seniors, will meet Enterprise Green Communities Criteria—the first national framework for creating and preserving green affordable housing.