June 13, 2024 – Enterprise Community Loan Fund (ECLF), the community development financial institution lending arm of national housing nonprofit Enterprise Community Partners (Enterprise), announced today that leading impact investment firm ImpactAssets closed six new investments with ECLF’s Impact Note, an unsecured security, for a total of $11,525,000.

Proceeds from sales of the Impact Note are used primarily as loan capital for loans to community-based, nonprofit, and mission-aligned for-profit, affordable housing, and community and commercial facilities borrowers. Examples of community development projects funded by ECLF and supported by the sales of the Impact Note include the following:

• Economic development: More than $25 million in financing was provided to Seawall to support community development projects in Baltimore’s Remington Neighborhood, most recently through a $3.1 million acquisition loan to support acquisition of five properties for the redevelopment of Sisson Street Corridor, which will include workforce housing and office and retail space.
• Climate justice: ECLF and DC Green Bank together provided $12.4 million to install 2.2 megawatts of solar panels at four affordable housing properties in Washington, D.C., bringing solar energy to 536 homes. The panels are expected to eliminate greenhouse gas emissions by the equivalent of up to 1,794 tons of carbon dioxide each year. 
• Racial equity: In support of Equitable Path Forward, Enterprise’s five-year, $3.5 billion initiative to advance racial equity in the housing industry, ECLF provided $3.5 million in financing to Second Chance Center to acquire a site to develop 128 new affordable homes in Denver, with services targeted to formerly incarcerated people and 55 homes set aside for people experiencing homelessness. 

“Market pressures like rising inflation and interest rates have increased construction costs, property operating expenses, and construction delays across the community development industry,” said Elise Balboni, president of ECLF. “This investment from ImpactAssets will help Enterprise Community Loan Fund continue to provide flexible capital and innovative solutions to our borrowers, ensuring they can develop and maintain affordable housing and other projects that meet the urgent needs of low-income families across the country.”

“With investments totaling more than $11.5 million, our support of Impact Notes reflects ImpactAssets’ commitment to transformative community development,” said Margret Trilli, chief executive officer and chief investment officer of ImpactAssets. “This strategic investment targets critical funding gaps, catalyzing systemic changes that are vital for building sustainable communities founded on economic empowerment, climate justice, and racial equity.”

Through the Impact Note, retail and institutional investors alike can invest in community-serving projects with as little as $5,000. A vital component of ECLF’s capitalization strategy, Impact Note proceeds are used primarily as loan capital for affordable housing and community and commercial facilities borrowers. 

“This newest investment demonstrates a growth in partnerships with impact investing firms that use the Impact Note as a way to align investments with their clients’ impact goals,” said Anna Smukowski, ECLF’s senior director of capital programs. “Whether it’s with $5,000 or $10 million, investing in the Impact Note helps individuals and families support a wide array of vital community serving projects.”

Since the launch of the Impact Note program in 2010, ECLF has aggregated over 570 investments from impact-first investors—foundations, individuals, donor advised funds, and corporations—totaling $181 million.

About Enterprise Community Loan Fund  
Enterprise Community Loan Fund (ECLF), a community development financial institution, is an affiliate of Enterprise Community Partners, a national nonprofit that exists to make a good home possible for the millions of families without one. ECLF’s mission is to deliver innovative financial products and technical assistance to mission-aligned organizations to acquire, develop, and preserve quality and resilient affordable housing for low-and moderate-income families, and to revitalize their communities by providing access to good jobs, schools, transportation, and healthy living environments. Since 1982, ECLF has lent and/or committed $2.9 billion to develop, preserve, and/or rehabilitate over 145,000 homes across the United States—all to make home and community places of pride, power, and belonging. Join us.

Disclaimer: This is not an offer to sell or a solicitation of an offer to buy any securities. Such an offer is made only by means of a current Prospectus (including any applicable Pricing Supplement) for each of the respective notes. Such offers may be directed only to investors in jurisdictions in which the notes are eligible for sale. Investors are urged to review the current Prospectus before making any investment decision. The securities are unsecured debt securities subject to terms, conditions and risks described in the Prospectus, including the possible loss of the amount invested. Payment is dependent on Enterprise Community Loan Fund’s financial condition at the time payment is due. No state or federal securities regulators have passed on or endorsed the merits of the offering of notes. Any representation to the contrary is unlawful. The notes will not be insured or guaranteed by the FDIC, SIPC, or other governmental agencies. 

The Impact Note is currently not offered in Arkansas, Delaware, Florida, Kentucky, Nebraska, and Tennessee.