NEW YORK (January 10, 2024) – Enterprise Community Partners (Enterprise) announced today that Kari Downes will become president of Enterprise’s housing credit investments business, among the nation’s top Low-Income Housing Tax Credit (Housing Credit) syndicators. Downes, who currently serves as Enterprise Housing Credit Investments’ executive vice president, will also serve as a member of the leadership team of Enterprise’s Capital division, which collectively oversees a $16.6 billion affordable housing and community development investment platform. Effective April 1, Downes will assume the role from Scott Hoekman, who joined Enterprise in 1994 and has served in several leadership roles over his 30-year tenure, including as Enterprise Housing Credit Investments’ chief credit officer for 14 years before being named president in 2018.
“In her more than 20 years at Enterprise, Kari has played an instrumental role in growing our business. As the need for affordable homes only continues to increase nationwide, Kari is perfectly positioned to lead Enterprise’s housing credit investments business into this next chapter,” said Lori Chatman, President of Enterprise’s Capital division. “We extend our heartfelt thanks to our colleague and friend Scott Hoekman for his exceptional leadership and 30-year commitment to Enterprise’s mission to make a good home possible for the millions of Americans without one.”
Downes takes over leadership of Enterprise Housing Credit Investments as it marks $20 billion in cumulative investments, which have financed 2,800 developments, creating or preserving 200,000 affordable homes nationwide. Of that total, $7.1 billion occurred in the five years Hoekman led the business, contributing to a $15 billion current portfolio of 147 funds comprised of more than 70 blue-chip institutional investors. In 2023, Enterprise Housing Credit Investments deployed $1.729 billion, which marks the fifth consecutive year of record investment. These results have made Enterprise the nation’s top Housing Credit syndicator in recent years, as measured by equity invested. Widely recognized as an industry leader, Hoekman also established a legacy of affordable housing advocacy, including co-chairing the ACTION Campaign, a coalition of more than 2,400 member organizations working to expand and strengthen the Housing Credit, and serving on the board of directors of the Affordable Housing Tax Credit Coalition.
“It has been a great privilege to be a part of Enterprise over for the past 30 years, and I am making the decision to step down with the utmost confidence in our extraordinary team, all of whom are committed to creating and preserving affordable homes by providing best-in-class service to our investor and developer partners,” said Hoekman. “With Kari as Enterprise Housing Credit Investments’ next leader, I know that the organization is in the best possible hands.”
As executive vice president, Downes currently oversees the investor services and operational workings of the business, including the investor relations and capital raising teams, credit, structuring services, business systems and asset management. She previously managed the capital markets group, where she provided direction and oversight for the company’s key investor relationships for the Housing Credit product.
“I’m honored to take on this new role at Enterprise, and I look forward to working closely with our investor and developer partners to build and preserve critically needed affordable homes across the country,” said Downes. “The Low-Income Housing Tax Credit is the most powerful and impactful way to increase the supply of affordable homes. With the help of our incredible team here, we will continue to grow our impact so that everyone can have a safe and affordable place to call home.”
About Enterprise Housing Credit Investments
Enterprise’s housing credit investments business operates under Enterprise Housing Credit Investments, an affiliate of Enterprise Community Partners – a national nonprofit that exists to make a good home possible for the millions of families without one. We support community development organizations on the ground, aggregate and invest capital for impact, advance housing policy at every level of government, and build and manage communities ourselves. Since 1982, we have invested $64 billion and created 951,000 homes across all 50 states – all to make home and community places of pride, power and belonging.
Contact:
Brian Wolak
410-772-2595
bwolak@enterprisecommunity.org