COLUMBIA, MD – Enterprise Community Partners (Enterprise) has secured $180.5 million in capital commitments for a new Low-Income Housing Tax Credit (LIHTC) multi-investor fund, Enterprise Housing Partners Fund XLVII (EHP 47). The fund will create or preserve 1,216 affordable homes in 13 properties across nine states, generating 2,078 new jobs and $318 million in wages, tax revenue, and business income — including $134.2 million in direct wages to American workers.
The closing comes on the heels of the LIHTC expansion included in the recently passed One Big Beautiful Bill Act: a permanent 12% increase in Housing Credit allocations, helping states finance more affordable rental housing projects every year, and a permanent reduction in the “50% test” to 25%, which will make it easier to finance affordable homes using tax-exempt bonds, unlocking more projects that previously didn’t pencil out.
"The Low-Income Housing Tax Credit remains one of the most effective tools we have to address the housing crisis, and with its recent expansion, we can reach even more communities in need," said Kari Downes, executive vice president and head of Housing Credit Investments, Enterprise’s LIHTC syndication business. “Through the continued support of our partners, this new fund will not only secure safe and affordable homes for more than 3,000 people — it will also boost local economies and help families, seniors, and people with special needs build lasting stability.”
EHP 47 will help create and preserve 13 properties across nine states: Florida, Georgia, Louisiana, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, and Virginia.
In Blacksburg, Virginia, Enterprise will support the new construction of Legacy on Main by Community Housing Partners (CHP) with $9.6 million in LIHTC equity. The community’s 56 units will be split evenly between two- and three-bedroom units and will serve families earning between 40% and 80% of the area median income (AMI). Five units will be reserved for residents with physical disabilities or mental illness, with supportive services provided by the New River Valley Disability Resource Center. On-site amenities include a community room, computer lab, fitness center, playground, picnic area, dog walk area, bike storage, and Wi-Fi in common spaces.
The fund will also dedicate $9.4 million in LIHTC equity to Sankofa Village Phase IV, part of a multi-phase effort to transform an aging public housing complex in Cleveland’s Central neighborhood into modernized affordable housing as part of the Cedar Transformation Plan. Sponsored by Pennrose, LLC, Phase IV will create 50 new townhomes and stacked flat-style apartments with a mix of one-, two-, and three-bedroom units for households earning between 30% and 60%. All homes will benefit from a 20-year project-based rental assistance contract through the Department of Housing and Urban Development’s Rental Assistance Demonstration (RAD) program. Shared amenities include a community center, a computer lab, and a fitness center.
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 $80.9 billion and created 1 million homes across all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands — all to make home and community places of pride, power and belonging. Join us at enterprisecommunity.org.
