COLUMBIA, MD – Enterprise Community Partners (Enterprise) is closing out the year with $225.5 million in capital commitments for a new Low-Income Housing Tax Credit (LIHTC) multi-investor fund, Enterprise Housing Partners Fund XLVIII (EHP 48). The fund will create or preserve 1,708 affordable homes across the country — and generate 2,777 new jobs and $314.6 million in wages, tax revenue, and business income, including $179.5 million in direct wages to workers.

“Reaching this scale in today’s capital environment speaks volumes about our investors’ commitment and the strength of Enterprise’s investment platform,” said Kari Downes, executive vice president and head of Enterprise’s housing credit investments business. “Together, we’re leveraging one of the nation’s most powerful housing tools to create more affordable homes, support local economic growth, and build long-term stability for families and communities across the country.

” EHP 48 will help create and preserve 15 properties across Washington, D.C., and nine states: California, Florida, Kentucky, Louisiana, Maryland, Minnesota, New Jersey, New York, and Ohio.

New Lease-to-Purchase Single-Family Homes in Ohio 

In Cleveland, Enterprise will invest in Parkside Homes East, a CHN Housing Partners development offering 55 new single-family lease-to-purchase homes across the Glenville, Hough, and Buckeye-Shaker neighborhoods. Designed as high-quality infill housing with garages, porches, storage space, and in-unit laundry hookups, the three-bedroom homes will be affordable to households earning up to 60% AMI, with six units fully accessible for residents with physical disabilities. 

The project follows Enterprise’s fiftieth LIHTC deal with CHN and will continue the nonprofit's innovative lease-to-purchase model, which successfully prepares residents for homeownership and offers them the opportunity to buy their homes in Year 16. 

Preserving Affordability for Seniors in Rural Minnesota 

The fund will also help preserve the affordability of two sister properties in rural Minnesota: West Falls Estates International Falls and LEE Center in Hibbing. Both properties are dedicated to seniors and people with disabilities, and with support from new project-based Housing Assistance Payments (HAP) contracts, will remain affordable for at least 20 more years. 

West Falls Estates is comprised of a 60-unit apartment building and 20 townhome-style family units, for a total of 80 rental units. Common area amenities include a large community room with a kitchen, a computer room, an exercise room, a library, laundry facilities, and outdoor features like a BBQ pavilion, landscaped green space, and on-site parking. 

LEE Center — short for Life Enrichment for the Elderly Center — is a 95-unit apartment community consisting of one six-story building with 90 one-bedroom and five two-bedroom homes. Amenities include a community room with kitchen and dining space, a library, laundry facilities, outdoor seating areas, a gazebo, and a community garden. The property is also home to a commercial kitchen leased by Meals on Wheels, which provides daily meals to residents. 

A tenant-in-place rehabilitation — led by Stone Beam Development — will allow residents of both properties to remain in their homes during construction while improving their accessibility, quality, and efficiency, helping to ensure they meet the needs of two rural areas with growing senior populations and limited affordable housing options. 

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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 more than 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. 

About Enterprise Equities, Inc. 
Enterprise Equities, Inc. ("EEI"), is an affiliate of Enterprise Community Investment, Inc., and acts as the primary placement agent for Enterprise’s LIHTC funds. EEI is a broker-dealer registered with the U.S. Securities and Exchange Commission (“SEC”), a member of the Financial Industry Regulatory Authority (“FINRA”) and a member of the Securities Investor Protection Corporation (“SIPC”). For additional information on EEI, visit FINRA at www.finra.org and to learn more about SIPC, visit www.sipc.org.