Enterprise Community Partners announced today the closing of two new affordable housing funds totaling $526 million. With combined commitments from 20 investors, Enterprise Housing Partners Funds 44 (EHP 44) and Enterprise Preservation Fund V (Fund V) are expected to help create or preserve more than 6,300 homes across the country. The milestone was achieved despite a tight capital market—and amid a housing crisis that’s left nearly half of all U.S. renters cost burdened.
“Raising half a billion dollars in this challenging market demonstrates a sustained interest in impact investing and the strength of Enterprise’s Capital teams and investment products. Our experience, versatility, and creativity give us an unmatched ability to make tangible impacts for our investors and the communities we serve,” said Lori Chatman, president of Enterprise’s Capital Division. “With the support of our partners, these housing credit and preservation funds will bring critically needed homes to communities across the country—and at prices families can actually afford.”
$344M Housing Credit Fund to Create 2,000+ Homes and Nearly 3,000 Jobs
A $344.4 million Low-Income Housing Tax Credit (LIHTC) multi-investor fund, EHP 44 will support the development of more than 2,000 affordable homes in 22 properties across 12 states: California, Florida, Louisiana, Massachusetts, Michigan, Montana, Nebraska, New Jersey, New York, Oregon, Texas, and Washington. The fund is also expected to create nearly 3,000 jobs, more than $336 million in wages and business income, and $116 million in tax revenue.
EHP 44’s investments include South 11th Street, New Jersey’s first LIHTC allocation awarded to a Black woman developer, Adenah Bayoh, principal of Foya Development Group, LLC., and partner of Equitable Path Forward, Enterprise’s flagship racial equity initiative.
The four-story building will bring 40 total new units to Newark: one super’s unit (providing free housing to the super of the building) and 39 units reserved for residents earning 60% or less of the area median income (AMI), with eight of those units specifically dedicated to people who have experienced homelessness. The YMCA of Newark and Vicinity and Brick Education Network will provide on-site programming and resources for residents, like childcare, counseling, health and fitness classes, and more. Community spaces include covered and uncovered parking, a gathering room with a kitchen, and an outdoor playground. The project recently broke ground this summer.
4,300+ Affordable Homes Saved with $182M Preservation Fund
Fund V, a $182 million preservation equity fund with capital commitments from 10 investors, is expected to preserve more than 4,300 affordable units across at least eight states: California, Maryland, Missouri, Ohio, Tennessee, Texas, Vermont, and Washington so far. This closing follows two significant milestones achieved by Enterprise’s real estate equity business: 20,000 homes created or preserved and more than $900 million of capital raised and managed by the team.
Recently closed under the fund, Woodlands of Denton in Denton, Texas, will convert 75% of a 148-unit market rate apartment community into affordable housing. Nine units will be restricted at 50% AMI, nine units at 60% AMI, and 93 units at 65% AMI, with 37 units remaining market rate. The property offers one-, two-, and three-bedroom apartments, all with patios or balconies, along with multiple amenities: a swimming pool, picnic area, dog park, game room, fitness center, and community room. The project is a joint venture between sponsors Parliament Drive, LLC, and the Denton Housing Authority.
About Enterprise Community Partners
Enterprise is 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 more than $72 billion and created over 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.