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Enterprise and Providence Community Housing celebrated the first phase of redevelopment for the Lafitte community in New Orleans. HUD Secretary Shaun Donovan, Lafitte residents, and local and national officials broke ground in August 2009 for a new affordable community. Enterprise and Providence have pledged one-to-one replacement of all subsidized apartments for all 865 former Lafitte residents. |
Hurricanes Katrina, Rita and Wilma destroyed or caused major damage to more than 265,000 homes across the Gulf Coast region. Nearly half the families affected by the storms were “very low-income” under the federal definition, meaning they annually earn about $25,000 or less. The storms also laid bare longstanding conditions in the Gulf Coast that exacerbate the rebuilding challenges – high concentrations of poverty, overburdened local government agencies and under resourced community-based organizations.
Working with partners across the Gulf Coast region, Enterprise has committed to invest $200 million toward the development of 10,000 affordable, healthy and sustainable homes and apartments.
Gulf Coast profile (PDF, 138K)
Congratulations to the 2009 Chase Community Development Competition award winners!
Green is the new affordable. Thanks to Enterprise’s Green Communities initiative, the industry is rethinking the way affordable housing is designed and built. Our five-year initiative invested $700 million to build nearly 16,000 green affordable homes, and demonstrated that green affordable housing is attainable. That it produces measurable long-term cost savings. And it brings health, economic and environmental benefits that will sustain communities into the next generation and beyond. Enterprise Green Communities now moves into a new phase with a firm commitment to make housing green and affordable for all.
- Enterprise has invested more than $20 million to build 132 homes.
- The Louisiana Housing Finance Agency selected the Enterprise Green Communities Criteria as one of two sets of green building standards that developers who seek tax credits and tax-exempt bonds through the state must meet.
- And the Enterprise Green Communities Criteria was adopted by the city of New Orleans as the standard for homes rehabbed and rebuilt under the federal Neighborhood Stabilization Program.
We offer a unique breadth of knowledge, expertise and financial products — including tax credit equity, debt and predevelopment lending — that yield both social and economic returns. Our team of experts continues to strengthen and expand the range and reach of these vital tools.
The Fund provides financing to developers who acquire land or buildings for development to replace housing that was lost or severely damaged due to Hurricanes Katrina and Rita.
The Gulf Opportunity Zone Act of 2005 provided the five states directly impacted by the hurricanes with increased allocations of Low-Income Housing Tax Credits (LIHTCs) and Community Development Block Grants. Enterprise has worked with partners to secure these tax credits to develop and rehab more than 1,600 affordable homes.
A history of innovation drives our approach. From the Low-Income Housing and New Markets Tax Credit programs to our Green Communities initiative, we help shape, introduce and take to scale the solutions that create, preserve and transform communities nationwide.
Enterprise and national and local partners created this pilot program to provide modular homes and gap financing for low-income families in Pass Christian, Miss.
Good policy — and successful partnerships — are key to thriving communities. Enterprise is a trusted advisor at the local, state and federal levels, advocating bold policy priorities, and we align strategic partnerships to leverage public, private and nonprofit resources into results.
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Doris Koo, president and chief executive officer of Enterprise Community Partners. |
At a hearing of the House Financial Services Committee in early 2007, Enterprise Community Partners President and CEO Doris Koo underscored the need for a comprehensive rebuilding approach. Preserving affordability for low- and moderate-income residents does not mean returning to the pre-storm poverty and isolation prevalent in many communities, Koo said.
Enterprise grants, loans and technical assistance have allowed our partners to fund or begin planning additional homes. These partners include the Gulf Coast Housing Partnership, Biloxi Housing Authority and Humanitas. We are grateful to the many partners that support our work on the Gulf Coast.
Enterprise Community Partners
1050 S. Jefferson Davis Parkway,
Suite 339
New Orleans, LA 70125
Phone 504.335.2303
Fax 504.821.7213
Email Michelle
Michelle Whetten
Vice President and Impact Market Leader
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