2016 Annual Report


A Message From Our Leadership

2016 marked another pivotal year for Enterprise and our partners. It was a year of tremendous progress: billions of dollars in capital invested in our communities; key policy changes at the federal, state and locals levels; innovative programmatic solutions on the ground. It was also a year of change, with one chapter closing in Washington, making way for a new era. 

Working with our partners, Enterprise invested $6 billion last year – the most in our history – towards providing well-designed, affordable homes and other critical community assets. This investment led to the creation or preservation of over 24,000 affordable homes, 28,000 workforce homes and 18 million square feet of commercial and community space – as well as 43,000 jobs that were created as a result. 
We built on our track record of integrated, cross-sector partnerships, which reached a new evolution in the form of the Strong, Prosperous and Resilient Communities Challenge (SPARCC). SPARCC, which challenges cities to ensure that new transit and infrastructure investments lead to equitable and healthy opportunities for everyone, reflects our guiding belief: that our communities’ challenges – from health to housing to education – are interconnected, so our solutions must be, too. We believe SPARCC represents a partnership model of the future. 

On Capitol Hill and in city halls across the country, Enterprise helped advance transformative policy changes. On the national level, we advocated for key federal affordable housing legislation and released a bold national policy platform. Our efforts on the state and local levels were similarly effective, such as in Denver, where we co-led an advocacy campaign to create the city’s first permanent fund dedicated to affordable housing, which will lead to 6,000 more affordable homes in the booming region.
As always, however, the numbers only tell part of the story. We invite you to read the profiles in our annual report, which show you how our work is directly impacting lives. Learn about how Marcela Vega and her adopted grandchildren feel safer and happier than ever in their home at Nuestra Senora in Guadalupe. Or read about how in San Francisco, at the LightHouse for the Blind and Visually Impaired, Scott Blanks empowers visually impaired people to live independently and thrive.
We’re immensely proud of what we achieved last year, but we know that right now our mission is more critical than ever. A new political environment means new uncertainties and new challenges.  Meanwhile, the housing affordability crisis continues to grow as wages continue to stagnate, and too many people remain disconnected from opportunity. 
Enterprise is committed to meeting these challenges, both through new solutions and those that we already know work. We will continue to fight for policies that are proven, to drive impact capital into communities and to create bold and innovative programs with the potential to match the scale of the challenges. We will work with our national network of partners for integrated, cross-sector efforts, informed by data and accelerated by new platforms and technologies. We will lift resident voices so that they are central in shaping their communities’ futures. 
None of this would be possible without you. Thank you, as always, for your support and partnership. It is more important than ever.

Terri L. Ludwig, President & CEO, Enterprise Community Partners, Inc.

J. Ronald Terwilliger, Chairman of the Board, Enterprise Community Partners, Inc.

Terri Ludwig and Ron Terwilliger



Board Members

Our board members help set Enterprise’s vision while leading a broad range of industries, programs, markets, and policy and strategic initiatives across the country. We are grateful for our board members’ guidance and commitment to our mission.

View a list of our board members


Man on bicycle

terri ludwig
“If we are serious about creating opportunity in America, we must address the shortage of affordable homes – the economic, health and educational benefits of doing so are clear.”

 – Terri Ludwig, President & CEO, Enterprise Community Partners, Inc.


blind business man

We’re grateful to all of our committed partners who help us multiply the impact of affordable housing. Together, we make well-designed homes affordable and create communities where people thrive, with connections to resources like health care, schools, jobs and transportation. Watch some of our valued partners talk about their dedication to our mission in the clips below.

Todd Gomez, Senior Vice President, Bank of America Merrill Lynch
"What inspires me the most about working with Enterprise is the breadth and depth of the types of initiates that they're able to get involved with."


David Callard, Senior Wealth Advisor, Eaton Vance Investment Counsel
"[Enterprise co-founder Jim Rouse] was committed to the question: ‘how do you make the world around you better?’"


Lesley Palmer, Managing Director & Head of Community Relations, Mizuho Americas
"Opportunity means that you're able to improve your personal condition or situation because of greater access to resources, because others are supporting you."

David Cavalier, Chairman, Aeolus Pharmaceuticals
"Home is that safe, secure base where you start from and then you can go out and help contribute and build."


stacy kirkpatrick house entrance

As one of the first social enterprises, we recycle every dollar we earn back into our mission to create opportunity for low- and moderate-income people through affordable housing in diverse, thriving communities. 


Statements of Financial Position
(In Thousands)

Assets 2016 2015
Cash, cash equivalents and investments $96,395 $110,415
Restricted cash, cash equivalents and investments $109,042 $84,058
Accounts and other receivables, net $129,085 $140,221
Loans receivable, net $148,290 $117,753
Mortgage loans held for sale $126,867 $119,762
Investments in unconsolidated partnerships $92,790 $19,376
Other assets, net $112,235 $112,620
Total Assets $814,704 $704,205
Liabilities & Net Assets 2016 2015
  Accounts payable and accrued expenses $49,390 $44,798
  Capital contributions payable $81,713 $15,658
  Indebtedness $334,406 $331,475
  Other liabilities $43,114 $47,268
  Total Liabilities $508,623 $439,199
Net assets    
  Net assets, attributable to Enterprise $276,491 $238,641
  Net assets, noncontrolling interest $29,590 $26,365
  Total Net Assets $306,081 $265,006
Total Liabilities & Net Assets $814,704 $704,205



Statements of Activities
(In Thousands)

Revenue & Support 2016 2015
Gains from mortgage banking activities $72,210 $47,469
Contributions $52,610 $24,774
Syndication and consulting fees $39,077 $37,406
Grants and contracts $28,844 $33,689
Asset management fees $21,899 $22,457
Interest income $15,924 $13,610
Other revenue $31,258 $31,560
Total Revenue & Support $261,822 $210,965
Expenses 2016 2015
Program activities $193,267 $174,170
Management & General $13,064 $11,077
Fundraising $4,913 $5,430
Income Tax expense (benefit) $3,310 ($4,540)
Total expenses $214,554 $186,137
Change in net assets $47,268 $24,828
Changes in net assets, attributable to noncontrolling interest ($9,418) ($3,221)
Changes in net assets, attributable to Enterprise $37,850 $21,607

Statements of Changes in Net Assets
(In Thousands)

  2016 2015
Net assets, attributable to Enterprise, beginning of period $238,641 $216,300
Changes in temporarily restricted net assets, attributable to Enterprise $32,321 $8,197
Changes in unrestricted net assets, attributable to Enterprise $5,529 $13,410
Other changes in net assets, due to acquisition  - $734
Net assets, attributable to Enterprise, end of period $276,491 $238,641
Unrestricted $175,750 $170,221
Temporarily restricted $100,741 $68,420

View our full financial statements.

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