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.




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






Last year, Enterprise directed more capital into communities than at any other point in our 35-year history, achieving record results. We invested over $6 billion in 2016, creating or preserving more than 24,000 well-designed affordable homes and 18.3 million square feet of commercial and community space.





Our investments in 2016 will help create or preserve:

2016 Highlights


From coast to coast, our work has helped transform communities and people's lives.

See More 2016 Progress & Results







“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.



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."



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.


We thank and recognize our valued donors for their contributions and pledge payments in 2016. We also thank those donors who wished to remain anonymous. The commitment and generosity of our donors help create opportunity for low- and moderate-income people through affordable housing in diverse, thriving communities.


Donor Spotlights

Individual Donors

The James W. Rouse Society recognizes individual donors who contribute $1,000 or more annually to Enterprise. Members help us to honor the memory of Mr. Rouse, Enterprise founder and visionary thought leader in the affordable housing and community development movement.


Fran & J. Ronald Terwilliger


Jean Clark
Christine & Jaime Yordán


Kathleen L. & William P. Beckmann
Mary R. Morgan & David J. Callard
The Magistro Family
Andrew Mays
Jonathan Rose
Paul Vetter


Alex S. Avitabile
Shirley Sagawa & Gregory A. Baer
Helen & Robert Bernstein
Margaret & Anthony Browne
David Cavalier
Mathew L. Comfort
Randy Lee Comfort, Ph.D.
Elizabeth R. & Derek R. Cribbs
Marian Heiskell
Terri Ludwig & Nick Mautone
Catie & Don Marron
Lee Lowry & T. Malcolm McComb
Linda Hambleton Panitz
Will Paterson
Ronald A. Ratner
Tony M. Salazar
Ariel & Adam Zurofsky


Christopher W. Collins
Catherine Dolan

Dora & Grey E. Gallo
Janet Marie Smith & F. Barton Harvey III
Louise Hirschfeld & Lewis B. Cullman
Doris W. Koo & Edward N. Chu
David Outcalt
David Pedowitz
Franklin D. Raines
Ellen R. & Bruce I. Rothschild
Kathie & Charles R. Werhane


Priscilla Almodovar
Teresa Altemus
Susan G. & James A. Baker III
Mary Jo Barranco
Maria F. & Thomas W. Barry
Justin Berman
Mary Catherine Bunting
Arthur Cohen
Helen & Tony Di Spigno
Matthew Dowling
Todd Gomez
Chickie Grayson
Sally Rudney & Scott A. Hoekman
Jennifer Koen & Mark J. Horowitz
Rick Lazio
Christine Madigan & Stephen Callahan
Karen A. & Craig A. Mellendick
Beth Myers
Ritta Rosenberg
Jennifer & Robbert Vorhoff
Louise Wells
Jodie Levin-Epstein & Barry Zigas


Scott Anderson
Barbara Benenson & Marc Warren
Heather & Jean-Paul Benveniste
Michael D. Berman
Raphael W. Bostic
David Bowers
John G. Brandenburg
Mary K. Reilly & Paul C. Brophy
John Chambliss
Mr. & Mrs. Brad Courts
Charlotte Crow
Charles Davidson III
Lynne Diamond & Gary Kates
Amy Dickerson
Jill Edwards & Jim Resnick
Richard Eisner
Ingrid G. & David Ellen
Daniella & Harry Etra
Donald S. Falk
Lois B. & Eugene M. Feinblatt
Caroline Finger
Sean Flynn
Shari & Lance Fors
Ann O. & William R. Frey
David A. Friedman
Tammy & Geoffrey Garlow
Tania Garrido
Elizabeth & Andrew E. Geer
Pamela B. & Jonathan M. Genn
Renee Lewis Glover
Claudio Gonzalez
Fredye W. & Adam A. Gross
Richard D. Gross
Sally S. & John M. Hebner
Robert Hellman
Robert Kadoori
Judith Kende
Timothy Kingston
Jeffrey Lantz
Charles Laven
David Lerner
Alfred Levitt
Jeremy Levkoff
Susan Z. & Judd S. Levy
Angela Littlejohn-Swan
Anne G. & Andrew M. London
Suzanne F. & John A. Luetkemeyer
Brian MacLean
Thierry Marbach
Maria & Timothy May
Bobbi Reichtell & Mark McDermott
Patrick McEnerney
Mark Migliacci
Dona Moesel
Raoul Moore
Shekar Narasimhan
Vivek Nayar
Genevieve Nestor
Beth O’Leary & Brien O’Toole
Melinda J. Pollack
Barbara Poppe
Katherine & Philip K. Porter
William Porter
Joan & Nicolas P. Retsinas
Celia Roady
Liz Rosen
Ken Sofge
Jeannie Tseng & Colin Rust
Nancy Schwartz Weinstock
Joseph A. Wesolowski
Michelle K. Whetten
Sue Wilson

We also extend our sincere thanks to those donors who contributed less than $1,000. Our website has the complete listing of these valuable supporters.


Organizational Donors


Bank of America & Bank of America Foundation
Citi & Citi Foundation
Goldman Sachs Bank USA
The JPB Foundation
JPMorgan Chase Co. & The JPMorgan Chase Foundation
The Kendeda Fund
The Kresge Foundation
Robert Wood Johnson Foundation
Robin Hood Foundation


Deutsche Bank
Ford Foundation


Barr Foundation
Branch Banking and Trust Company
The Morris & Gwendolyn Cafritz Foundation
Capital One
The Annie E. Casey Foundation
The Cleveland Foundation
The Community Foundation for the National Capital Region
The Denver Foundation
Dignity Health
Energy Foundation
E*TRADE Financial Corporation
M&T Bank & The M&T Charitable Foundation
John D. and Catherine T. MacArthur Foundation
Meyer Memorial Trust
Morgan Stanley Foundation, Inc.
NeighborWorks America
New York State Health Foundation
William J. & Dorothy K. O'Neill Foundation
OneWest Bank, a division of CIT Bank, N.A
The Pew Charitable Trusts
Rockefeller Philanthropy Advisors, Inc.
The Fan Fox and Leslie R. Samuels Foundation, Inc.
Santander Bank, N.A.
Sisters of Charity Foundation of Cleveland
State Farm Insurance Companies
Surdna Foundation, Inc.
U.S. Bank, U.S. Bank Foundation & U.S. Bank Corporate Foundation
United Way of Greater Cleveland
Wells Fargo Bank N.A., Wells Fargo Foundation & Wells Fargo Housing Foundation


The 2030 Group, Inc.
Annenberg Foundation
California Community Foundation
CF Real Estate Services, LLC
Charles Schwab Bank
Searle Funds at The Chicago Community Trust
City National Bank
Cleveland Neighborhood Progress
The Colorado Health Foundation
The Cousins Foundation, Inc.
Kaiser Permanente
Mizuho Americas
The McKnight Foundation
The New York Community Trust
Nord Family Foundation
Ohio Savings Bank
Olive Bridge Fund
Providence Health Services
Saint Luke's Foundation
The San Francisco Foundation
United Rentals, Inc.


American Express Company
BBVA Compass Bank
Bellwether Real Estate Capital
blue moon fund, inc.
BNY Mellon
Bocarsly Emden Cowan Esmail & Arndt LLP
The Boston Foundation
Bronx Pro Real Estate Management
CohnReznick LLP
The Collins Foundation
The Community Preservation Corp
Cortland Partners
Entergy Foundation
Forsyth Street Advisors, LLC
Gallagher, Evelius & Jones, LLP
The Georgetown Company
Aaron and Angel Goldman Family Foundation
Walter & Elise Haas, Sr. Fund
Sally Mead Hands Foundation
The Heinz Endowments
Leaves of Grass Fund
Lemle & Wolff, Inc.
Lincoln Property Company
Lostand Foundation, Inc.
The McGregor Foundation
John H. & Ethel G. Noble Charitable Trust
The Piton Foundation
The RADCO® Companies
Rose Community Foundation
Sartain Lanier Family Foundation, Inc.
SunTrust Bank & SunTrust Foundation
TD Bank through the TD Charitable Foundation
Third Federal Foundation
United Way of Greater Los Angeles
United Way of Central Maryland
Y&H Soda Foundation


America's FHLBanks
The Arker Companies
Astoria Bank
Atlanta Real Estate Collaborative
BRP Development Corporation
CB Emmanuel Realty LLC
Citi Community Capital
Citizens Bank
CME Group Foundation
Community Capital Management
The James and Judith K. Dimon Foundation
Domus Development
Dougert Property Services, LLC
Dunn Development Corp
Enfold Properties
EURAMEX Management Group, LLC
Exact Capital
Fancy Hill Foundation
FG-PH Corporation
First Republic Bank
Fordham Bedford Housing Corporation
Bruno Frustaci Contracting Inc.
Galaxy General Contracting Corp.
Grenadier Realty Corp.
Group Gordon
GTG Consultants, PC
Henry and Etta Raye Hirsch Family Foundation, Inc.
L+M Development Partners
Low Income Investment Fund, Inc.
McCormack Baron Salazar, Inc.
MDG Design + Construction LLC
Mega Contracting Inc.
Metropolitan Transportation Commission
Eugene & Agnes E. Meyer Foundation
Monadnock Construction
The MUFG Foundation
New York Community Bank
Notias Construction Inc.
Pier Sixty, LLC
PIMCO Foundation
PNC Financial Services Group & PNC Foundation
Pollack Shores
PWB Management Corp.
Savills Studley
Tim & Lauren Schrager Family Foundation
The George L. Shields Foundation Inc
Signature Bank
Teague Investments, LP
Thalia and Michael C. Carlos Foundation, Inc.
Third Federal Savings
Triangle Equities
University of Minnesota Foundation Real Estate Advisors
US Tech Construction & Development Corp.
The Christine & Jaime Yordán Foundation


Abode Communities
Amalgamated Bank
Barker Management, Inc.
Beneficial State Bank
The Brewery on Half Moon Bay Inc.
BRIDGE Housing Corporation
California United Bank
Community Bank, N.A.
The Community Development Trust
The Community Foundation for Greater Atlanta
Corporation for Supportive Housing
Cuore E. Mani Foundation
Dollar Bank
D.P. Group General Contractors
Emmes Asset Management Co. LLC
Enterprise Community Investment, Inc.
Sandra Erickson Real Estate Inc.
Gubb & Barshay LLP
Huntington National Bank
ICON Builders
Jones Hall
Lettire Construction Corporation
LG Family Foundation
Mechanics Bank
Mercy Housing, Inc.
Morris, Manning & Martin, LLP
Nixon Peabody LLP
Edwin D. Northrup II Fund through PNC Charitable Trust
Pacific Western Bank
Paul Hastings LLP
The Phipps Houses Group
Related California
RentPath, LLC
Silicon Valley Bank
TLM Associates, LLC
University Neighborhood Housing Program


Asian Americans for Equality, Inc.
Atlanta Capital Group, Inc.
City of Atlanta Department of Planning & Community Development
Atlanta Regional Commission
Boston Private Bank & Trust Company
California Bank & Trust
CAMBA Housing Ventures, Inc.
Community Access, Inc.
Fifth Third Bank
First American Title Ins. Co.
FirstMerit Bank, N.A.
Gibbs Construction
GlassRatner Management & Realty Advisors, LLC
Highridge Costa Investors, LLC
Hirschen Singer & Epstein LLP
Hootie and The Blowfish Foundation Fund
Integro Insurance Brokers
The NHP Foundation
PKF O'Connor Davies, LLP
SEBCO Development, Inc.
SRO Housing Corporation
The John Stewart Company
Tahl-Propp Equities
Kenneth O. Wille and Associates, Inc.


Aquinas Housing Corp.
The Ardent Companies
Artlite Office Supply Company
Atlanta Retirement Partners
Banner Bank
Benchmark Title Agency, LLC
Bluestone Family Fund
The Lois & Irving Blum Foundation, Inc.
Bright Power
Cahill Contractors, Inc.
The California Endowment
Calvary Manager LLC
Catholic Charities of Brooklyn & Queens
Chinatown Community Development Center
Community Economics, Inc.
Dart Group Foundation, Inc.
Enterprise Bank and Trust
Federated Title Services, LLC
Goldstein Hall PLLC
Guernsey, Inc.
Harley Ellis Devereaux
Hennessey Engineers, Inc.
Hudson Companies
Hunt Mortgage Group
Jacobs Family Foundation, Inc.
James Breen Real Estate LLC
Jones Lang LaSalle, Inc.
Jones Walker LLP
Leverage Law
Lindquist, von Husen & Joyce LLP
Madison Construction Company
Mithun, Inc.
MWA Architects
Neighborhood Partners, LLC
Neuberger Berman LLC
Northwestern Mutual Foundation
Omni New York LLC
The Oregon Community Foundation
Owens & Owens CPA PC
Partnership for New York City
Proto Realty Services, LLC
Rental Management Associates
Richard Bowers & Co.| TCN Worldwide
Seawall Development Company
Shepardson Stern + Kaminsky
SKA Marin
Southside United HDFC
STAT Architecture PC
Swerdlin & Company
Terrex Development Corporation
West Realty Corporation
Workforce Housing Group

In Kind

Alimena Limousine
Atlanta Business Chronicle
Peter Barker
The Bazaar
Booker Promotions
Brasstown Valley Resort
Camp Southern Ground
Catalyst Fitness
Chateau Elan
Cheese Store of Silverlake
City Club of Buckhead
Zeeda Daniele
Del Frisco's Grille - Atlanta
Theresa Don Lucas and Sal Mendoza
Doubletree - Atlanta Northlake
Embassy Suites at Centennial Olympic Park
Embassy Suites Chattanooga
Dora Gallo
Ana Gavin 
Georgia Aquarium
Hilton Checkers
Huff Harrington Fine Art, Ltd.
Impact Specialty
Intercontinental Buckhead
Caroline Kuperstock
Le Meridien Hotel
Legacy Ventures
Lidny Lofts
Los Angeles Angels of Anaheim
Los Angeles Rams
Market Catering
Jill McCullough
Duncan Miller
Mom and Pop Shop
Noble Investment Group
Ocean Explorer Cruises in Newport Beach
Paula leDuc Fine Catering
Mona Pradhan and Kelly Sands
Red O
Royal Cup Coffee
SLS Hotel Beverly Hills
Seslee Smith
Gil Sotelo
Soul Cycle
Southern Botanics 
Sindy Spivak 
Star Limo
Take Me Out Tickets
Jacqueline Waggoner
Louise Wells
Wines for Humanity
Ariel Zurofsky

We also extend our sincere thanks to those donors who contributed less than $1,000. Our website has the complete listing of these valuable supporters.


Download the Report