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.
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.
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:
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
|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|
|Liabilities & Net Assets||2016||2015|
|Accounts payable and accrued expenses||$49,390||$44,798|
|Capital contributions payable||$81,713||$15,658|
|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
|Revenue & Support||2016||2015|
|Gains from mortgage banking activities||$72,210||$47,469|
|Syndication and consulting fees||$39,077||$37,406|
|Grants and contracts||$28,844||$33,689|
|Asset management fees||$21,899||$22,457|
|Total Revenue & Support||$261,822||$210,965|
|Management & General||$13,064||$11,077|
|Income Tax expense (benefit)||$3,310||($4,540)|
|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
|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|
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.
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
Christine & Jaime Yordán
Kathleen L. & William P. Beckmann
Mary R. Morgan & David J. Callard
The Magistro Family
Alex S. Avitabile
Shirley Sagawa & Gregory A. Baer
Helen & Robert Bernstein
Margaret & Anthony Browne
Mathew L. Comfort
Randy Lee Comfort, Ph.D.
Elizabeth R. & Derek R. Cribbs
Terri Ludwig & Nick Mautone
Catie & Don Marron
Lee Lowry & T. Malcolm McComb
Linda Hambleton Panitz
Ronald A. Ratner
Tony M. Salazar
Ariel & Adam Zurofsky
Christopher W. Collins
Dora & Grey E. Gallo
Janet Marie Smith & F. Barton Harvey III
Louise Hirschfeld & Lewis B. Cullman
Doris W. Koo & Edward N. Chu
Franklin D. Raines
Ellen R. & Bruce I. Rothschild
Kathie & Charles R. Werhane
Susan G. & James A. Baker III
Mary Jo Barranco
Maria F. & Thomas W. Barry
Mary Catherine Bunting
Helen & Tony Di Spigno
Sally Rudney & Scott A. Hoekman
Jennifer Koen & Mark J. Horowitz
Christine Madigan & Stephen Callahan
Karen A. & Craig A. Mellendick
Jennifer & Robbert Vorhoff
Jodie Levin-Epstein & Barry Zigas
Barbara Benenson & Marc Warren
Heather & Jean-Paul Benveniste
Michael D. Berman
Raphael W. Bostic
John G. Brandenburg
Mary K. Reilly & Paul C. Brophy
Mr. & Mrs. Brad Courts
Charles Davidson III
Lynne Diamond & Gary Kates
Jill Edwards & Jim Resnick
Ingrid G. & David Ellen
Daniella & Harry Etra
Donald S. Falk
Lois B. & Eugene M. Feinblatt
Shari & Lance Fors
Ann O. & William R. Frey
David A. Friedman
Tammy & Geoffrey Garlow
Elizabeth & Andrew E. Geer
Pamela B. & Jonathan M. Genn
Renee Lewis Glover
Fredye W. & Adam A. Gross
Richard D. Gross
Sally S. & John M. Hebner
Susan Z. & Judd S. Levy
Anne G. & Andrew M. London
Suzanne F. & John A. Luetkemeyer
Maria & Timothy May
Bobbi Reichtell & Mark McDermott
Beth O’Leary & Brien O’Toole
Melinda J. Pollack
Katherine & Philip K. Porter
Joan & Nicolas P. Retsinas
Jeannie Tseng & Colin Rust
Nancy Schwartz Weinstock
Joseph A. Wesolowski
Michelle K. Whetten
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.
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
Branch Banking and Trust Company
The Morris & Gwendolyn Cafritz Foundation
The Annie E. Casey Foundation
The Cleveland Foundation
The Community Foundation for the National Capital Region
The Denver 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.
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.
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.
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.
Bocarsly Emden Cowan Esmail & Arndt LLP
The Boston Foundation
Bronx Pro Real Estate Management
The Collins Foundation
The Community Preservation Corp
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
HSBC Bank USA, N.A.
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
The Arker Companies
Atlanta Real Estate Collaborative
BRP Development Corporation
CB Emmanuel Realty LLC
Citi Community Capital
CME Group Foundation
Community Capital Management
The James and Judith K. Dimon Foundation
Dougert Property Services, LLC
Dunn Development Corp
EURAMEX Management Group, LLC
Fancy Hill Foundation
First Republic Bank
Fordham Bedford Housing Corporation
Bruno Frustaci Contracting Inc.
Galaxy General Contracting Corp.
Grenadier Realty Corp.
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
The MUFG Foundation
New York Community Bank
Notias Construction Inc.
Pier Sixty, LLC
PNC Financial Services Group & PNC Foundation
PWB Management Corp.
Tim & Lauren Schrager Family Foundation
The George L. Shields Foundation Inc
Teague Investments, LP
Thalia and Michael C. Carlos Foundation, Inc.
Third Federal Savings
University of Minnesota Foundation Real Estate Advisors
US Tech Construction & Development Corp.
The Christine & Jaime Yordán Foundation
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
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
Lettire Construction Corporation
LG Family Foundation
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
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.
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
Kenneth O. Wille and Associates, Inc.
Aquinas Housing Corp.
The Ardent Companies
Artlite Office Supply Company
Atlanta Retirement Partners
Benchmark Title Agency, LLC
Bluestone Family Fund
The Lois & Irving Blum Foundation, Inc.
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
Harley Ellis Devereaux
Hennessey Engineers, Inc.
Hunt Mortgage Group
Jacobs Family Foundation, Inc.
James Breen Real Estate LLC
Jones Lang LaSalle, Inc.
Jones Walker LLP
Lindquist, von Husen & Joyce LLP
Madison Construction Company
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
Southside United HDFC
STAT Architecture PC
Swerdlin & Company
Terrex Development Corporation
West Realty Corporation
Workforce Housing Group
Atlanta Business Chronicle
Brasstown Valley Resort
Camp Southern Ground
Cheese Store of Silverlake
City Club of Buckhead
Del Frisco's Grille - Atlanta
Theresa Don Lucas and Sal Mendoza
Doubletree - Atlanta Northlake
Embassy Suites at Centennial Olympic Park
Embassy Suites Chattanooga
Huff Harrington Fine Art, Ltd.
Le Meridien Hotel
Los Angeles Angels of Anaheim
Los Angeles Rams
Mom and Pop Shop
Noble Investment Group
Ocean Explorer Cruises in Newport Beach
Paula leDuc Fine Catering
Mona Pradhan and Kelly Sands
Royal Cup Coffee
SLS Hotel Beverly Hills
Take Me Out Tickets
Wines for Humanity
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.