Local Investments Save Affordable Homes in Washington, D.C.
In the Washington, D.C. area, residents, foundations, businesses, and banks are investing local to address the region’s housing crisis.
Since Enterprise Community Loan Fund (Loan Fund) launched Our Region, Your Investment with the Washington Regional Association of Grantmakers (WRAG) in January, $7 million has been invested to preserve the affordability of more than 200 homes —protecting families from potential displacement at Fort Stevens Place in Washington, D.C., Clarendon Court in Arlington, Virginia, and the Crest Apartments in Capitol Heights, Maryland.
“Our success reflects the strong demand for an impact investment option like the Impact Note that directly benefits communities, an understanding of the seriousness of our housing affordability challenges and the strong desire to be a part of the solution.” said Lori Chatman, president of the Loan Fund.
WRAG’s vice president Gretchen Greiner-Lott added, “WRAG is pleased to be working with Enterprise Community Loan Fund on Our Region, Your Investment. We are extremely excited about the great progress the initiative has made thus far. Our region’s affordable housing crisis requires more creative solutions like this.”
Local investors including the Metropolitan Washington Council of Governments (COG), TD Bank, the Diane and Norman Bernstein Foundation, and the Richard E. and Nancy P. Marriott Foundation are at the table, and this is what they are saying:
- “TD Bank is pleased to help fulfill the critical need of providing more affordable housing in the region,” said Hugh Franklin, vice president of TD Bank. “As the human bank, we seek to make a positive impact in our communities by investing in projects such as this.”
- “We believe the Our Region, Your Investment initiative is a natural fit for the COG because we see this as another important tool for our work on affordable housing. The COG Board enthusiastically embraced the idea and appreciated the chance to become an institutional investor,” said Chuck Bean, COG’s executive director. “It’s increasingly clear that government on its own cannot solve this issue and we hope more businesses, nonprofit organizations and even individuals – my wife and I also invested – will join COG and invest in this important initiative.”
The Meyer Foundation also just announced a $1 million commitment, which brings us even closer to our new goal of $10 million invested by the end of year.