“Community development financial institutions are one of the most effective, durable economic development tools we have,” said Elise Balboni, executive vice president of Enterprise Community Loan Fund, Enterprise Community Partners’ CDFI. “They don’t just fund important community-serving projects—they help create sustainable economic ecosystems.”

That’s the model behind Enterprise Community Loan Fund, which has surpassed $3 billion in cumulative lending since its launch in 1991. Over the past two decades, the fund has helped create and preserve affordable homes, grocery stores, health clinics, early childhood centers, and other critical projects in communities across the country. Each dollar lent has helped unlock at least $10 in additional investments from public and private partners—bringing the CDFI’s total capital impact to more than $30 billion.

That capital often reaches places conventional lenders can’t—or won’t—go. According to Balboni, CDFIs offer longer terms, higher loan-to-value ratios, and interest-only periods that make community development more financially viable. In doing so, they can help stabilize neighborhoods, improve credit outcomes for borrowers, and lay the groundwork for future investment—especially during times of crisis, she explained.

“We saw proof of that during the COVID-19 pandemic. When traditional banks needed to tighten their lending standards, CDFIs were able to continue lending, keeping businesses and community projects funded,” Balboni said. “For both investors and borrowers, CDFIs are a critical ally during times of economic uncertainty.”

CDFIs are often at their most visible during moments of crisis—but their impact is just as significant in the long-term, day-to-day work of supporting local growth, Balboni said. To mark their $3 billion lending milestone, we asked the Enterprise Community Loan Fund team to share, in their own words, three projects that demonstrate what mission-driven lending can do.

Creating a Community's First Permanently Affordable Rental Homes 

One of my favorites is the acquisition/rehab to permanent loan we provided through the Bay Area Preservation Pilot program to the Bay Area Community Land Trust for their property on Solano Avenue in Berkeley, California. It’s actually the first permanently affordable property in that district of the city, which tends to be more affluent and feature largely only single-family housing—it’s on a busy commercial corridor next to a bunch of restaurants, grocery stores, banks, and bookstores. The location is perfect, and they fixed the building and apartments up beautifully.

What really stands out to me about this project is its story. The former owner began evicting residents through the Ellis Act because they wanted to convert the rental property into condos. Residents reached out to the city’s rent board and Bay Area CLT, who helped them push back, eventually resulting in the landlord selling the property to the land trust.

With loans from the city and Enterprise Community Loan Fund, BACLT was able to acquire and finish rehabbing the property. They also secured three project-based vouchers — rare for unsubsidized preservation deals — which means these homes will be affordable permanently, with three apartments offered at deeply affordable rates. To me, this project demonstrates the power of community investing in a very meaningful way.

— Eve Goldstein-Siegel, Senior Loan Officer

Getting Capital Where It’s Needed—Fast

One initiative I’m especially proud of is our Site Acquisition Funding Initiative, or SAFI. It’s a unique structure that combines Enterprise Community Loan Fund capital with public housing production trust funds to help developers acquire sites for preservation and new construction of affordable housing in Washington, D.C.

The public funds lower the cost of borrowing, while our participation ensures that capital can be deployed quickly — something that’s often hard to achieve through city channels alone.

What makes SAFI stand out is how it leverages our strength as a public-private intermediary. We bring our underwriting and asset management expertise to the table, giving public sector partners confidence in the deals we help finance. At the same time, developers get a responsive and high-touch experience—which is especially critical for projects that might otherwise struggle to find early-stage capital.

This initiative not only accelerates the development timeline, but it also shows how thoughtful financing structures can unlock urgently needed affordable homes. It’s a clear example of how we’re helping lead in Washington, D.C. with creative, community-centered capital solutions. For example, through SAFI, Homes for Hope received a $789k acquisition loan for new transitional housing paired with wrap-around support for individuals returning from incarceration.

— Monica Warren-Jones, Strategic Projects Director

A Proven Model for Equitable Transit-Oriented Development

The Denver Regional Transit-Oriented Development Fund is one of the strongest examples we have of a successful public-private partnership in action. Launched in 2010, it combines investments from three CDFIs — including Enterprise Community Loan Fund — with investments from philanthropic partners and the city of Denver, the state of Colorado, and the Colorado Housing Finance Authority.

Since its inception, the Fund has invested more than $70 million to acquire 28 transit-oriented (TOD) sites across the Denver metro area. Those acquisitions have already led — or will lead — to the creation or preservation of more than 2,800 affordable homes located near public transit stops.

This model is powerful because of its simplicity and impact: Enterprise Community Loan Fund provided acquisition financing that is low cost and has a high loan-to-value ratio, therefore reducing the upfront capital sponsors need to provide — which in this case, is helping to create a pipeline of affordable housing projects near public transit stops across Denver. It’s a proven approach to equitable development that connects people to housing and, ultimately, opportunity. 

For example, Enterprise Community Loan Fund provided a $5 million loan to Johnson and Wales Family Housing to acquire two dormitory buildings on the former Johnson and Wales University campus. The two buildings were converted into 80 affordable apartments ranging from studios to three-bedroom units. The buildings are part of a larger project by the sponsor, Archway Community Investment, to create 154 total affordable homes that are supported by a full-time service coordinator who will provide community resources like health and fitness programming, financial education, and a weekly food bank. Overall, the redevelopment plan aims to transform the former campus into an education, economic development, and affordable housing hub in the South Park Hill neighborhood.

—Josh Griff, Director of Credit