Enterprise Reaches 1,000th Year-15 Disposition
In October 2019, Enterprise reached a significant milestone: the completion of our 1,000th Year-15 disposition.
Since the inception of the Low-Income Housing Tax Credit (LIHTC) program, Enterprise has raised over $14 billion in LIHTC equity through 176 investment funds, which have created a total of 2,402 properties across the nation.
Dedicated to the mission of preserving affordable housing long-term, the Enterprise Asset Resolution and Disposition team works with our sponsors and investors to determine a strategy for transferring the property in a manner that preserves the affordability and financial viability of the property while delivering investor benefits.
We completed our first Year-15 dispositions in 2003 and have successfully addressed a growing disposition pipeline of approximately 100 expiring LIHTC properties per year.
The 1,000th Year-15 Disposition
Integrated Community Housing is a 25-home scattered site property located in rural Illinois, providing affordable homes to families making at or below 50% and 60% of area median income (AMI). The disposition involved the transfer of the investor’s limited interest in the partnership to an affiliate of the original nonprofit sponsor, Christian County Integrated Community Services, with whom Enterprise has closed four other LIHTC projects and is currently closing on a new syndication of a 60-home property.
Integrated Community Housing, Pana, Illinois
This property is emblematic of Enterprise’s long-term commitment to serve the housing needs of all types of communities while working with partners large and small.
Of the first 1,000 Year-15 transfers, 97 percent of the underlying home were affordable LIHTC homes, representing 50,125 affordable home. Over 66 percent of the portfolio transferred thus far consisted of properties with 100 percent affordability, with no market rate or commercial home. Of the first 1,000 transferred properties, 93 percent have been transferred to the original sponsor, of which 82 percent were nonprofits.