A recent New York Times article opened with the sobering reminder that good housing stories can be hard to come by. Today, however, we at Enterprise are elated to share some truly great news.
Last year, Enterprise had its most impactful year ever. In 2021, we created or preserved 92,000 affordable homes – the greatest number of homes we’ve helped build or protect in a single year.
Also last year, we created over 323,000 square feet of community space in neighborhoods nationwide. This translates into new grocery stores, nonprofit offices and food distribution facilities, which have become even more vital during the pandemic.
Our record-breaking numbers reflect the fact that in 2021 we invested nearly $10 billion – $9.9 billion to be exact. It’s the largest amount of capital we’ve ever deployed in a single year.
2021’s performance amplified Enterprise’s historic impact. In the past 40 years, we’ve invested $54 billion to create or preserve 873,000 affordable homes across all 50 states, the District of Columbia and Puerto Rico.
But our impact goes deeper than digits. We measure success not just in dollars, but in our positive impact on systems, communities and people.
Here are a few examples of how we did just that in 2021:
- To dismantle the legacy of systemic racism in housing, in 2020 we launched Equitable Path Forward, a five-year $3.5 billion initiative. One year later – thanks to investors that include a blue-chip range of companies, banks and foundations – we’ve reached our goal of raising a $350 million Growth Fund while already committing over $150 million to date.
- To support communities where people of all incomes can live near rapid bus routes, bike pathways and other public transit, we initiated the Denver Regional Transit-Oriented Development (TOD) Fund. The $50 million invested will create 2,000 healthy, resilient homes that meet or exceed the Enterprise Green Communities Criteria.
- To ensure people can plant roots and live with dignity, we revitalized Richmond, Virginia’s storied Jackson Ward neighborhood, transforming the city’s first African-American school into modern senior housing and a historic convent into award-winning apartments that honor the community’s rich heritage as a wellspring of Black culture and commerce.
Enterprise will mark its 40th anniversary this year. Our founder Jim Rouse started Enterprise with a bold vision. But even Jim and his wife co-founder Patty Rouse probably never imagined that the organization they built would one day near the production or preservation of 100,000 homes.
And though we say Enterprise had its best year ever, the numbers speak to the many talented teams working every day across our growing organization.
From our programmatic leaders to our housing tax credit experts, dedicated loan officers, hardworking technicians who manage the properties we own and operate, and so many more exceptional professionals, we have over 1,000 employees to thank. We’re grateful to each one of them.
Our success is also a testament to the many partners who share our commitment and vision of a country where home and community are steppingstones to more. We make a difference because our funders, investors, and federal, state and local leaders, make our work possible.
Together, we’ll continue striving to create the lasting change needed to close the massive gap of affordable homes – and reframe America’s housing story for good.