Mid-Atlantic, Baltimore, DC, Ohio
As one of the largest nonprofit community development financial institutions in the country, Enterprise Community Loan Fund delivers high-impact capital to the people and places that need it most.
Partnering with community groups and investors, we combine financial discipline, deep expertise, and highly collaborative partnerships to build and preserve homes people can afford, and invest in neighborhood resources and facilities residents need most, including schools, federally qualified health centers(FQHCs), stores with healthy food options, and more.
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Track Record
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*Aeris is a CDFI rating agency and rates CDFIs for both financial strength and impact. Standard & Poor’s Global ratings provides ECLF a rating as an issuer of securities. S&P also rated ECLF’s Series 2018A General Obligation Sustainability Bonds, which were issued in 2018. S&P updates both ratings on an annual basis. Neither the Aeris nor the S&P ratings should be interpreted as a statement as to the risks or suitability of an investment in securities issued by Enterprise Community Loan Fund other than the Series 2018A Bonds. Past performance is not a guarantee of future results.
Focus Areas
- Loans for affordable housing
- Rental housing: Financing for the preservation and development of affordable multifamily rental housing
- For-sale housing: Financing to foster home ownership for residents and families with low-incomes
- Loans for health
- Health care: Financing for the development of community health centers and other service facilities, including FQHCs, that expand access to high-quality, affordable healthcare to individuals, families, or communities that are medically underserved regardless of their ability to pay
- Loans for food security
- Healthy food: Financing for healthy food outlets and healthy food retailers in federally designated food deserts
- Loans for education
- Charter schools: Financing for high-quality public charter schools that predominantly serve students with low incomes
- Early childcare facilities: Financing for early learning facilities serving children from birth to five years
- Loans for business
- Commercial real estate: Financing for mixed-use development, retail, manufacturing, and office space to be leased or owned by nonprofits, for-profits, or government entities in underserved communities to foster job creation and commercial revitalization
- Community services: Financing for facilities and service providers that provide vital community services that benefit individuals and/or communities with low- to moderate-incomes
- Loans for affordable basic infrastructure
- Solar energy: Financing for the installation of solar photovoltaic systems to be leased or owned by nonprofits or mission-aligned for-profit developers to expand access to energy in rural and other low-income communities
Learn more about how our focus areas contribute to 11 of the United Nations' Sustainable Development Goals and conform to the International Capital Market Association’s Sustainability Bond Guidelines in our sustainability bond framework.
Community Partners
Our CDFI provides flexibly designed loans to build and preserve homes with affordable rents, health care clinics, grocery stores, and schools, among others community facilities.
Types of Loans
Predevelopment
- Purpose: Third-party expenses related to design and development activities prior to construction, which may include permits and applications, third-party due diligence, and consultant fees
- Eligible projects: Rental housing, for-sale housing, mixed-use projects, community facilities, and commercial facilities
- Term: Up to 24 months
- Loan amount: Up to $2 million
- Repayment: Interest-only, payable monthly
- Loan fees: Up to 2% of loan amount plus legal fees
- Collateral: Generally secured on senior lien; flexible
- Recourse: Full recourse
Acquisition
- Purpose: Available for land and building acquisition, predevelopment, and critical repairs
- Eligible projects: Rental housing, for-sale housing, mixed-use projects, community facilities, and commercial facilities
- Term: Up to 24 months
- Loan amount: Up to $8 million
- Repayment: Interest-only, payable monthly
- Loan fees: Up to 2% of loan amount plus legal fees
- Collateral: Senior lien on real estate collateral with LTV of up to 60% for vacant land; up to 80% for cash flowing properties
- Recourse: Full recourse
Construction
- Purpose: Available to pay for hard and soft costs of new construction or rehabilitation with expected repayments typically from a permanent loan
- Eligible projects: Rental housing, for-sale housing, mixed-use projects, community facilities, and commercial facilities
- Term: Up to 24 months
- Loan amount: Up to $10 million
- Repayment: Interest-only, payable monthly
- Loan fees: Up to 2% of loan amount plus legal fees
- Collateral: Senior lien on real estate collateral with LTV of up to 80%
- Recourse: Full recourse
Bridge Loans
- Purpose: To bridge the timing gap between project or program costs and receipt of cash from committed or anticipated sources like LIHTC equity and/or Historic Tax Credit Equity. May also be used to bridge other financing sources.
- Eligible projects: Rental housing, for-sale housing, mixed-use projects, solar, community facilities, and commercial facilities
- Term: Up to 48 months
- Loan amount: Up to $10 million
- Repayment: Interest-only, payable monthly
- Loan fees: Up to 2% of loan amount plus legal fees
- Collateral: Bridged receipts and/or real estate collateral
- Recourse: Full recourse
Mini-Permanent and NMTC Leverage Loans
- Purpose: Available for acquisition/refinance of operating housing and community facility properties, including NMTC leverage loans. May also be paired with a construction loan for the development of a new or rehabilitation of an existing property.
- Eligible projects: Rental housing, for-sale housing, mixed-use projects, community facilities, solar, and commercial facilities
- Term: 5 to 7 years
- Loan amount: Up to $8 million
- Repayment: Amortizing payments based on period of up to 25 years, payable monthly
- Loan fees: Up to 2% of loan amount plus legal fees
- Collateral: Senior lien on real estate/assignment of Investment Fund interest in CDE(s) with LTV of up to 75%
- Recourse: Full recourse
Permanent
- Purpose: Available for the long-term financing or refinancing of acquisition, construction, and renovation projects
- Eligible projects: Rental housing, for-sale housing, mixed-use projects, community facilities, solar, and commercial facilities
- Term: 7+ years
- Loan amount: Up to $10 million
- Repayment: Amortizing payments based on period of up to 30 years, payable monthly
- Loan fees: Up to 2% of loan amount plus legal fees
- Collateral: Senior lien on real estate
- Recourse: Non-recourse with carve outs
In addition to utilizing our own funding, ECLF originates loans with a programmatic or geographic focus in partnership with private and public city, county, and state resources:
- Atlanta, Atlanta Equitable Transit Oriented Development
- Fund for predevelopment and acquisition loans for workforce housing near MARTA stations, the Atlanta Streetcar, the Atlanta Beltline, and other modes of transit, in partnership with the city of Atlanta
- Denver, Denver Regional Transit-Oriented Development Fund
- Fund for the acquisition of land and preservation of existing affordable housing located near current or future rail stops in Greater Denver, in partnership with the Colorado Housing Finance Agency, the city of Denver, and the Urban Land Conservancy
- New York City, NYC Acquisition Fund
- Fund for flexible bridge loans to support affordable housing preservation in New York City, in partnership with the city of New York and local foundations
- Los Angeles, New Generation Fund
- Fund for predevelopment, acquisition, preservation, and rehabilitation loans in the city of Los Angeles, in partnership with the city of Los Angeles
- Los Angeles, Metro Affordable Transit Connected Housing Program
- Fund for predevelopment and acquisition loans for affordable housing in Los Angeles County, in partnership with the LA County Metropolitan Transit Agency and local foundations
- San Francisco, Transit Oriented Affordable Housing Fund
- Fund for predevelopment and acquisition loans for the development of affordable housing, community services, fresh food markets, and other neighborhood assets near transit lines throughout the Bay Area, in partnership with the Metropolitan Transportation Commission and local nonprofits
- San Francisco, Bay Area Preservation Pilot
- Fund for predevelopment and acquisition loans for the preservation of unsubsidized multifamily housing considered affordable to renters with low and moderate incomes located near transit, in partnership with Metropolitan Transportation Commission
- Seattle, Regional Equitable Development Initiative Fund
- Fund for acquisition loans for multifamily affordable rental or for-sale housing and community facilities along transit corridors, or for land to be acquired for the purpose of producing these community assets, in partnership with the jurisdictions of King County, Washington
- Washington D.C., Preservation Pool
- Fund for predevelopment and acquisition financing for the preservation of affordable housing, in partnership with the District of Columbia government
- California, Golden State Acquisition Fund (GSAF)
- Fund for predevelopment and acquisition loans for affordable housing in California, in partnership with the California Department of Housing and Community Development
- National, Enterprise Green Accelerator
- Fund to support the adoption of clean energy measures and address gaps in deep energy projects benefiting low-income and disadvantaged communities across the US.
- National, Equitable Path Forward Growth Fund
- Fund for entity-level capital in the form of unsecured, low-cost working capital and predevelopment financing to invest in disadvantaged developers in socially and economically disadvantaged neighborhoods.
- National, Habitat for Humanity International Property Acquisition Fund
- Fund to address ongoing barriers to affordable housing and to foster access to homeownership opportunities for underserved communities.
