Preservation & Eviction Prevention

America is facing a massive shortage of affordable rental homes, and the Covid-19 pandemic has left one in four renters struggling to pay their rent. Preserving affordable homes and protecting their residents and landlords is a priority housing-stability strategy for Enterprise.

Evictions are more prevalent than ever in the wake of the pandemic, and BIPOC and women renters are disproportionately targeted by evictions and removed from their homes.

Enterprise is taking a coordinated and comprehensive approach to protect renters from eviction and displacement and ensure that all landlords can continue providing America’s renters with stable, affordable homes.

Over the next five years, we will deliver the tools and resources to:

Support residents and landlords with rent relief and protections to prevent evictions
Drive greater equitable investment in existing affordable homes and communities
Prioritize the needs of Black, Indigenous and people of color (BIPOC) residents, landlords and developers

Over the next 10 years, this initiative will keep 10 million Americans in their homes.

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Preservation Next

Preservation Next is a national initiative that supports the preservation of affordable small- to medium- multifamily homes at-risk of being lost to rising rents, deterioration, and destabilization. Preservation Next will catalyze and support local preservation and housing stability efforts by delivering a national SMMF Preservation Toolkit and Preservation Academy, paired with technical assistance, grant support, and capital products to assist developers and property owners in stabilizing the nation’s existing stock of affordable homes and the families that depend on them. Learn more about Preservation Next.

See how our local preservation and eviction prevention initiatives make an impact:

Local Rental Owners Collaborative, Los Angeles

The Local Rental Owners Collaborative supports local rental owners with navigating the pandemic and the instabilities it caused in California, while building a strong network of support services. By providing rental owners with a comprehensive package of benefits like short-term rental relief grants and long-term financial consulting services and technology tools, the collaborative aims to improve the financial health and stability of these properties so they can continue to provide homes for local communities.

See more about the collaborative.

Bay Area Preservation Pilot, San Francisco

The Metropolitan Transportation Commission (MTC) committed $10 million to this pilot, which preserves affordable multifamily properties near transportation hubs. Administered through our Community Development Financial Institution (CDFI) and the Low Income Investment Fund (LIIF), we are offering 10-year term loans so mission-driven developers can compete for market-rate properties that currently offer affordable rents. Developers will then have 10 years to ensure long-term affordability of the homes.

Learn more about the pilot.

Project Parachute, New York City

Project Parachute is our partnership with nonprofits and property owners to keep New York renters affected by the Covid-19 pandemic safely in their homes. We manage philanthropic funding and direct grant dollars to local nonprofits who can help renters avoid eviction and stay stably in their homes. Services will include benefit advocacy, financial counseling, and renters rights education and more.

Find out more about Project Parachute.

Affordable housing assets are at risk of being redeveloped into luxury housing or experiencing massive rent hikes and gentrification. We can’t afford to lose any of those homes.

Jacqueline Waggoner, President, Solutions Division, quoted in Affordable Housing Finance Magazine