Equitable Path Forward

Equitable Path Forward is a five-year, $3.5 billion nationwide initiative to help dismantle the legacy of racism in housing. This includes what types of homes get built, where they're built, who builds them and the wealth that they generate.

It’s time to invest in housing providers who are deeply engaged in their own communities. This is how we build a new level of equity in neighborhoods.

We pave an equitable path forward for Black, Indigenous, and People of Color (BIPOC) and other historically marginalized housing providers by:

Filling the capital gap created by decades of systemic racism
Strengthening providers through advisory services and other nonfinancial support
Creating new career pathways to diversify leadership in real estate

Investing in our communities aligns with our core values of service, expertise and integrity. We have a long history of partnering with Enterprise and are excited to be part of this intentional approach to equitable investment.

Darius A. Gill, Northern Trust

The Challenge is Urgent

Our neighborhoods bear the scars of decades of systemic racism in housing, including redlining and race-based federal mortgage programs, restrictive deed covenants based on skin color, predatory lending, and discriminatory property tax collection.

All of these policies and practices have led to:

Residential segregation
Homeownership rates almost twice as high for white than Black Americans
A widening wealth gap where the median net worth of a white household is nearly eight times that of a Black household
The real estate industry itself where only 2% of development companies are Black-led
Inequity for minority-led real estate firms — they control only 1.5% of real estate assets that are under management

One of the main causes for this disparity: housing providers of color lack access to sufficient capital. It's impossible to grow their operations or real estate portfolios when equity and debt are out of reach. We're here to change that.

We’re helping people overcome the historic and systemic barriers that keep them from the table so they can build the future they envision for themselves and the communities they love.

Lori Chatman, President, Capital Division

Closing the Gap with Three Main Pillars

Equitable Path Forward Growth Fund

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The $350 million Growth Fund aims to attract an additional $3.1 billion in financing from loans, investments, and grants. This capital will support both organizations and individual projects. Enterprise has contributed $10 million of our own funds to seed the initiative. The Growth Fund products include:

Entity-level lending is provided through the Enterprise Community Loan Fund, our nationally recognized Community Development Financial Institution (CDFI). This includes unsecured lines of credit —one of the hardest types of capital to access. Due to wealth disparities, many developers of color lack access to "friends and family" growth capital. That changes with our unsecured lines of credit.
Entity-level grants are available through Enterprise’s Solutions division, which raises and deploys philanthropic capital. Includes support for organizational growth.
Project-level equity is provided through our Housing Credit, Preservation Equity, New Markets Tax Credit and Opportunity Zones products, among other sources.
Project-level debt is available through Enterprise’s CDFI, among other sources.

To make this capital go further, Enterprise has created a first-of-its kind Standby Guaranty Facility. This credit enhancement tool creates access to new sources of investments for developers whose balance sheets don't meet traditional investor requirements. It also allows these developers to avoid third-party co-guarantor requirements. That way, we level the playing field for developers of color so they can hold on to more of their profits and growth potential.

Equitable Path Forward Developer Advisory Service

This $15 million program delivers consulting services, networking opportunities, business services, and evaluation support, helping BIPOC organizations expand their capacity and invest and leverage capital.

Equitable Path Forward Leadership Program

This $10 million, two-year rotational program is for future BIPOC leaders in real estate and is modeled after distinguished programs at major industrial and financial firms.

Two construction workers looking at a project on a building site.

Read Our 2023 Annual Impact Report

Read about the foundational success of Equitable Path Forward in our 2023 Annual Impact Report.

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Featured Developer

New Orleans Restoration Properties

The Irons family, the owners and operators of New Orleans Restoration Properties, have called the Hollygrove neighborhood home for generations. With the help of our Equitable Path Forward Investment, the city of New Orleans and the Louisiana Housing Corporation (LHC), the Irons family will create and preserve critically needed affordable housing in Hollygrove, and bring investment to a community that has historically seen minimal funding for new development. Learn more about their story.

Learn more