Enterprise Housing Credit Investments Closes $200 Million Multi-Investor Equity Fund
Low-Income Housing Tax Credit fund will create nearly 1,800 affordable homes in 10 states
COLUMBIA, Md. (March 19, 2021) – Enterprise Housing Credit Investments (EHCI) announced today the recent closing of the Enterprise Housing Partners Fund XXXIV (EHP 34), a $199,577,500 multi-investor Low-Income Housing Tax Credit (Housing Credit) fund. The fund comprises seven investors and will support the creation of 1,794 affordable homes across 14 properties in 10 states. EHP 34 is the first of four multi-investor funds planned by EHCI this year; its closing on February 12 marked the earliest in the year EHCI has closed a multi-investor fund.
“Enterprise is continuing to see very strong interest from long-time and new investors in our Housing Credit funds,” said Scott Hoekman, president of EHCI, Enterprise’s Housing Credit syndication business. “We’re grateful for their trust, and we’re busy deploying this capital into some terrific developments that will deliver affordable homes and contribute to thriving communities across the country.”
EHP 34 investors include major national and regional banks, most of which are repeat investors with Enterprise. The 14 properties in the fund are located in California, Connecticut, Florida, Maryland, Massachusetts, New Mexico, New York, Oregon, Texas and Washington.
Two properties representing the diverse investments of EHP 34 are Agrihood in Santa Clara, California, a new senior affordable housing property with a focus on sustainable agriculture, and The Montage, an affordable housing development for families to be built in San Antonio, Texas.
Agrihood will offer 163 apartments for seniors aged 55 and over earning between 30 and 60 percent of area median income (AMI). This development will contain studio units and one- and two-bedroom apartments. Eighteen apartments will be set aside and accessible for people with mobility impairments; eight for people with hearing and/or visual impairments; and 54 for formerly homeless individuals. Supportive services will be offered to all tenants. Agrihood is part of a larger master development of mixed-income rental housing and homeownership units, with a unique focus on sustainable agriculture. The master development will include farming plots, a small orchard, a community building with a café, and a plaza where a farmer’s market will be hosted. The Core Companies is the developer of the property, in partnership with the Central Valley Coalition for Affordable Housing.
The Montage will comprise five 3-story buildings, offering 216 new homes for local families. There will be 60 one-bedroom apartments, 96 two-bedrooms and 60 three-bedrooms, all serving residents at or below 60 percent of AMI. Rents are steeply discounted to market, and the project is located in a rapidly growing area. Kittle Property Group is partnering with the Housing Authority of Bexar County in developing this property.
Both developments are expected to completed and available for residents in the spring of 2023.
Enterprise is a national nonprofit on a mission to make home and community places of pride, power and belonging for all. To make that possible, we operate the only organization designed to address America’s affordable housing crisis from every angle: we develop and deploy programs and support community organizations on the ground; we advocate for policy on a nonpartisan basis at every level of government; we invest capital to build and preserve rental homes people can afford; and we own, operate and provide resident services for affordable communities. All so that people not only make rent, they build futures. With this end-to-end approach, 40 years of experience and thousands of local partners, Enterprise has built and preserved 793,000 affordable homes, invested $61 billion in communities and changed millions of lives.