Enterprise Closes $236 Million Low-Income Housing Tax Credit Fund
The second multi-investor fund this year will create 2,500 affordable homes in 14 states
COLUMBIA, Md. (July 21, 2021) – Enterprise Community Partners (Enterprise) today announced the closing of Enterprise Housing Partners Fund XXXV (EHP 35), a $235.7 million Low-Income Housing Tax Credit (housing credit) fund. With commitments from 10 investors, the fund will help create or preserve 2,529 affordable homes across 19 properties in 14 states. EHP 35 is the second in a series of four multi-investor housing credit funds planned by Enterprise for 2021; the previous fund invested nearly $200 million in 14 properties across the country.
“For 35 years, the housing credit has proven to be our most effective tool for creating affordable housing to meet a wide range of community needs nationwide,” said Scott Hoekman, president of Enterprise’s housing credit investments business. “Funds like ours connect impact-oriented investors directly to the homes, jobs and economic opportunity the housing credit creates.”
The 19 properties included in the fund are located in Alabama, California, Colorado, Florida, Illinois, Kentucky, Massachusetts, Minnesota, Montana, New York, North Carolina, Pennsylvania, Washington and Wisconsin.
Two properties emblematic of the fund’s investments are Villagio, a new construction development for families in Missoula, Montana, and 11010 SMB, a new construction development of 50 studio apartments in West Los Angeles.
Villagio will provide 200 apartments in two-, three- and four-bedroom configurations that will be available to people earning between 30% and 60% of the area median income (AMI). Villagio will include a range of green features, including Energy Star appliances, energy-efficient windows, water-saving devices, more insulation than code requires and water-efficient planting with a rain-sensing irrigation system. Blue Line is the developer of the property, in collaboration with the Missoula Housing Authority. Construction on the building will be completed in spring 2023.
11010 SMB is a new five-story modular building with 50 studio apartments that will provide housing for seniors (62+) experiencing homelessness, with 28 homes specifically set aside for veterans. The property will meet LEED GOLD standards, and all units will be subsidized: 25 through project-based Section 8 vouchers and 25 through Veterans Affairs Supportive Housing (VASH). The Weingart Center Association, the property’s sponsor and developer, will provide on-site social services to tenants. Valued Housing II will serve as a co-sponsor and co-developer. Construction on the building will be completed in fall 2022.