Enterprise Announces $6 Million Equitable Path Forward Investment in Coalition for Responsible Community Development
Black-led Los Angeles nonprofit receives support to grow its operations and create much-needed affordable homes
LOS ANGELES (August 11, 2021) – Today, Enterprise Community Partners (Enterprise) announced a $6 million financing commitment to the Coalition for Responsible Community Development (CRCD) to support its work providing affordable homes and services to working-class communities in East and South Los Angeles. As part of Enterprise’s Equitable Path Forward (EPF) initiative to invest in Black, Indigenous and people of color (BIPOC)-led housing providers, the funding will help finance the creation of 50 affordable apartments and augment CRCD’s ability to benefit the individuals and families it serves.
“We thank Enterprise Community Partners for their commitment to the South Los Angeles community and CRCD. The development of affordable and permanent supportive housing supports CRCD’s efforts of 15 years to employ community economic development principles to impact change and drive equality,” said Mark Wilson, president and CEO, CRCD.
Enterprise’s $6 million EPF commitment to CRCD comes through Enterprise Community Loan Fund, Enterprise’s Community Development Financial Institution. The first component is a $1.5 million line of credit for general organizational expenses as CRCD works to secure Low-Income Housing Tax Credit awards and other financing resources to create affordable homes. The second component is a $4.5 million loan to finance the creation of a 50-unit affordable housing development in Boyle Heights for families making between 30% and 60% of the area median income. The building will include 24 one-bedroom, 13 two-bedroom and 13 three-bedroom apartments as well as a community room and on-site supportive services, and the property is located just one block away from the Metro Gold line. This loan comprises resources from Enterprise-managed investments including Metro Affordable Transit Connected Housing Program (MATCH), Capital Magnet Funds and Kaiser Permanente funds.
In addition to this commitment, Enterprise is also working with CRCD as part of the Local Rental Owners Collaborative (LROC). This pilot program launched this year to help predominantly Black and Latinx small independent landlords and tenants in South Los Angeles impacted by the Covid-19 pandemic. LROC provides grants to address rental arrears as well as other complementary resources to assist small landlords in maintaining their properties while helping residents stay housed.
“Supporting BIPOC-led affordable housing developers who are investing in and committed to their communities is key to addressing systemic racism in housing,” said Jimar Wilson, vice president and Southern California market leader, Enterprise. “Through EPF, Enterprise can empower CRCD’s growth as an organization while also investing in the communities it serves. We are proud to work with committed local funders to make this level of support possible.”
About the Coalition for Responsible Community Development
CRCD’s overall approach is neighborhood-based community development. The nonprofit organization has a long-term commitment to improving the quality of life in South Los Angeles, focusing on youth in the community and assisting them with education, opportunities to pursue career pathways and meet basic needs. CRCD also addresses the longstanding neighborhood conditions where young people reside – such as poverty, unemployment, public safety issues and the lack of affordable housing. Since its founding in 2005 by community members, CRCD has partnered in a combined investment of $125 million in South LA housing and real estate, including 370 units of permanent supportive and affordable housing, plus community space for support services, youth programs, a homeless youth drop-in center, a community garden and commercial space for social enterprise. CRCD has connected more than 3,000 young people with diplomas, jobs and housing.