NEW YORK – September 26, 2022 – Enterprise Community Partners announced today that it has been awarded a $500,000 grant from the Federal Home Loan Bank of New York (FHLBNY). The grant allocates $350,000 to support Enterprise’s Asset Management University (AMU), a unique program that offers training and learning resources for affordable housing operators in New York, with the aim of better equipping them to oversee the financial, physical, and operational health of their housing portfolios. $150,000 of the FHLBNY grant will support Equitable Path Forward (EPF), Enterprise’s national initiative to advance racial equity in affordable housing and real estate development. This generous grant follows FHLBNY’s previous $500,000 grant to Enterprise in 2021.
Launched in 2016, Asset Management University (AMU) is Enterprise’s statewide initiative to help affordable housing operators more effectively manage their housing portfolios, which can require extensive knowledge, specialized skills, and significant financial resources. AMU was created to strengthen the asset-management capacity of affordable housing operators by providing comprehensive training and technical assistance. FHLBNY’s support will enable Enterprise to offer AMU as an 18-month training program to approximately 25 affordable housing operators across New York State, beginning in 2023. In selecting participants for AMU, Enterprise will prioritize housing organizations led by Black, Indigenous, and People of Color (“BIPOC”) developers.
Equitable Path Forward (EPF) is Enterprise’s $3.5 billion national initiative to address systemic racism in housing. The $150,000 awarded from FHLBNY now will enhance Enterprise’s EPF advisory services in New York State. Enterprise plans to fund 2-3 affordable housing developers led by BIPOC housing providers to assess operational and portfolio challenges and develop a scope of work to address the issues. The funds will also engage 2-3 new BIPOC-led affordable housing organizations in upstate New York, providing technical assistance and consulting support for their most challenging organizational or portfolio issues.
“Between a lack of resources, unequal access to training, and a long history of systemic racism in housing, there are so many obstacles and challenges that hinder the work of affordable housing developers, especially those that are BIPOC-led,” said Baaba Halm, vice president and New York market leader at Enterprise. “Because of this generous grant, we can engage more BIPOC-led groups and ensure that affordable housing operators are more adequately prepared for the demands and nuances of this work. Ultimately, we hope that these grants will foster far-reaching positive outcomes for New York affordable housing developers and the communities they serve, and we are so thankful to the Federal Home Loan Bank of New York for their support.
“Creating access to affordable housing opportunities for all New Yorkers is central to the mission of the Federal Home Loan Bank of New York,” said José R. González, president and CEO of the FHLBNY. “The work that Enterprise Community Partners continues to do across New York is essential, and we are proud to support their efforts. Enterprise’s work will help ensure affordable housing that is not only more accessible, but representative of the communities it strengthens. This more inclusive approach to the entire housing process will create a stronger foundation from which we can all grow.”
While the affordable housing, community development, and real estate sectors have served to create affordable homes primarily in neighborhoods of color, these sectors have been owned and profitable primarily for White-led organizations. Just 2% of real estate development companies are Black-led, and 1.5% of real estate assets under management are controlled by minority-owned firms. Enterprise seeks to deploy capital and make the critical connections that will benefit BIPOC-led housing providers and in turn create more equitable communities in New York State and nationwide.
About Enterprise Community Partners
Enterprise is a national nonprofit that exists to make a good home possible for the millions of families without one. We support community development organizations on the ground, aggregate and invest capital for impact, advance housing policy at every level of government, and build and manage communities ourselves. Since 1982, we have invested $54 billion and created 873,000 homes across all 50 states, the District of Columbia and Puerto Rico – all to make home and community places of pride, power and belonging. Join us at enterprisecommunity.org.
About the Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of June 30, 2022, the FHLBNY serves 315 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The Federal Home Loan Banks support the efforts of local members to help provide financing for America’s homebuyers.