HOUSTON (July 22, 2024) – Enterprise Community Partners today announced the expansion of its precedent-setting Faith-Based Development Initiative (FBDI) to Texas, part of the national nonprofit’s goal of expanding affordable housing in partnership with houses of worship nationwide. With a $1 million grant from the T.D. Jakes Foundation and Wells Fargo, Enterprise expects over 800 affordable homes to be created on land owned by houses of worship in Houston, San Antonio, and Dallas.
Credited with creating or preserving more than 1,600 affordable homes in the Mid-Atlantic since its inception, and with over 27,000 additional homes in the projected pipeline across the country, Enterprise’s FBDI will provide financial support and technical resources to houses of worship in Houston, San Antonio, and Dallas that are considering using vacant or underdeveloped land to build affordable homes and community facilities.
At a time of skyrocketing housing costs that have resulted in nearly one in two Texas households being cost-burdened or spending over 30% of their income on rent, Enterprise has led a national movement to partner with houses of worship eager to serve their communities. Enterprise recently reached the milestone of one million affordable homes developed and preserved across the nation and continues to build unique partnerships to solve our nation’s significant housing challenges, setting the stage for how the nation redevelops under-utilized land to create homes and communities across the country.
“Across the country, houses of worship own tens of thousands of acres of vacant or underutilized land. As costs for land and housing skyrocket around the nation, Enterprise’s Faith-Based Development Initiative empowers these community organizations to further serve their communities by creating affordable housing,” said David Bowers, Vice President, Mid-Atlantic Market & Sr. Advisor, Faith-Based Development Initiative at Enterprise Community Partners. “This initiative is a beacon of hope, offering practical solutions to address the critical need for affordable homes.”
“Since 2009, Enterprise has invested over $2.3 billion to create and preserve nearly 80,000 homes in Texas. Our Faith Based Development Initiative will further amplify our impact in the state, bringing much-needed relief to communities and creating new opportunities for safe, affordable housing,” said Michelle Whetten, Vice President, Gulf Coast Market and Senior Advisor, Upward Mobility, Enterprise Community Partners.
“The expansion of Enterprise’s Faith-Based Development Initiative will offer a critical resource to the faith community in Texas in an effort to build more affordable housing,” said Stacy Spann, head of housing access and affordability philanthropy at Wells Fargo. “As community anchors, houses of worship are at the center of so many lives, and this effort will give them the tools to make an even bigger difference in local communities.”
"We have diligently forged impactful partnerships at both local and national levels to drive cultural and economic transformations. Our collaboration with Wells Fargo is a significant stride towards the vision we uphold at T.D. Jakes Foundation," said Kelley Cornish, President and CEO of T.D. Jakes Foundation. "This investment empowers faith-based organizations to repurpose underutilized land into affordable homes, fostering a lasting and positive impact within our communities."
Faith-based organizations participating in FBDI will gain access to:
- Grants & Capital: Funding to conduct a market study and feasibility analysis for their vision, pre-development support, and access to Enterprise’s capital products.
- Training: Virtual and in-person trainings using Enterprise’s curriculum to help houses of worship understand the ins and outs of the development process.
- Technical assistance and coaching: One-on-one technical assistance provided by development consultants and Enterprise staff to navigate the development process, as well as coaching from clergy who have previously completed projects.
- Access to industry professionals: Information on development professionals, such as architects, accountants, real estate lawyers, and developers.
- Peer-to-peer learning: Geographic cohorts of faith-based organizations will network and learn from one another as they go through the process of housing development, and a national virtual summit will bring faith leaders from across the country together.
Visit the Faith-Based Development Initiative website to learn more.
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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 $72 billion and created 1 million homes across all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands – all to make home and community places of pride, power and belonging. Join us at enterprisecommunity.org.