COLUMBIA, MD – Enterprise Community Partners (Enterprise) announced today the closing of its 50th multi-investor Low-Income Housing Tax Credit fund. With $209.3 million in capital commitments, Enterprise Housing Partners Fund 50 (EHP 50) will create or preserve 1,360 affordable homes in 14 properties across 12 states.

With this milestone, Enterprise’s multi-investor LIHTC funds have raised a total of $11.7 billion to support the production and preservation of affordable housing. It comes in a historic year for affordable housing, as the LIHTC program celebrates its 40th anniversary and following the enactment of the 21st Century ROAD to Housing Act, landmark legislation expected to strengthen affordable housing financing tools, expand capital availability, and support the development and preservation of affordable homes nationwide.

"Our 50th multi-investor fund is a milestone we're proud to celebrate, and one we owe to the many partners who have helped strengthen and grow the Low-Income Housing Tax Credit into one of the most effective tools our country has for creating affordable homes," said Kari Downes, executive vice president and head of housing credit investments at Enterprise. "The need for affordable housing has never been greater — but neither has the opportunity to make truly meaningful progress. With the 21st Century ROAD to Housing Act now law, we're focused on what comes next: bringing good homes and economic opportunity to communities across the country.”

The fund will provide homes for an estimated 3,500 people in Alaska, California, Idaho, Maryland, Michigan, North Carolina, New Jersey, New York, Ohio, Oregon, Pennsylvania, and Washington, with:

  • 953 newly constructed homes
  • 407 preserved affordable homes
  • 121 homes specifically designated for residents with special needs

The estimated economic impact* associated with the development and preservation of these homes includes approximately: 

  • 2,290 jobs
  • $260 million in wages and business income
  • $90 million in federal, state, and local tax revenue
  • $148 million in wages and salaries for U.S. workers
  • $58 million in income for owners of small U.S. businesses

New Mixed-Income Homes in Rural Alaska for Families and People with Special Needs
Among the developments supported by Fund 50 is Pine Ridge Apartments in Soldotna, Alaska, a new construction community helping address housing needs in a rural region of the Kenai Peninsula.

Developed by Freedom Housing Group, LLC, the property will consist of four garden-style residential buildings for a total of 25 homes, all with a mix of one-, two-, and three-bedroom units. Affordable homes will serve households earning between 30% and 60% of the area median income, with five units available for market-rate rents.

Twelve affordable homes will be reserved for individuals with physical and/or mental disabilities, while one unit will be designated for an individual experiencing homelessness. Residents will have access to in-unit washers and dryers, dishwashers, a playground, a picnic area, and a carport. Enterprise provided $7.8 million in LIHTC equity to support the development. Property management is provided by North Star Management; Orion Construction was the general contractor and BDS Architects designed the property.

Sixty New Family Homes Affordable to a Range of Incomes in Columbus 
Fund 50 also supports The Northam in Columbus, Ohio, a new four-story community that will provide 60 affordable homes through a mix of one-, two-, and three-bedroom apartments.

Developed by local nonprofit Homeport, the property will serve residents earning from 30% to 70% of the area median income. Eleven one-bedroom apartments will receive project-based rental assistance through a 20-year Section 811 Rental Assistance Contract administered by the Ohio Housing Finance Agency, creating housing opportunities for residents with disabilities.

Community amenities will include a resident community room, fitness center, leasing office, outdoor patio, outdoor play area, library and work areas on each residential floor, and 72 parking spaces. Enterprise provided $12.4 million in LIHTC equity to support the development.

* Estimates are based on a 2020 analysis by The National Association of Home Builders (NAHB) commissioned by Enterprise Community Partners.

 

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About Enterprise Community Partners, Inc. and Enterprise Housing Credit Investments
Enterprise’s housing credit investments business operates under Enterprise Housing Credit Investments, an affiliate of Enterprise Community Partners, Inc., the parent organization of the Enterprise family of companies. 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 $92 billion and created more than 1.1 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.

Enterprise Equities, Inc.
Enterprise Equities, Inc. ("EEI"), an affiliate of Enterprise Community Partners, Inc., acts as the primary placement agent for Enterprise’s LIHTC funds. EEI is a broker-dealer registered with the U.S. Securities and Exchange Commission (“SEC”), a member of the Financial Industry Regulatory Authority (“FINRA”) and a member of the Securities Investor Protection Corporation (“SIPC”). For additional information on EEI, visit FINRA at www.finra.org and to learn more about SIPC, visit www.sipc.org.