Even as inflation cools, housing costs for most Americans remain at unsustainable levels. Historically, manufactured homes have been a critical part of the affordable housing landscape, serving low- and moderate-income Americans and in communities where other affordable homes are often unavailable.

The demand for community development capital is as great as it has ever been, as economic conditions create critical financing gaps that cannot be met by the conventional marketplace. Enterprise and LISC recently teamed up to analyze the landscape for CDFI investments to date, both documenting market activity and providing a clear menu of potential opportunities for investors. .

Highlights of the four provisions in the groundbreaking Inflation Reduction Act that will benefit affordable multifamily housing.

Community Development Financial Institutions have emerged as the “ultimate impact investment,” able to effectively tackle some of our most pressing challenges: the affordable housing crisis; the climate emergency; and persistent racial health, wealth, and opportunity gaps. That’s according to CDFIs and the Capital Markets: Trends in Investment & Impact Measurement, the third white paper in a series from Local Initiatives Support Corporation (LISC) and the first in collaboration with Enterprise Community Partners.

Standard & Poor’s Global Ratings (S&P) has upgraded its issuer credit rating for the Enterprise Community Loan Fund (ECLF)—the community development financial institution (CDFI) of Enterprise—and its long-term rating on ECLF’s series 2018 taxable sustainability bonds from “A+” to “AA-.”

Nearly 80% of formerly incarcerated people and their families report being denied housing due to a criminal conviction. That’s according to a 2015 study led by the Ella Baker Center for Human Rights, Forward Together, and Research Action Design, which also found that formerly incarcerated people are 10 to 13 times more likely to experience homelessness than those who have not been incarcerated.  

Housing instability and low-quality homes contribute to a variety of mental and physical health problems. To address the health implications of housing scarcity, health care provider Kaiser Permanente and Enterprise Community Loan Fund – Enterprise Community Partner’s community development financial institution (CDFI) – launched the $100 million RxHome Fund in 2018. The goal? To create and preserve safe, affordable multifamily rental homes for low-income residents across Kaiser Permanente’s service area.

While continued market uncertainty could cloud the outlook for affordable housing and community development in 2024, Enterprise leaders see reasons for optimism and the potential for significant opportunities. “Despite sustained headwinds over recent years, there are positive signs ahead,” said Scott Hoekman, president of Enterprise Housing Credit Investments. We spoke with Hoekman and other Enterprise capital experts about affordable housing and community development trends this year.