Enterprise Community Partners has raised $180.5 million in capital commitments for its latest low-income housing tax credit (LIHTC) multi-investor fund.
Enterprise Housing Partners Fund XLVII (EHP 47) is set to help create or preserve 1,216 affordable homes in 13 properties across nine states. In addition, the funding will spur 2,078 new jobs and $318 million in wages, tax revenue, and business income, including $134.2 million in direct wages to American workers, according to the organization.
“The LIHTC remains one of the most effective tools we have to address the housing crisis, and, with its recent expansion, we can reach even more communities in need,” said Kari Downes, president of Enterprise’s housing credit investment business. “Through the continued support of our partners, this new fund will not only secure safe and affordable homes for more than 3,000 people—it will also boost local economies and help families, seniors, and people with special needs build lasting stability.”
EHP 47 will help create and preserve affordable housing properties in Florida, Georgia, Louisiana, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, and Virginia.
In Blacksburg, Virginia, Enterprise will support the new construction of Legacy on Main by Community Housing Partners with $9.6 million in LIHTC equity. The community’s 56 units will be split evenly between two- and three-bedroom units and will serve families earning between 40% and 80% of the area median income (AMI). Five units will be reserved for residents with physical disabilities or mental illness, with supportive services provided by the New River Valley Disability Resource Center. On-site amenities include a community room, a computer lab, a fitness center, a playground, a picnic area, a dog walk area, bike storage, and Wi-Fi in common spaces.
The fund will also dedicate $9.4 million in LIHTC equity to Sankofa Village Phase IV, part of a multiphase effort to transform an aging public housing complex in Cleveland’s Central neighborhood into modernized affordable housing as part of the Cedar Transformation Plan. Sponsored by Pennrose, Phase IV will create 50 new townhomes and stacked flat-style apartments with a mix of one-, two-, and three-bedroom units for households earning between 30% and 60% of the AMI. All homes will benefit from a 20-year project-based rental assistance contract through the Department of Housing and Urban Development’s Rental Assistance Demonstration program. Shared amenities include a community center, a computer lab, and a fitness center.
