Enterprise Community Investment is helping finance more than 4,000 affordable homes through its largest low-income housing tax credit (LIHTC) multi-investor fund to date.
The $318 million Enterprise Housing Partners 26 Fund will support 39 LIHTC properties in 14 states—Alaska, Georgia, Illinois, Louisiana, Maryland, Massachusetts, Minnesota, New Jersey, New York, Ohio, Oregon, Texas, Washington, and Wisconsin. The fund investors are a mix of new and repeat Enterprise partners.
“The unique structure of the Enterprise Housing Partners 26 Fund solved several issues for investors, enabling them through one closing process to invest in properties that would typically need to be in several different regional and national funds while allowing them to make larger investments without hitting their percentage ownership limits,” said Charlie Werhane, president and CEO of Enterprise Community Investment. “It has been very well received in the marketplace, and we’ll continue to push the envelope on creating new capital sources to build opportunity in communities around the country.”
The developments being financed include The Lodges at Naylor Mill Phase II in Salisbury, Md. Forty-five affordable apartments for seniors are under construction at the property. Volunteers of America and Interfaith Housing Development Corp. received LIHTCs for the project from the Maryland Department of Housing and Community Development.