Enterprise Community Investment, Inc., and four financial partners have announced the closing of a $40 million green affordable housing fund in California.

The fund will help fund the creation of 500 energy-efficient, affordable homes in Los Angeles, Oakland, and San Francisco through the syndication of low-income housing tax credits, according to Enterprise.

“We anticipate launching more financing tools like this in the near future and will continue connecting capital to communities to provide green, affordable housing,” said Rich Gross, vice president of Enterprise’s California initiatives.

The investors in the Enterprise California Green Communities Fund are U.S. Bancorp Community Development Corp., Wells Fargo & Co., Merrill Lynch Community Development Corp., and MetLife, Inc.