Enterprise Community Partners has closed its 3,000th low-income housing tax credit (LIHTC) deal.
The organization reached the milestone with Mount Baker TOD from El Centro de la Raza and Mercy Housing Northwest. The development will bring 241 affordable homes to one of Seattle’s most transit-connected neighborhoods. Located adjacent to the Mount Baker light-rail station, the community will be home to families earning between 30% and 60% of the area median income.
The property was supported by $69.3 million in LIHTC equity from J.P. Morgan, syndicated by Enterprise’s Housing Credit Investments business.
"Closing our 3,000th LIHTC deal is an incredible milestone because of what it represents: families who found a stable home, seniors who were able to age in place with dignity, and communities that gained affordable housing that otherwise may never have existed. We’re grateful to the partners who made that impact possible," said Kari Downes, executive vice president and head of Enterprise’s Housing Credit Investments business. "LIHTC remains the most effective affordable housing tool we have. We're proud of what we've accomplished and all the more focused on creating homes people across this country can afford.”
Mount Baker TOD will include on-site services tailored to residents by the co-developers. In addition, two commercial condos will be part of the community: an early learning campus serving families with young children, which will be operated by the University of Washington, and a space for small nonprofits, supported by the city of Seattle and Grow America.
The deal comes as the federal housing tax credit program celebrates its 40th anniversary this year.
Enterprise has been involved with LIHTC since its inception. Over the years, the organization helped create or preserve nearly 220,000 affordable homes across all 50 states; Washington, D.C.; Puerto Rico; and the U.S. Virgin Islands, providing homes for more than 505,000 people. Those developments have also supported the creation of more than 352,000 jobs and generated nearly $39.7 billion in wages and business income.