Kari Downes will become president of Enterprise Community Partners’ housing credit investment business.

Kari Downes
Kari Downes

Effective April 1, she will take over the role from Scott Hoekman, who is stepping down after 30 years with the organization, including 14 years as Enterprise Housing Credit Investments’ chief credit officer before being named president in 2018.

Downes will move up from executive president and will also serve on the leadership team of Enterprise’s capital division, which oversees a $16.6 billion affordable housing and community development investment platform, said officials.

She has been overseeing the investor services and operational workings of the business, including the investor relations and capital raising teams, credit, structuring services, business systems, and asset management. She previously managed the capital markets group, where she provided oversight for the company’s key investor relationships for the housing credit product.

“I’m honored to take on this new role at Enterprise, and I look forward to working closely with our investor and developer partners to build and preserve critically needed affordable homes across the country,” Downes said. “The low-income housing tax credit is the most powerful and impactful way to increase the supply of affordable homes. With the help of our incredible team here, we will continue to grow our impact so that everyone can have a safe and affordable place to call home.”

In her more than 20 years at the firm, Downes has been instrumental in growing the business, according to Lori Chatman, president of Enterprise’s capital division.

Scott Hoekman
Scott Hoekman

“As the need for affordable homes only continues to increase nationwide, Kari is perfectly positioned to lead Enterprise’s housing credit investments business into this next chapter,” Chatman said. “We extend our heartfelt thanks to our colleague and friend Scott Hoekman for his exceptional leadership and 30-year commitment to Enterprise’s mission to make a good home possible for the millions of Americans without one.”

Downes will take over leadership of Enterprise’s tax credit syndication business as it marks $20 billion in cumulative investments, which have financed 2,800 developments, creating or preserving 200,000 affordable homes nationwide. Of that total, $7.1 billion occurred in the five years Hoekman led the business, contributing to a $15 billion current portfolio of 147 funds comprised of more than 70 blue-chip institutional investors.

In 2023, Enterprise Housing Credit Investments deployed $1.73 billion, the fifth consecutive year of record investment. Hoekman also established a legacy of affordable housing advocacy, including co-chairing the ACTION Campaign, a coalition of more than 2,400 member organizations working to expand and strengthen the housing credit, and serving on the board of directors of the Affordable Housing Tax Credit Coalition.

“It has been a great privilege to be a part of Enterprise over for the past 30 years, and I am making the decision to step down with the utmost confidence in our extraordinary team, all of whom are committed to creating and preserving affordable homes by providing best-in-class service to our investor and developer partners,” Hoekman said. “With Kari as Enterprise Housing Credit Investments’ next leader, I know that the organization is in the best possible hands.”