Enterprise Community Partners has announced the closing of a $235.8 million low-income housing tax credit fund that will help create or preserve 2,529 affordable homes in 19 properties.
The developments are in 14 states—Alabama, California, Colorado, Florida, Illinois, Kentucky, Massachusetts, Minnesota, Montana, New York, North Carolina, Pennsylvania, Washington, and Wisconsin.
Enterprise Housing Partners Fund XXXV (EHP 35) secured commitments from 10 investors.
EHP 35 is the second in a series of four multi-investor housing credit funds planned by Enterprise for 2021. The previous fund invested nearly $200 million in 14 properties across the country.
“For 35 years, the housing credit has proven to be our most effective tool for creating affordable housing to meet a wide range of community needs nationwide,” said Scott Hoekman, president of Enterprise’s housing credit investments business, in a statement. “Funds like ours connect impact-oriented investors directly to the homes, jobs, and economic opportunity the housing credit creates.”
Developments in the fund include Villagio, a new construction project for families in Missoula, Montana, and 11010 SMB, a development that will bring 50 studio apartments to West Los Angeles.
Villagio will provide 200 apartments in two-, three-, and four-bedroom configurations that will be available to people earning between 30% and 60% of the area median income (AMI). Villagio will include a range of green features, including Energy Star appliances, energy-efficient windows, water-saving devices, more insulation than code requires, and water-efficient planting with a rain-sensing irrigation system. Blue Line is the developer of the property, in collaboration with the Missoula Housing Authority. Construction on the building will be completed in spring 2023.
11010 SMB is a new five-story modular building with 50 studio apartments that will provide housing for seniors 62 and older experiencing homelessness, with 28 homes specifically set aside for veterans. The property will meet LEED Gold standards, and all units will be subsidized: 25 through project-based Section 8 vouchers, and 25 through Veterans Affairs Supportive Housing. The Weingart Center, the property’s sponsor and developer, will provide on-site social services to tenants. Valued Housing II will serve as a co-sponsor and co-developer. Construction on the building will be completed in fall 2022.
