Enterprise Housing Credit Investments (EHCI), a subsidiary of Enterprise Community Investment, announced the closing of a $295.6 million low-income housing tax credit (LIHTC) fund.
The latest fund will support the creation of 2,657 housing units, most of which will be affordable, across 30 properties in 16 states. Enterprise Housing Partners Fund XXXIII (EHP 33), which is supported by 11 investors, is the largest LIHTC fund closed to date this year, according to EHCI.
“Closing a fund of this magnitude during a time of such global and national upheaval is an incredible feat that embodies Enterprise’s deep commitment to assisting our partners in preserving and expanding the availability of high-quality, affordable housing,” said EHCI president and CEO Scott Hoekman. “Access to safe and healthy homes is at the heart of building thriving, equitable communities, and Enterprise is proud to work with our many partners to make that possible.”
The 30 properties in the fund are spread across 16 states in every region in the country:
· Northeast (Connecticut, Massachusetts, New Jersey, New York)
· Mid-Atlantic (Maryland, South Carolina, Virginia)
· Midwest (Minnesota, Ohio, Wisconsin)
· Great Plains (Montana, North Dakota)
· Pacific Northwest (Oregon)
· South (Florida, Texas)
· Southwest (California)
More than half of the 30 properties in the fund include apartments designed and designated for individuals and families with special needs, including veterans, people experiencing homelessness, and those with physical and developmental disabilities.
Two of the projects in the fund are Camillus Heights, a 100% affordable property to be built on vacant land in Camillus, New York, and the 37th Street School Apartments in Milwaukee, the adaptive reuse of an old school building into senior housing.
Camillus Heights will include 16 two-story residential buildings and one community building to provide homes for families earning between 30% and 80% of the area median income (AMI). To be developed by Christopher Community, the project will contain a mix of one-bedroom apartments, two- and three-bedroom townhouses, and one-, two-, and three-bedroom accessible units. Five units will be designated to serve households with physical, hearing, or vision disabilities. Rents at the development will be affordable for residents with annual incomes ranging from $12,000 to $63,000. The development will provide easy access to local services, restaurants, schools, and a medical center.
In Milwaukee’s Washington Park neighborhood, Heartland Housing is converting a school built in 1903 into affordable housing for independent seniors 55 and older. Forty-three of the building’s 49 apartments will serve residents at or below 60% of the AMI, and the remaining six units will be unrestricted. There will be 22 studio, 21 one-, and six two-bedroom apartments. Ten units will be targeted to veterans and persons with physical disabilities.
The 37th Street School Apartments will be affordable to seniors with annual incomes between $13,000 and $45,000. The adaptive reuse will include new building mechanical systems, a roof, and landscaping. Much of the interior will be demolished with new demising walls and finishes and fixtures in the apartments.
