Enterprise Community Partners’ latest low-income housing tax credit (LIHTC) fund will help create or preserve 2,515 units across the country.
With commitments from 14 investors, the $317.3 million fund will help support 21 properties.
“This milestone demonstrates the powerful efficacy of the LIHTC—and Enterprise’s dedication to creating good homes across the country,” said Kari Downes, incoming president of Enterprise’s housing credit investment business. “Thanks to our partners, we can bring more affordable housing to the people and places most in need, from low-income seniors in the Bay Area to unhoused families in Kentucky.”
The latest fund includes affordable properties in 13 states: California, Georgia, Kentucky, Massachusetts, Michigan, Missouri, North Carolina, New Jersey, Ohio, Tennessee, Utah, Washington, and Wisconsin. It is estimated that the investments will create more than 3,700 jobs and bring approximately $419.8 million in wages, tax revenue, and business income to the surrounding communities.
Two new properties demonstrating the fund’s broad range of investments include Alvarado Park, a 90-unit senior apartment building in San Jose, California, and Sheehan Landing, an 80-unit permanent supportive housing community in Louisville, Kentucky.
Alvarado Park will bring housing options to older residents in one of the most expensive rental markets in the country. Twenty-three units will be set aside for seniors experiencing homelessness while 41 are under a Section 8 contract with the Santa Clara County Housing Authority, the project’s sponsor. The four-story building will be accessible by transit and feature several community rooms, a computer lab, a laundry room, bike parking, and 48 parking spaces in a structure located below the apartments. The building is scheduled to be complete by July 2025.
In Louisville, Sheehan Landing will transform 6 acres of undeveloped land into a three-story building with 80 one-bedroom homes. All units will be fully furnished and dedicated to people experiencing homelessness with a documented physical disability, mental illness, and/or substance abuse history. Sponsor LDG Development is partnering with a local nonprofit homeless services provider, St. John Center; residents will be supported through tailored resources and services, including life skills training, counseling, and substance abuse treatment services. They will also have access to a community room, picnic areas, a computer room, and nearby transit. Construction is expected to be complete by January 2025.
