Enterprise Community Partners announced the closing of two low-income housing tax credit (LIHTC) funds.
With commitments totaling $365 million from 17 investors, the funds will help create and preserve 3,526 affordable rental homes across 35 properties in 17 states. Enterprise Housing Partners Funds XXXVI (EHP 36) and XXXVII (EHP 37) are the third and fourth in a series of multi-investor housing credit funds Enterprise has closed this year, bringing the combined total investment this year to $800 million in nearly 8,000 affordable rental homes across the country.
“As rents continue to rise, the low-income housing tax credit remains our most powerful tool for creating affordability in every type of community,” said Scott Hoekman, president of Enterprise’s housing credit investments business. “Our investors come to us with the intent to make a real impact, and with their support we are able to channel critical resources into creating and preserving thousands of affordable homes nationwide.”
The 35 properties included in EHP 36 and EHP 37 are in California, Florida, Georgia, Idaho, Illinois, Louisiana, Maryland, Massachusetts, Missouri, New York, North Carolina, Ohio, Pennsylvania, Texas, Virginia, Washington, and Wisconsin. The developments also will create an estimated 5,750 jobs that will lead to an estimated $370 million in wages and salaries for American workers, as well as an estimated $146 million in income for small businesses.
One of the developments funded by EHP 36 is Bridge at Turtle Creek, a new development of 307 apartments in Austin, Texas. The five-story development, will provide 134 studio, 96 one-, and 77 two-bedroom affordable apartments. The development will be Austin Energy Green Building certified and include a fitness room, a courtyard and grilling area, and an indoor lounge with kitchen. The project by JCI Residential and the Austin Affordable Housing Corp. is scheduled to be completed in April 2023.
The developments supported by EHP 37 include Skagit County PSH, a new 70-apartment development for formerly homeless individuals in Mt. Vernon, Washington. The property will set aside 25 units for people experiencing mental illness, 10 for formerly homeless individuals recovering from substance abuse, and five for formerly homeless veterans.
The apartments will provide permanent supportive housing, which includes services that help people stay stably housed for the long term. Two apartments will receive project-based Veterans Affairs Supportive Housing vouchers through the Housing Authority of Skagit County, while the remaining 68 apartments will receive an annual rental and operating subsidy from Skagit County. The developer is Catholic Housing Services, and the project is scheduled to be completed by February 2023.
