Enterprise Housing Credit Investments (EHCI) has announced the closing of a $199,577,500 multi-investor low-income housing tax credit fund.
Enterprise Housing Partners Fund XXXIV (EHP 34) will support the creation of 1,794 affordable homes across 14 properties in 10 states. EHP 34 is the first of four multi-investor funds planned by the firm this year.
“Enterprise is continuing to see very strong interest from longtime and new investors in our housing credit funds,” said Scott Hoekman, president of EHCI, Enterprise’s housing credit syndication business. “We’re grateful for their trust, and we’re busy deploying this capital into some terrific developments that will deliver affordable homes and contribute to thriving communities across the country.”
The fund’s Feb. 12 closing marks the earliest in the year that EHCI has closed a multi-investor fund, said the firm.
EHP 34’s seven investors include major national and regional banks, most of which are repeat investors with Enterprise. The 14 properties in the fund are located in California, Connecticut, Florida, Maryland, Massachusetts, New Mexico, New York, Oregon, Texas, and Washington.
Two properties representing the diverse investments of EHP 34 are Agrihood in Santa Clara, California, a new senior affordable housing property with a focus on sustainable agriculture, and The Montage, an affordable housing development for families to be built in San Antonio.
Being developed by The Core Cos. in partnership with the Central Valley Coalition for Affordable Housing, Agrihood will offer 163 apartments for seniors earning between 30% and 60% of the area median income (AMI). The development will contain studio, one-, and two-bedroom apartments. Eighteen apartments will be set aside and accessible for people with mobility impairments; eight for people with hearing and/or visual impairments; and 54 for formerly homeless individuals. Supportive services will be offered to all tenants.
Agrihood is part of a larger master development of mixed-income rental housing and homeownership units, with a unique focus on sustainable agriculture. The master development will include farming plots, a small orchard, a community building with a café, and a plaza where a farmers market will be hosted.
The Montage will comprise five three-story buildings, offering 216 new homes for local families. There will be 60 one-, 96 two-, and 60 three-bedrooms, all serving residents at or below 60% of the AMI. Rents are steeply discounted to market, and the project is located in a rapidly growing area. Kittle Property Group is partnering with the Housing Authority of Bexar County to develop the property.
Both developments are expected to completed and available for residents in spring 2023.
