Enterprise Community Partners has announced the closing of two low-income housing tax credit (LIHTC) funds with a combined $407 million in capital commitments.
Enterprise Housing Partners Fund XLV (EHP 45) and Enterprise Housing Partners Fund XLVI (EHP 46) will help create or preserve 2,497 homes in 11 states and U.S. Virgin Islands, according to Enterprise.
In addition, the funding will help generate more than 3,800 new jobs and $585 million in wages, tax revenue, and business income—including $249 million in direct wages to workers.
“For nearly four decades, the low-income housing tax credit has been the cornerstone of affordable housing development. These new funds reaffirm its vital role in addressing our nation’s housing crisis—and demonstrate our partners’ deep commitment to ensuring families, seniors, and people with special needs have access to good homes they can afford,” said Kari Downes, president of Enterprise’s housing credit investment business. “By investing in affordable housing, we’re simultaneously creating new jobs, stimulating local economies, and promoting long-term stability in communities across the country.”
EHP 45 raised $180.8 million and will support the creation or preservation of 10 properties across Florida, Georgia, Louisiana, Maryland, New Jersey, Utah, and Washington.
That includes the construction of Promontory Place Apartments in Salt Lake City, just west of downtown and on a TRAX light-rail line. The seven-story, transit-oriented development by Alta Bay Capital will offer 175 one-, two-, and three-bedroom units serving households at or below 60% of the area median income (AMI). Amenities will include a swimming pool, a hot tub, remote work rooms, a 24-hour fitness center, and 197 parking spaces. The building also will offer commercial space on the first floor.
EHP 46, a $226.2 million fund, will support 12 properties across California, Florida, Louisiana, Ohio, Oregon, Texas, Virginia, and the U.S. Virgin Islands.
Stratford Place in Dayton, Ohio, will involve the preservation and renovation of 100 studio and one-bedroom homes across eight buildings, all designated for seniors earning between 30% and 60% of the AMI. The renovation by Fairfield Homes will focus on enhancing resident quality of life, including accessibility and energy-efficiency improvements
