Scott Hoekman has been named president and CEO of Enterprise Housing Credit Investments, the newly named low-income housing tax credit (LIHTC) business of Enterprise Community Investment.
The company’s LIHTC syndication business had shared the same name as the larger Enterprise Community Investment organization, which also includes several other companies, including Bellwether Enterprise, the organization’s mortgage banking arm; Enterprise Community Loan Fund, a Community Development Financial Institution; and Enterprise Homes, a longtime affordable housing developer.
These companies have their own CEOs and distinct identities while under the Enterprise Community Investment umbrella.
The LIHTC syndication business, however, was Enterprise’s original role, so it had never been set up as a distinct entity. That changes with the recent moves.
“We wanted to underscore Enterprise’s commitment to the housing credit and to this business by setting up a distinct entity with its own president and CEO,” Hoekman says, noting that the leadership and identity change also emphasize the prominence of the firm’s housing credit work.
Charlie Werhane continues to be president of the larger Enterprise Community Investment.
The recent moves allow Werhane to focus on the many businesses that the company is engaged in and to appoint someone to focus on the housing credit business, which he had also been doing, according to Hoekman.
The national housing organization has been involved in syndicating LIHTCs since the federal program was established in 1986. It has raised and deployed about $14 billion in housing credit capital to help finance 154,000 homes in 2,300 developments nationwide.
Hoekman has been at Enterprise over 24 years, starting his career as an underwriter. From there, he’s gone on to hold several key positions, including managing an acquisitions team and most recently serving as senior vice president and chief credit officer.
“There’s a lot of continuity, and we continue to be dedicated to our mission and the values that have enabled us to accomplish great things over all these years,” says Hoekman, who does not expect any big changes in the firm's business.
“We will continue to respond to the needs of our investor and developer partners,” he says. “In addition to syndicating credits and asset managing our portfolio, we will continue to advocate for the housing credit—to protect, improve, and expand the housing credit and other affordable housing resources.”