National affordable housing leader Enterprise Community Investment and nonprofit Community Preservation and Development Corp. (CPDC) are combining their resources to better serve low- and moderate-income households in the mid-Atlantic region, the firms announced Tuesday.
CPDC, based in Silver Spring, Md., will operate as an affiliate of Enterprise. The nonprofit serves over 10,000 residents with its more than 30 developments and extensive social services through its Community Impact Strategies program in Maryland, Virginia, and Washington, D.C.
Combining CPDC’s regional development expertise and Enterprise’s regional presence and national know-how for creating and preserving affordable housing will result in the continued affordability of over 12,000 homes in the mid-Atlantic, including Enterprise Homes’ portfolio and last year’s acquisition of The Shelter Group’s 4,100-unit affordable housing portfolio.
“Meeting America’s deepening housing challenges demands preservation of existing affordable properties, and Enterprise and CPDC share a powerful commitment to, and deep expertise in, keeping homes affordable,” said Charlie Werhane, president and CEO of Enterprise Community Investment. “The opportunity to collaborate with CPDC will benefit both organizations and the residents we serve.”
J. Michael Pitchford, president and CEO of CPDC, concurred. “In Enterprise, CPDC found a great partner, one with a strong capital base and property management skills. It enables us to ensure the continued affordability of thousands of homes we’ve developed over three decades and strengthens our ability to serve more residents and communities across the mid-Atlantic.”