Enterprise Community Partners has closed Enterprise Housing Partners Funds XLI and XLII. The investment vehicles raised a combined total in excess of $444 million, garnering commitments from 19 investors. The low-income housing tax credit funds will back the preservation and construction of 3,500 homes for almost 9,200 households at 30 properties in 16 states: Arizona, California, Colorado, Florida, Georgia, Illinois, Louisiana, Massachusetts, New Jersey, New York, North Carolina, Ohio, Oregon, Texas, Washington and Wisconsin.
The investments are destined to generate more than 5,200 new jobs, according to Enterprise, which expects the funds will deliver an estimated $795 million in wages, tax revenue and business income to their surrounding communities. “The Enterprise team successfully navigated the challenging economic landscape of 2023, marked by banking liquidity issues and escalating interest rates, to successfully close two large multi-investor funds during the first half of the year,” Danielle Hammann, vice president for multi-investor fund operations at Enterprise Housing Credit Investment, told Multi-Housing News.
“Our team demonstrated exceptional agility and strategic prowess while navigating an ever-evolving economic environment,” said Hammann, describing the fundraising process as “seamless”.
The funds’ wide range of investments are reflected in two affordable properties: Yosemite Apartments, a 32-unit property in San Francisco, will undergo the first major renovation in its 99-year history with funds from EHP 41. The construction of Escalante Meadows, meanwhile, will be backed by an investment from EHP 42. That property will replace an aging 52-unit public housing development in rural Guadalupe, Calif., with a new 80-unit apartment property. Both projects are slated for completion in February and August 2024, respectively.
Earlier this month, Enterprise Community Development obtained financing for a pair of affordable developments in Silver Spring, Md., preserving affordability for those earning 60 percent of AMI.
