Enterprise Closes 3,000th Housing Credit Deal as LIHTC Celebrates 40 Years

COLUMBIA, MD - Enterprise Community Partners (Enterprise) today announced the financing of its 3,000th Low-Income Housing Tax Credit (LIHTC) development as the program celebrates its 40th anniversary. With this industry-leading milestone, Enterprise has leveraged LIHTC to help create or preserve affordable homes for more than half a million people.

"Closing our 3,000th LIHTC deal is an incredible milestone because of what it represents: families who found a stable home, seniors who were able to age in place with dignity, and communities that gained affordable housing that otherwise may never have existed. We're grateful to the partners who made that impact possible," said Kari Downes, executive vice president and head of Enterprise's Housing Credit Investments business. "LIHTC remains the most effective affordable housing tool we have. We're proud of what we've accomplished and all the more focused on creating homes people across this country can afford."

The 3,000th development, Mount Baker TOD from El Centro de la Raza and Mercy Housing Northwest, will bring 241 affordable homes to one of Seattle's most transit-connected neighborhoods. Located adjacent to the Mount Baker light rail station, the new mixed-use community will provide homes affordable to families earning between 30% and 60% of the area median income.

The project will also include on-site services tailored to residents, provided by co-sponsors El Centro de la Raza and Mercy Housing Northwest. Two commercial condos will be part of the community: an Early Learning Campus serving families with young children, which will be operated by the University of Washington, and a space for small nonprofits, supported by the city of Seattle and Grow America. The property was supported by $69.3 million in LIHTC equity from J.P. Morgan, syndicated by Enterprise's Housing Credit Investments business.

Enterprise has been involved with LIHTC since its inception and helped champion the market-based approach that has made affordable housing development possible at scale. Through 3,000 deals, Enterprise has helped create or preserve nearly 220,000 affordable homes across all 50 states; Washington, D.C.; Puerto Rico; and the U.S. Virgin Islands, providing homes for more than 505,000 people. Those developments have also supported the creation of more than 352,000 jobs and generated nearly $39.7 billion in wages and business income.

The LIHTC program has helped create or preserve 4.28 million affordable homes, served nearly 10 million households, and supported the creation of 7.2 million jobs nationwide over the past 40 years. Today, LIHTC finances approximately 90% of all affordable rental housing construction in the United States.

Created as part of the Tax Reform Act of 1986 with support from Enterprise Co-Founder Jim Rouse, LIHTC uses the federal tax code to encourage private investment in affordable housing development. The program's pay-for-success structure ties tax benefits to long-term affordability requirements, helping ensure homes remain affordable for decades after construction is complete.

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About Enterprise Community Partners
Enterprise Housing Credit Investments is an affiliate of Enterprise Community Partners, Inc., the parent organization of the Enterprise family of companies. At Enterprise, we scale housing affordability solutions for millions of people. For more than 40 years, we've championed big ideas that create more housing opportunity for everyone, investing more than $92 billion to create or preserve more than 1 million homes. Our greatest strength is bringing together the right partners, capital, and capabilities to help what's working reach more communities, faster. Join us as we unlock access to a quality, affordable home for millions across the country.

About Enterprise Equities, Inc.
Enterprise Equities, Inc. ("EEI"), an affiliate of Enterprise Community Partners, Inc., acts as the primary placement agent for Enterprise's LIHTC funds. EEI is a broker-dealer registered with the U.S. Securities and Exchange Commission ("SEC"), a member of the Financial Industry Regulatory Authority ("FINRA") and a member of the Securities Investor Protection Corporation ("SIPC"). For additional information on EEI, visit FINRA at www.finra.org and to learn more about SIPC, visit www.sipc.org.