Enterprise Housing Credit Investments (EHCI), a subsidiary of Enterprise Community Investment, announced the closing of a low-income housing tax credit (LIHTC) fund for $ 295.6 million.
The latest fund will support the creation of 2,657 homes in 30 properties in 16 states, most of which will be affordable. The Enterprise Housing Partners Fund XXXIII (EHP 33), which is supported by 11 investors, is the largest LIHTC fund to have closed so far this year, according to EHCI.
“Closing a fund of this magnitude at a time of such global and national upheaval is an incredible achievement that embodies Enterprise’s deep commitment to helping our partners maintain and expand the availability of quality, affordable housing,” said Scott. President and CEO of EHCI Hoekman. “Access to safe and healthy homes is at the heart of building thriving, just communities, and Enterprise is proud to work with our many partners to make this possible.”
The fund’s 30 properties are spread across 16 states in each region of the country:
Northeast (Connecticut, Massachusetts, New Jersey, New York)
Mid-Atlantic (Maryland, South Carolina, Virginia)
Midwest (Minnesota, Ohio, Wisconsin)
Great Plains (Montana, North Dakota)
Pacific Northwest (Oregon)
South (Florida, Texas)
More than half of the Fund’s 30 properties include homes designed and designated for individuals and families with special needs, including veterans, people with homelessness, and people with physical and developmental disabilities.
Two of the fund’s projects are Camillus Heights, a 100% affordable property to be built on open land in Camillus, New York, and 37th Street School Apartments in Milwaukee, the adaptive repurposing of an old school building in senior housing.
Camillus Heights will include 16 two story residential buildings and one community building to house families earning between 30% and 80% of the Area Median Income (AMI). The project to be developed by Christopher Community will include a mix of one bedroom apartments, two and three bedroom townhouses, and one, two and three bedroom units. Five units are intended to supply households with physical, hearing or visually impaired people. Rents in development will be affordable for residents with annual incomes between $ 12,000 and $ 63,000. The development will provide easy access to local services, restaurants, schools and a medical center.
In Milwaukee’s Washington Park neighborhood, Heartland Housing is converting a school built in 1903 into affordable housing for independent seniors 55 and older. Forty-three of the building’s 49 apartments will serve residents at or below 60% of the AMI, and the remaining six units will be unrestricted. There will be 22 studio, 21 one and six two-room apartments. Ten units are aimed at veterans and people with physical disabilities.
37th Street School Apartments are affordable for seniors with annual incomes between $ 13,000 and $ 45,000. Adaptive reuse includes new building mechanical systems, a roof, and landscaping. Much of the interior is being demolished with new walls and surfaces and furnishings in the apartments.