Enterprise's New Affordable Housing Program Helps Spark Revitalization and Increased Homeownership in Struggling Dallas Neighborhoods.

DALLAS -- The Program, Launched Just 149 Days Ago, is Acquiring and Renovating More Than 45 Dallas Homes, Now Targeted for Sale to Teachers and Police Officers

Enterprise today announced the inaugural success of Enterprise Home Ownership Partners (EHOP-Dallas, Inc.), the affordable housing program launched this past June by Enterprise and the U.S. Department of Housing and Urban Development (HUD) in ceremonies attended by HUD Secretary Alphonso Jackson.

In the program's first 149 days, Enterprise Dallas is purchasing and renovating more than 45 homes in Dallas, helping to spark revitalization and renewal in some struggling neighborhoods. The homes are being repaired to meet federal housing standards, and are offered for sale to homebuyers, specifically targeting teachers and police officers, as well as families earning half of the median income for Dallas or about $32,000 for a family of four.

"Although the nation is experiencing a record high homeownership rate of nearly 70 percent, Dallas continues to lag behind at 44 percent," said Lorenzo Littles, Enterprise Dallas director. "Enterprise Dallas is committed to helping residents with limited incomes achieve homeownership, which is proven to be the essential platform for improving communities, combating poverty and providing a safe and healthy place to raise a family."

Michael Jones, father of two young girls, purchased the three-bedroom, two-bath home located at 3105 Tres Logos Lane. The home has a two-car garage and is valued at $116,000. Jones is a police officer, and is the first Dallas family to achieve homeownership through EHOP-Dallas. He paid only $95,000 for the home. Jones' is one of three homes in the neighborhood recently renovated by Enterprise.

"We have invested so much in our new home and our future as a family," said Jones. "This great family success wouldn't be possible without programs like EHOP-Dallas, and the guidance and education Enterprise provides first-time homebuyers."

EHOP-Dallas enables Enterprise to purchase HUD-owned, foreclosed homes at a discount and repair them to spare the homebuyer any major costs after investing their savings to purchase the home. The rehabilitation costs average between $5,000 and $40,000 for each home. Sale prices range from $60,000 to $95,000.

HUD awarded Enterprise the contract for EHOP-Dallas due to its national experience with similar programs in Los Angeles and Rochester, NY, and its local track record with the City of Dallas MAP program. Enterprise has helped more than 5,000 low-income families achieve homeownership through MAP, a down payment and closing-cost assistance program for first-time homebuyers earning less than 80 percent of the area median income -- or $53,200 for a family of four.

Enterprise is a leading provider of development capital and expertise for creating decent, affordable homes in thriving communities. For more than two decades, Enterprise has pioneered neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested $6 billion in equity, grants and below-market loans and is currently investing in communities at a rate of close to $1 billion a year. Visit www.enterprisecommunity.org to learn more about Enterprise's efforts to build communities and opportunity, and to meet some of the half a million people we have helped.