Rangel recognized for commitment to affordable housing.

Enterprise, New York City's leading nonprofit provider of affordable housing for low-income people, recently presented Congressman Charles B. Rangel with a Lifetime Achievement Award in recognition of Rangel's role in spurring the creation of affordable housing nationwide.

Congressman Rangel has made affordable housing a priority in Congress throughout his career, principally as the longtime champion of the Low Income Housing Tax Credit (LIHTC or Housing Credit) program, which is responsible for financing 90% of the country's affordable housing built in the last ten years. The LIHTC program has created almost two million homes for low-income families nationwide.

Enterprise honored Congressman Rangel at an event celebrating its 25th anniversary, where Enterprise also announced that it has reached the halfway mark of its Billion Dollar Promise, carried out in partnership with New York City's Department of Housing Preservation and Development (HPD), to create and preserve 15,000 affordable homes for low-income New Yorkers.

"Throughout his distinguished career, Congressman Rangel has been a relentless advocate for the rights of working families and the poor," said Doris Koo, president and CEO of Enterprise Community Partners. "Today we celebrate Congressman Rangel's efforts, especially his role in fighting for and preserving the landmark Low Income Housing Tax Credit legislation that has created homes for millions of the most vulnerable Americans."

Said Rangel, "While we have made great progress on the national and local levels in terms of addressing the housing crisis, we should not think that our work is done. All of us--private developers, federal and city governments, nonprofit providers and community organizations--must continue working together to make sure that every American has a place to call home."

The LIHTC program, in operation since 1987, was created by the Tax Reform Act of 1986 as an alternate method of funding housing for low- and moderate-income households. The program has been instrumental in meeting the country's critical affordable housing shortage by stimulating the production or rehabilitation of nearly two million affordable rental homes nationwide.

Enterprise collaborated with Congress to draft and pass the legislation that created the tax credit program, and is a leading syndicator of LIHTC equity. To date, Enterprise has raised over $6 billion in LIHTC equity through more than 90 investment funds. Additionally, it has financed over 1,480 LIHTC properties totaling more than 83,000 affordable homes under asset management.

At the event, Enterprise also announced another milestone--the reaching of the halfway mark of the Billion Dollar Promise.

Launched in October of 2004 with money pledged from major financial institutions, Enterprise's Billion Dollar Promise is an initiative that demonstrates the private sector's willingness to invest in and leverage affordable housing.

Enterprise also welcomed Doris Koo as the new president and CEO of Enterprise Community Partners at the event. Koo joined Enterprise in 2001 as vice president and was promoted to senior vice president in 2002 and executive vice president in 2006.