Enterprise Community Investment Closes $40 Million Fund to Build 500 Energy-Efficient, Affordable Homes in California.
Enterprise Community Investment Inc. and four long-term financial partners today announced the close of the $40 million Enterprise California Green Communities Fund that will help finance the creation of 500 energy-efficient, affordable homes in Los Angeles, Oakland, and metropolitan San Francisco through the syndication of federal low-income housing tax credit (LIHTC) equity.
To ensure the sustainability of the participating properties and the cost savings associated with green living, each development in the Fund will utilize the Enterprise Green Communities criteria, the only national standard in green, affordable housing.
By building in such features as rooftop solar photovoltaic systems (solar panels), hydronic space heating, EnergyStar appliances and other environmentally responsive technologies, the utility costs for residents and the environmental impact are substantially reduced.
"The Enterprise California Green Communities Fund is a perfect mix of what Enterprise has to offer, financing with a nod to sustainability," said Rich Gross, vice president of California Initiatives, Enterprise Community Partners. "We anticipate launching more financing tools like this in the near future and will continue connecting capital to communities to provide green, affordable housing."
The investors in the fund include U.S. Bancorp Community Development Corporation, Wells Fargo & Company, Merrill Lynch Community Development Corporation and MetLife Inc.
Since 2004, Enterprise has helped to create more than 1,600 energy efficient homes in California and has invested more than $915 million in tax credit equity and loans to create nearly 10,000 affordable and market-rate, single-family homes across the state.
For more information, visit www.enterprisecommunity.org and www.enterprisecommunity.com.
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|Date:||Mar 19, 2009|
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