COLUMBIA, MD–Enterprise Community Investment and Community Preservation and Development Corp. (CPDC) have announced they are combining in a transaction in which CPDC, which has over 30 properties in the Mid-Atlantic, will operate as an affiliate of Enterprise. For its part, Enterprise has created 470,000 affordable homes, including 144,000 homes through the Low-Income Housing Tax Credit program.
The combination brings scale to the joint portfolio and servicing platforms, allowing the properties to remain affordable, Charlie Werhane, president and CEO of Enterprise Community Investment, tells GlobeSt.com.
Another goal of the merger, he says, is to serve as a model to other non-profit developer groups. “This is also about creating the model and then pushing that out to our developers with which we do business across the US.”
“So take, for instance, a California developer. It could look at us and realize that by partnering with another group it would preserve the affordable portfolio give them the resources to grow.”
Werhane says that a combination of this scale has not happened in the affordable community but he has seen instances of it on a smaller level. “I can think of one in Minnesota. In fact, we provided some of the capital for that non profit developer for them to acquire a portfolio and maintain it.”
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
