X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

COLUMBIA, MD-Enterprise Community Partners is making a $4-billion commitment towards green affordable housing, to be stretched over the next five years. Specifically the non-profit is devoting $2.5 billion in loans and grants to this initiative, as well as $1.5 billion that is meant to back funding for new solutions and resources in this area, according to a company spokeswoman. The overarching goal of the initiative, she tells GlobeSt.com, is for every investment Enterprise makes to be green going forward.

“We want everything Enterprise touches to be green by 2013,” Charles R. Werhane, president and CEO, Enterprise Community Investment, the for-profit subsidiary of the company, says in a prepared statement. “We now have the proof that it works and we are poised to take the initiative to the next level. By bringing more innovative and responsive financing tools to our partners, we are pushing forward systemic change in our industry.

Together with the announcement of its new commitment, Enterprise also released “Incremental Cost, Measurable Savings: Enterprise Green Communities Criteria”, a study showing the cost effectiveness of meeting Enterprise Green Communities Criteria. It found that estimated lifetime savings exceed the initial investment made to incorporate the criteria into affordable housing.

Enterprise’s current pipeline calls for creation, preservation or retrofit of 75,000 green homes and community and commercial buildings within the next five years. It also plans to lend capital to multifamily building owners that want to make green enhancements to their properties, through its newly established retrofit funds.

Financial backing Enterprise has received recently for these projects include a $95-million New Markets Tax Credit allocation to target green deals, a $1.5-million grant from the Home Depot Foundation and $1 million grants from both the Kresge Foundation and the Kendeda Fund.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.