Enterprise Community Investment, Inc. (Enterprise) announced its results for 2005 today, which included providing over $1 billion of varied investments in low-income communities across the United States.

Highlights include:

-- Low-Income Housing Tax Credit investments: closed over $693 million

in equity representing 140 projects; 8,570 housing units in 99 cities

in 30 states

-- Multifamily Mortgage Finance: closed $120 million in permanent loans

representing 30 projects; 3,218 housing units; additional commitments

of $40 million

-- Structured Finance: $128 million in New Markets Tax Credit

investments representing 10 projects with over 850,000 commercial

square footage and 274 housing units

-- Development: six developments, valued at over $80 million, were in

construction and over 300 homes were completed

"Our results reflect the success of our proven approach combining substantive social focus with sound discipline to provide major financial resources for the rebuilding of America's disadvantaged communities," said Jeffrey H. Donahue, president and chief executive officer of Enterprise Community Investment, Inc. "We strive to be the best at what we do. While business discipline is critical, our success is ultimately measured by the number of people we help gain access to affordable housing," he continued.

The $693 million in low-income housing tax credit investments closed in 2005 represent a 15 percent increase over the previous year. These investments provide equity for 140 projects nationwide and support the organization's mission to ensure that all Americans live in decent, affordable homes. Additionally, more than 40 percent of these investments will provide homes for people in very low-income brackets, households earning 40 percent or less of the area median income. Sixteen tax credit projects, representing $118.5 million in equity, closed through the Green Communities(TM) Initiative and will create 861 affordable, environmentally healthy homes. In addition, more than 10 projects were transferred to their nonprofit sponsors at the completion of the 15-year tax credit compliance period, enabling these homes to remain affordable. Enterprise's low-income housing tax credit portfolio is among the industry's largest, with 1,318 projects totaling nearly 75,000 units in 46 states, the District of Columbia and Puerto Rico.

Enterprise continued its long history of bringing leadership, innovation and energy to serving low-income Americans and communities. Enterprise's multifamily mortgage lending business closed and committed $160 million in permanent debt, bringing the company's mortgage portfolio to over $420 million. In 2005, Enterprise expanded its market reach for permanent financing by adding loan origination staff in Colorado and Wisconsin. As a special Fannie Mae lender through the DUS program, Enterprise continued to achieve one of the highest conversion rates, which measures commitments closed into permanent loans, of any Fannie Mae lender across the country.

Enterprise also expanded its commercial investments in 2005. Now the second largest New Markets Tax Credits allocatee in the nation, Enterprise placed more than $128 million in community redevelopment projects, leveraging the New Markets Tax Credit. In total, 11 projects, including one non-NMTC transaction, have expanded Enterprise's structured finance portfolio by 45 percent.

In 2005, Enterprise Homes helped create affordable workforce and market- rate homeownership opportunities, affordable rental housing for seniors and redeveloped mixed-income communities. The six developments under construction represent an undertaking of 500 homeownership and 148 rental units, valued at over $80 million, and reflect Enterprise Homes' diversity and expertise as a master developer and national community development consultant.

Enterprise was selected as fund manager for two private equity funds, the Maryland Regional Workforce Housing Fund I and the Northwest Louisiana Community Development Fund I, to support workforce housing and community revitalization projects. Working in partnership with the funds' sponsors, Enterprise intends to achieve double-bottom line objectives by bringing market-rate returns to investors, and creating positive economic, social and environmental benefits to low- and moderate-income communities.

According to Charles Werhane, vice chairman and chief operating officer of Enterprise Community Investment, Inc., "We are very excited about the opportunity to partner in these kinds of double-bottom line funds. Enterprise brings integrated expertise to its role as fund manager - over 20 years of direct community development, socially motivated investing and financial structuring capability. We look forward to creating more innovative partnerships for funds like these in communities nationwide," Werhane said.

Enterprise recently announced a restructuring of the company's business lines and significant realignment of its senior management team to support its goal of providing unified, efficient and one-stop customer solutions to its investors, developers and other community revitalization partners.

Commenting on the successes in 2005, Donahue said, "We are pleased with our results for 2005 and excited about greater synergies among Enterprise products in the coming year. These enhancements contribute to Enterprise's growth, providing creative solutions and service to help our investor and development partners meet the substantial needs of low-income communities."

Enterprise Community Investment, Inc. (Enterprise) is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. Enterprise leverages low-income housing, new markets and historic rehabilitation tax credits; short- and long-term debt, and development services to capitalize projects that make a catalytic difference in communities. For over two decades, Enterprise has privately raised $7 billion in capital to finance affordable housing, create vital communities and help transform the lives of low-income Americans, particularly those at the lowest end of the economic scale. Currently, Enterprise is investing in communities at a rate of $1 billion a year. Visit http://www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.

Source: prnewswire