Enterprise and Citi Will Amplify Federally-Funded Foreclosure Response Efforts in California

As Many As 500 Foreclosed Homes Will Be Returned To Market For Sale To Underserved Residents

Nov 03, 2011, 12:47 ET from Enterprise Community Partners

LOS ANGELES, Nov. 3, 2011 /PRNewswire/ -- Enterprise Community Partners (Enterprise) announced today a new partnership with Citi that will expand community revitalization efforts aimed at responding to the effects of the foreclosure crisis in California.  The program will involve the use of funds from the U.S. Department of Housing and Urban Development's Neighborhood Stabilization Program (NSP), which is intended to stabilize communities that have suffered from foreclosures and abandonment.

"Many of our cities and towns have been deeply affected by the crisis in the housing market," said Rich Gross, vice president and market leader, Northern California, Enterprise.  "What Enterprise is doing with the support of Citi and other partners is developing actionable solutions based on the availability of NSP funding.  With this latest support from the Citi Foundation, Enterprise will be able to advance its efforts in southern California, San Francisco and northern California East Bay communities.  We expect to enable our partners to return as many as 500 homes to market by 2012."

The program is being supported with a $50,000 grant from the Citi Foundation, which will be leveraged to expand Enterprise's ongoing initiative that provides assistance to local organizations and municipalities working in communities hardest hit by the foreclosure crisis.  Through the program, Enterprise will provide training and technical assistance to nonprofit developers throughout the targeted areas to enable them to return foreclosed properties to market as affordable homeownership opportunities.  

"An important element of this program is data collection and evaluation so we can document best practices from these neighborhood stabilization efforts," said Vivienne Lee of Citi Community Development.  "We are committed to achieving sustainable and replicable solutions for revitalization communities and empowering underserved people."

Enterprise has been working with city and county officials on viable ways to utilize NSP funding since 2009.  In southern California, Enterprise partnered with the Los Angeles Housing Department to develop Restore Neighborhoods LA, which uses NSP funds for the acquisition, redevelopment and resale of foreclosed properties to benefit qualified low-and moderate-income homebuyers. In the Bay Area, Enterprise has partnered with municipalities and nonprofit developers in Contra Costa and Alameda Counties to provide technical assistance and capacity building support for the stabilization of local communities.

About Enterprise

Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For nearly 30 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested $11 billion in equity, grants and loans to help build or preserve more than 280,000 affordable rental and for-sale homes to create vital communities. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.

About the Citi Foundation

The Citi Foundation is committed to the economic empowerment and financial inclusion of low- to moderate-income individuals and families in the communities where we work so that they can improve their standard of living. Globally, the Citi Foundation targets its strategic giving to priority focus areas: Microfinance, Enterprise Development, College Success, and Financial Capability and Asset Building. In the United States, the Citi Foundation also supports Neighborhood Revitalization programs. The Citi Foundation works with its partners in Microfinance, Enterprise Development, and Neighborhood Revitalization to support environmental programs and innovations. Additional information can be found at www.citifoundation.com.

About Citi Community Development

Citi Community Development (CCD) is leading Citi's commitment to achieve economic empowerment and growth for underserved individuals, families and communities by expanding access to financial products and services, and building sustainable business solutions and innovative partnerships.  Our focus areas include:  commercial and philanthropic funding; innovative financial products and services; and collaborations with institutions that expand access to financial products and services for low-income and underserved communities. For more information, visit www.citicommunitydevelopment.com.

SOURCE Enterprise Community Partners