Enterprise, Chase, Los Angeles Development Fund and YWCA Announce the Grand Opening of the Expanded YWCA of Salt Lake City

New Markets Tax Credit Equity helped fund the new domestic violence shelter and housing facility for homeless women

Oct 14, 2010, 10:00 ET from Enterprise Community Investment, Inc.

COLUMBIA, Md., Oct. 14 /PRNewswire/ -- Enterprise Community Investment, Inc. (Enterprise), a national leader in affordable housing and community development, announced the grand opening of the first phase of an expanded YWCA of Salt Lake City, which doubles the size of its domestic violence shelter and transitional housing facility for homeless women. Enterprise provided the $15 million in New Markets Tax Credit (NMTC) allocation and Chase provided the critical NMTC equity investment.

The development is the first phase of a major expansion that will revamp the YWCA's existing facilities in order to enhance the impact of its services and provide both the space and resources to conduct more outreach in the community. The new buildings replace and expand the YWCA's current crisis shelter.  The buildings also include significant child-centered space, a prayer and meditation room, a café and boutique – along with significant green space for children to play in the heart of an urban center. The new buildings were constructed to silver LEED standards, sustainable features such as ground-source heat pumps and energy-efficient lighting, which will dramatically reduce energy costs and carbon emissions.

"Enterprise is proud to join the YWCA development partners to provide the NMTC financing needed to expand critical services for Salt Lake's most vulnerable people," said John Ducey, vice president, Structured Finance, Enterprise.  "These projects demonstrate the unique use of NMTCs as both a capital source and a catalyst for community revitalization linking vulnerable, low-income populations with transitional housing and social services."

"Chase proudly invested in this important program to help Utah women and children when they need it most," said Craig Zollinger, president of Chase in Utah. "This commitment is part of Chase's ongoing effort to give back to the community where we work and live."

Women and children are beginning to move into the new residences this week.  The 150-bed, 23,000 square foot Crisis Shelter will double the YWCA's current capacity to serve survivors of domestic violence, and the 12-room, 6,500 square-foot Residence for Women and Children will provide transitional housing for single, homeless women and their children. Additional funding sources for the $17 million project include private donations and public support.

"Utah, like many states, suffers from an undersupply of emergency shelter facilities. According to state data, more than 3,000 people were turned away from shelters across the state last year because beds were not available," explained Keri Jones, chief program officer, YWCA. "The expansion will allow the YWCA, as Utah's largest provider of shelter and temporary housing and services for survivors of family violence, to serve more clients and reach out to more women and children in need throughout the city."

The Crisis Shelter will provide basic needs including meals, transportation and personal care items. The Residence for Women and Children will provide housing for up to two years. Services available to residents of these and other facilities on the YWCA campus include advocacy and intervention, drop-in child care, after-school care, summer camps, and diversity services.

About Enterprise

Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than 25 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 more than $10 billion in equity, grants and loans to help build or preserve more than 250,000 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 YWCA of Salt Lake City

Founded in 1906, the YWCA of Salt Lake City is a private, autonomous, nonprofit organization and Utah's oldest, largest and most comprehensive provider of shelter, housing and supportive services for women and children who have experienced family violence. The organization serves about 8,000 women and children each year in its domestic violence crisis shelter; its Teen Home, Utah's only residence for pregnant and parenting teens; and two transitional housing centers. On any given night, more than 250 women and children who are homeless as a result of family violence may be staying at the YWCA.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), which operates more than 5,000 branches and 14,000 ATMs nationally, including 64 branches in Utah. Chase has 157 million credit cards issued and serves consumers and small businesses through bank branches, ATMs and mortgage offices as well as through relationships with auto dealerships and schools and universities. It also serves more than 30,000 commercial banking clients, including corporations, municipalities, financial institutions and not-for-profit entities. Chase provides loans, investments and community development services to meet the needs of low- and moderate-income communities. More information about Chase is available at www.chase.com.

SOURCE Enterprise Community Investment, Inc.