National Nonprofit Provides Funding, Resources to Help Local Organizations Thrive in Still Tight Real Estate Market

LOS ANGELES, Jan. 18, 2011 /PRNewswire/ -- Recent reports from Los Angeles-based academic and philanthropic institutions have found that local nonprofit organizations are experiencing an increase in requests for assistance, and budgetary demands, while battling a decrease in government and philanthropic funding. To help meet this need, Enterprise Community Partners, Inc. (Enterprise) is providing lines-of-credit, grants and technical assistance to targeted affordable housing developers that provide healthy and sustainable low-income housing for families in need.

"The well-being of the nonprofit community directly affects the health of the community at large," said Jeff Schaffer, vice president and Los Angeles Impact Market leader, Enterprise. "Supporting our partners in the affordable housing industry with tools and resources to help them accomplish their missions is an integral component of our own mission, and we are constantly seeking new ways to lend assistance."

With additional help from community-focused institutions, notably the California Community Foundation, the Community Redevelopment Agency of the City of Los Angeles, and JPMorgan Chase, as well as funding from the federal government and other national and local resources, Enterprise is providing more than $1.5 million in assistance to southern California organizations. The support to nonprofit developers includes more than $500,000 in low-interest lines of credit through the Enterprise Community Loan Fund and $250,000 in grants for green building and retrofit activities through its Enterprise Green Communities initiative. Additionally, more than $725,000 is being delivered as housing production grants, and technical assistance that encompasses financial and organizational capacity building through consultants, peer-to-peer trainings for executive directors and board development.

"California Community Foundation was pleased to fund Enterprise's efforts supporting affordable housing developers with the tools and capacity building they need to adjust to current economic challenges and to strategically plan for the future," said Ann Sewill, president, Community Foundation

Land Trust, California Community Foundation. "Enterprise leveraged our grant with additional philanthropic and public dollars to broaden its positive impact on the Southern California affordable housing sector."

"Enterprise is known as a go-to source to syndicate low-income housing tax credits," said Mike Alvidrez, executive director of Skid Row Housing Trust. "But Enterprise also strives to be a holistic partner for developers and we are appreciative of having them in our corner."

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 $10.6 billion in equity, grants and loans to help build or preserve more than 270,000 affordable rental and for-sale homes to create vital communities. Enterprise is currently investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.

SOURCE Enterprise Community Partners, Inc.