SEATTLE, July 22, 2011 /PRNewswire/ -- Enterprise Community Loan Fund is pleased to announce that The Seattle Foundation recently invested $1 million in the Enterprise Community Impact Note, a mission-aligned investment product. This tool offers socially motivated investors an investment vehicle that supports the revitalization of challenged communities. The Seattle Foundation's investment will be directed to lower-income neighborhoods in King County, supporting green retrofit of multi-family affordable housing, as well as properties that help residents access educational opportunities, healthcare and jobs.
"It is with great pride that we welcome The Seattle Foundation into the group of investors who are aligning their investments with their mission through the Enterprise Community Impact Note," said M.A. Leonard, vice president and market leader for the Pacific Northwest, Enterprise Community Partners. "With these funds, Enterprise will continue our work within Seattle - and throughout King County - to revitalize and strengthen neighborhoods in need and enhance the lives of families residing in these communities."
The Seattle Foundation is one of the nation's largest community foundations with assets of more than $600,000,000. With its investment in the Enterprise Community Impact Note, the Foundation is reinforcing its philanthropic support for King County's neighborhoods and communities.
"We are extremely excited to invest in the Enterprise Community Impact Note and to be the first philanthropic partner to take this step," said Norman Rice, president & CEO, The Seattle Foundation. "With this important and innovative tool, Enterprise has continued its history of identifying community needs and developing strong instruments to meet those needs. We look forward to continuing our relationship with Enterprise to create a healthy community in King County."
The Enterprise Community Impact Note works like many traditional investment products. The Note offers a fixed rate of return to investors who receive annual interest payments and their full principal back upon maturity. Launched in 2010, Enterprise Community Loan Fund offers the Note in 25 states and the District of Columbia.
The Impact Note is offered by Enterprise Community Loan Fund and is fully backed by the parent organization, Enterprise Community Partners. A national fund certified by the U.S. Treasury Department's Community Development Financial Institutions Funds, Enterprise Community Loan Fund lends money invested in the Note to non-profit and mission-driven organizations working to create affordable housing and stronger communities across the country.
Investment terms range from two to ten years and include annual interest payments to investors in the 2-3.5% range with a minimum investment of $5,000. The principal is returned at the end of the term. Investors of $500,000 or more, like The Seattle Foundation, may select target geographies or the type of programmatic investment Enterprise will pursue with their funds. Enterprise Community Loan Fund was recently awarded $1.5 million from the U.S. Department of Treasury's Community Development Financial Institutions Fund. The Loan Fund will use this important source of capital in conjunction with funding from organizations like The Seattle Foundation to further expand its lending and capital raising activities. To access the prospectus, application and the list of 25 states where the Enterprise Community Impact Note is available, call toll free 877-389-9239 or visit www.impactnote.com.
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.
SOURCE Enterprise Community Partners, Inc.