Enterprise Closes First Green Equity Fund
By Caitlin Jones
1 min read
Tax Credit Advisor, May 2009: Enterprise Community Investment, Inc. recently announced the closing of its first “green” low-income housing tax credit equity fund. Investors in the fund are U.S. Bancorp Community Development Corporation, Wells Fargo & Company, Merrill Lynch Community Development Corporation, and MetLife Inc.
The $40 million Enterprise California Green Communities Fund will help fund development of 500 energy-efficiency affordable rental housing units in Los Angeles, Oakland, and metropolitan San Francisco, CA. Each funded project will utilize the Enterprise Green Communities criteria, a green building rating system designed for affordable housing.
By incorporating such features as rooftop solar photovoltaic systems, hydronic space heating, Energy Star appliances, and other environmentally responsive technologies, utility costs for residents and the environmental impact will be substantially reduced.
Rich Gross, vice president of California Initiatives, Enterprise Community Partners, said, “We anticipate launching more financing tools like this in the near future and will continue connecting capital to communities to provide green, affordable housing.”
