As the Mid-Atlantic’s leading non-profit affordable housing owner and developer, Enterprise Community Development seeks to leverage its market position to drive a more inclusive industry while co-creating new projects that expand opportunity and services to local communities.
BALTIMORE (PRWEB) November 23, 2021
Enterprise Community Development, recognizing the significant equity gap that currently exists in the real estate/development industry, launched today a new joint venture program designed to directly address this issue and provide much needed resources and opportunities to increase inclusion in the industry. This is particularly true among BIPOC housing providers and those in the community focused and faith-based arenas. Let’s Build Accelerator, founded in recognition of the unique value of perspectives, histories and relationships within these communities, seeks to help convert more visions into reality to support a groundswell of locally shaped development. The model links development with hands-on learning, partnerships and capital to bring projects to fruition.
Enterprise Community Development, an affiliate of Enterprise Community Partners (Enterprise), is the largest affordable housing owner and developer in the Mid-Atlantic market and stands among the top 10 nonprofits and top 50 owners in the country in portfolio size. The company is also one of the country’s largest private affordable housing owners and developers headed by a Black chief executive and understands the value of perspectives, histories and relationships brought by Black, Indigenous, People of Color (BIPOC)-led and neighborhood-based organizations to community development ventures. As an organization with an extensive track record of successful community partnerships, Enterprise is uniquely qualified to address the issues that come from exclusion.
“Persistent disinvestment has characterized the communities in which many BIPOC, neighborhood-based and faith-based developers work,” said Brian McLaughlin, president of Enterprise Community Development. “The cost has been decades of pioneering projects never built. Sparse retail stores and inadequate housing are too common. And when project investments finally do come, their sponsors are often disconnected from the community with equally disconnected plans and outcomes that do not serve longstanding residents and stakeholders. Too many visionaries of what ‘can be’ in our communities are left out.”
The Let’s Build Accelerator is a model by which BIPOC, community focused and faith-based organizations can work jointly with Enterprise Community Development to bring neighborhood-oriented project ideas to fruition. Enterprise Community Development, in turn, will leverage its talents and resources to execute meaningful partnerships with BIPOC, community focused and faith-based partners that allow them to participate in a substantive way, as co-developers and financial partners, leading to successful projects, enhanced development capacity and the creation of long-term wealth.
“As the Mid-Atlantic’s leading non-profit affordable housing owner and developer, Enterprise Community Development seeks to leverage its market position to drive a more inclusive industry while co-creating new projects that expand opportunity and services to local communities,” added McLaughlin. “Let's Build Accelerator is a joint venture development model that links us with more BIPOC, community-based and faith-based developers who bring their unique set of perspectives to potential projects in the Mid-Atlantic. Our goal is to convert more visions spearheaded by this community into reality. We will achieve this by matching our resources and our deeply talented team of over 100 professionals directly with developer visionaries.”
To support the program, Enterprise Community Development will invest $5 million in development equity. Enterprise Community Development will invest this capital to participating development partners who wish to join forces to co-develop projects. The funding will allow BIPOC, neighborhood-led and faith-based partners to co-invest with Enterprise as equity partners in these projects, and earn pro-rata returns ranging from fee income to cash flows. Upon exit, the partner’s initial equity investment will be returned to a revolving fund to support future partnerships while the partner retains all fees and earnings on its investment, along with a pro-rata share of appreciated value.
Ideal projects for Let’s Build Accelerator include affordable housing and mixed-use developments as well as needed community assets such as retail, multi-family communities, senior communities and Naturally Occurring Affordable Housing (NOAH).
Those interested in learning more about Let’s Build Accelerator can visit letsbuildaccelerator.org.
Enterprise Community Development is the top nonprofit owner and developer of affordable homes in the Mid-Atlantic and is an affiliate of Enterprise Community Partners. Formed from two Mid-Atlantic affordable housing powerhouses, Enterprise Homes, Inc. and Community Preservation and Development Corporation, Enterprise Community Development specializes in high-impact residential development, property management and resident supportive services. With 60 years of collective experience, Enterprise Community Development’s $1 billion portfolio includes 16,000 well-designed homes in over 110 communities to support over 22,000 residents. Enterprise Community Development has offices in Baltimore, Washington, DC and Richmond and is part of the Enterprise Community Partners’ family of companies. For more information, visit http://www.enterprisecommunitydevelopment.org.