Enterprise Community Partners

Enterprise Community Partners, formerly The Enterprise Foundation, is a Columbia, Maryland-based nonprofit organization with offices nationwide.^[1] Founded in 1982 by developer/philanthropist James W. Rouse and his wife Patty, Enterprise has worked with community-based nonprofit organizations to develop nearly 358,000 affordable homes and invest nearly $23.4 billion throughout the United States. At its outset the program was embraced by both Democratic and Republican administrations as a method to defund expensive subsidized housing. It was also supported by land development interests to prevent competition in the home building industry. Initial funding came from Rouse's ACTION partners Richard King Mellon, David Rockefeller, Andrew Heiskell, Ford Foundation, and other Rouse affiliates including Kittamaqundi Community leader Gordon Cosby, Robert McNamara, Senator Mac Mathias. Although in private control, Enterprise relies heavily on federal incentives, loan guarantees and financing from agencies such as the FHA.^[2]

Mission

Enterprise's mission is to create opportunity for low- and moderate income people through affordable housing in diverse, thriving communities.^[3]

History

In 1972, three members of the Church of the Saviour, Terry Flood, Barbara Moore and Carolyn Banker wanted to create low-income housing in the Adams Morgan neighborhood of D.C. With no development, financial or construction experience, they put down a non-refundable deposit to purchase the Ritz and Mozart apartment buildings. Their commitment won over James Rouse, CEO of The Rouse Company and he helped them secure $625,000 to complete the transaction and $125,000 toward the cost of rehabilitation.

In 1981 the experience inspired Jim Rouse to found Robin Hood Inc. based in the Rouse owned American City building in Columbia, Maryland. The company was renamed to Jubilee Housing to help with fundraising efforts.^[4] Jubilee Housing provided the launchpad for Jim and Patty Rouse to start the Enterprise Foundation in 1982. In 2005, it was renamed Enterprise Community Partners. Today, Enterprise continues to work to uphold the standards set by Jim and Patty to see that all people have the opportunity for affordable housing.^[5] In 1984, Jim Rouse was soliciting business representing both Rouse Company as CEO and Enterprise Development as president. The Rouse Company board of directors asked Jim Rouse to leave as CEO of the Rouse Company and his position in Enterprise Development which ended his involvement with the company he founded.^[6]

Enterprise Model

The Enterprise foundation was to be the central clearing house for a profitable privately operated social welfare system.

The model included.^[7]

• Securities - Providing investments from and income to the foundation
• Projects qualifying for charitable investment - Loans and equity from the foundation, and income to the foundation.
• Enterprise Development Company - A for-profit company that provides Joint Ventures with Local Developers and Non-Profits with cash flow return to the foundation. The firm developed the Festival marketplace projects using public and private funding.^[8]
• Community Housing Corporations - Receives loans from foundation for community projects and returns income to foundation.

Campaigns & Coalitions

• American Council to Improve Our Neighborhoods (A.C.T.I.O.N)^[9]
• Community Capital Coalition
• Green Affordable Housing Coalition
• National Foreclosure Prevention and Neighborhood Stabilization Task Force

Enterprise Green Communities

On October 8, 2009, Enterprise Community Partners announced a $4 billion commitment to the next generation of its Green Communities initiative. Enterprise said its efforts will result directly in the creation, preservation, or retrofit of 75,000 green homes and community and commercial buildings over the next five years. The group will provide loans to owners of existing multi-family buildings in key markets for capital purchases that will reduce energy and water consumption or will lead to more healthy living environments. Enterprise relies on support from a number of banks and foundations, and it is currently drawing on $2.5 million in grants for fundraising. Enterprise also issued a national call to action to make all affordable housing in the United States meet green criteria by 2020. To provide background, the organization released a study proving the overall return on investment of meeting its Green Communities Criteria. Based on years of research, the report, "Incremental Cost, Measurable Savings: Enterprise," finds that the estimated lifetime savings exceed the initial investment made to incorporate the Green Communities Criteria into affordable housing during construction.^[10]

Projects

• National Community Stabilization Trust - A 2008 initiative to purchase and resell high-risk foreclosed properties.^[11]
• Remington, Baltimore ^[12]
• Gray's Landing- Portland
• High Place West- Santa Monica
• Myers Place- Chicago
• Hurricane Sandy Recovery- New York
• Sandtown- Baltimore ^[13]
• Tempozan Marketplace a Festival marketplace project near Osaka, Japan developed as a public-private partnership with the Osaka Waterfront Development Corporation.^{[14][15][16][17]}

See also

• Green building
• NeighborWorks America
• Low-Income Housing Tax Credit
• New Markets Tax Credits

References

External links

• Enterprise Community Partners Website
• Enterprise Facebook page
• Enterprise Twitter page
• Enterprise YouTube channel