El Centro de la Raza and Mercy Housing Northwest Land $69.3M in JPMorgan LIHTC Equity for 241-Home Seattle Project

Enterprise Community Partners announced Oct. 28 that it has financed its 3,000th Low-Income Housing Tax Credit (LIHTC) development, a 241-home affordable community in Seattle sponsored by El Centro de la Raza and Mercy Housing Northwest. The project, known as Mount Baker TOD, was supported by $69.3 million in LIHTC equity from J.P. Morgan, syndicated by Enterprise's Housing Credit Investments business.

The milestone coincides with the 40th anniversary of the LIHTC program, which was created as part of the Tax Reform Act of 1986.

Mount Baker TOD: Project Details

Mount Baker TOD will bring 241 affordable homes to a Seattle neighborhood adjacent to the Mount Baker light rail station. The mixed-use community will provide homes affordable to families earning between 30% and 60% of the area median income. The site is in Seattle's Rainier Valley.

Co-sponsors El Centro de la Raza and Mercy Housing Northwest will provide on-site services tailored to residents. The development also includes two commercial condominium spaces: an Early Learning Campus serving families with young children, to be operated by the University of Washington, and a space for small nonprofits, supported by the city of Seattle and Grow America.

JPMorgan Equity and Enterprise Syndication

The $69.3 million in LIHTC equity came from J.P. Morgan and was syndicated through Enterprise's Housing Credit Investments business. Enterprise Equities, Inc., an affiliate of Enterprise Community Partners, acts as the primary placement agent for Enterprise's LIHTC funds.

The equity commitment works out to roughly $287,000 per affordable home, based on the 241-home count. That figure reflects equity per unit and does not represent total development cost.

"Closing our 3,000th LIHTC deal is an incredible milestone because of what it represents: families who found a stable home, seniors who were able to age in place with dignity, and communities that gained affordable housing that otherwise may never have existed. We're grateful to the partners who made that impact possible," said Kari Downes, executive vice president and head of Enterprise's Housing Credit Investments business. "LIHTC remains the most effective affordable housing tool we have. We're proud of what we've accomplished and all the more focused on creating homes people across this country can afford."

Enterprise's LIHTC Track Record

Enterprise said that through 3,000 LIHTC deals it has helped create or preserve nearly 220,000 affordable homes across all 50 states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands, providing homes for more than 505,000 people. The firm said those developments supported the creation of more than 352,000 jobs and generated nearly $39.7 billion in wages and business income.

Enterprise has been involved with LIHTC since the program's inception. The program was created with support from Enterprise co-founder Jim Rouse and uses the federal tax code to encourage private investment in affordable housing development. Its pay-for-success structure ties tax benefits to long-term affordability requirements.

Across the program's 40 years, LIHTC has helped create or preserve 4.28 million affordable homes, served nearly 10 million households and supported the creation of 7.2 million jobs nationwide. LIHTC finances approximately 90% of all affordable rental housing construction in the United States.

Seattle Affordable Housing Funding Context

The project arrives as Seattle directs public capital toward housing for households at or below 60% of area median income. The city's 2026 rental-housing funding round opened at least $100 million for new construction, rehabilitation and acquisition, with priority for permanently affordable projects and households facing displacement. In January 2026, the city announced $155 million supporting 2,116 affordable rental homes across 20 buildings.

The Mount Baker area is also the focus of a broader city-backed redevelopment. Seattle has reported that Phase 1 of the Mount Baker redevelopment would create 239 affordable rental homes next to the Mount Baker Link station with $40.6 million in city investment, and that Phase 2 is expected to bring the redevelopment's total above 400 affordable homes.

The Mount Baker TOD financing reflects the layering of federal tax credits, bank equity and nonprofit sponsorship that characterizes affordable housing development in high-cost markets such as Seattle. Serving households as low as 30% of area median income places the project toward the deeper-affordability end of the LIHTC spectrum.

Sources

• Enterprise Community Partners: Enterprise Closes 3,000th Housing Credit Deal as LIHTC Celebrates 40 Years