Enterprise Community Partners Closes $225.5 Million Fund for Affordable Housing

COLUMBIA, Md. — Enterprise Community Partners announced the closing of a $225.5 million Low-Income Housing Tax Credit (LIHTC) multi-investor fund to finance affordable housing projects across nine states and Washington, D.C.

The fund, Enterprise Housing Partners Fund XLVIII (EHP 48), will create or preserve 1,708 affordable homes nationwide and is expected to generate 2,777 new jobs and $314.6 million in wages, tax revenue, and business income, according to the organization. With this closing, Enterprise has secured more than $800 million in capital commitments for LIHTC housing in 2025.

Affordable Housing Across Multiple States

EHP 48 will support 15 properties across Washington, D.C., and nine states: California, Florida, Kentucky, Louisiana, Maryland, Minnesota, New Jersey, New York, and Ohio. The properties will serve families, seniors, and individuals with disabilities.

In Cleveland, Enterprise will invest in Parkside Homes East, a CHN Housing Partners development offering 55 new single-family lease-to-purchase homes in the Glenville, Hough, and Buckeye-Shaker neighborhoods. The homes will be affordable to households earning up to 60% of the area median income, with six units fully accessible for residents with physical disabilities.

Preserving Senior Housing in Minnesota

In rural Minnesota, the fund will help preserve the affordability of two sister properties: West Falls Estates in International Falls and LEE Center in Hibbing. Both properties are dedicated to seniors and people with disabilities.

Enterprise’s Investment Platform

“Reaching this scale in today’s capital environment speaks volumes about our investors’ commitment and the strength of Enterprise’s investment platform,” said Kari Downes, executive vice president and head of Enterprise’s housing credit investments business. “Together, we’re leveraging one of the nation’s most powerful housing tools to create more affordable homes, support local economic growth, and build long-term stability for families and communities across the country.”

Source: Enterprise Community Partners