IMPACTASSETS 50™
An Annual Showcase of Impact Investment Fund Managers
ImpactAssets 50
An Annual Showcase of Impact Investment Fund Managers
Enterprise Community
Partners, Inc.
Affordable Housing
Community Development
Racial Equity and JusticeFirm Overview
In 1982, visionaries Jim and Patty Rouse embarked on the most ambitious building project of their lives: ensuring that everyone across the country has a decent, affordable place to call home leading to the creation of Enterprise Community Partners. Forty years later, Enterprise is a family of companies working together to build opportunity in communities nationwide. Enterprise’s mission is to make home and community places of pride, power and belonging, and to serve as platforms for resilience and upward mobility for all. Enterprise’s three-pronged strategy to increase housing supply, advance racial equity, and build resilience and upward mobility is carried out through three divisions – Solutions, Capital and Communities – that unify and leverage a family of companies to execute our work. Enterprise has created or preserved one million homes, financed the creation of 29.1 million square feet of community space, invested $72 billion, and touched millions of lives.
Years of Operation: 10 years or more
% of Capital from Top 3 Investors: Less than 25%
As one of the United States most impactful real estate investors – having helped create over 1 million homes – Enterprise’s unwavering commitment is to raise and invest mission-aligned capital that maximizes positive social and environmental benefits to make home and community places of pride, power and belonging.
As one of the largest affordable housing intermediaries in the country, Enterprise delivers high-impact capital to the people and places that need it most. We combine financial discipline, deep expertise and highly-collaborative partnerships to create and preserve homes people can afford, and develop other essential neighborhood resources, including schools, federally qualified health centers, stores with healthy food options and more. In partnership with both the private and public sectors, Enterprise creates innovative financial products that fill the gaps left by traditional financing sources by providing capital to community-based, nonprofit, and mission-aligned for-profit developers in the communities it serves. Strategically, financing fits into one of three categories: (1) creating, preserving and improving quality and resilient affordable homes; (2) improving the capacity and effectiveness of public and private sectors to address housing insecurity; and (3) helping link low-income families to good schools, jobs, transit and healthcare.
Whether in equity, fixed-income or tax-credit products, Enterprise brings 42-years of unmatched experience, discipline, innovation, and measurable community impact and financial returns, investing over $72 billion during that same time period. Enterprise partners are local but our network is national—providing unique opportunities for impact at scale paired with the benefit of on-the-ground expertise. This unique combination is further leveraged by Enterprise’s local offices which provide additional insight and relationships to remove roadblocks, mitigate risk, seize opportunities and, ultimately, achieve lasting impact. This unmatched breath, scale and expertise across the entire spectrum of affordable housing creates a feedback loop that informs, supports and complements our fund management business.
Investment Example
Located in the Fruitvale neighborhood of Oakland, Calif., 2000 36th Ave is an apartment community that 55 families call home. A majority of these households are Latino, and more than a third of residents are children. For years, the tightknit community reported issues ranging from insect infestations to leaky faucets to mold, mildew, and lead contamination. The owners, rather than making improvements, put the building up for sale, emphasizing the value of increasing current rents to market rate—a move that would have effectively displaced the residents, many of whom had lived there for decades. With over $7 million in financing from Enterprise, a local mission-aligned developer purchased the building in 2020. Along with addressing deferred maintenance, the developer was able to keep rents affordable and while also adding a playground and community garden, in addition to new community services with a focus on resident health and wellbeing.
Leadership and Team
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Shaun Donovan – President and CEO More Info
Shaun Donovan is the CEO and President of Enterprise Community Partners, beginning in fall 2023. One of the nation’s foremost leaders in housing and community development, Donovan’s 30-year career in public service has focused on building opportunity and fighting for people and communities too often left behind. He served in President Barack Obama’s cabinet for his full eight years in office, as secretary of the U.S. Department of Housing and Urban Development (HUD) from 2009 to 2014 and as director of the U.S. Office of Management and Budget from 2014 to 2017. |
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Lori Chatman – President, Capital Division More Info
Lori Chatman is President, Capital Division at Enterprise Community Partners. With over 1,300 employees in cities and regions across the United States, Enterprise has invested $64 billion and created 951,000 homes across all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands since 1982. Lori works with a broad array of stakeholders to build on the strength and breadth of Enterprise’s work nationwide. A visionary leader with more than three decades of experience in affordable housing and community development, Lori Chatman manages a $16 billion investment platform – one of the nation’s largest affordable housing finance platforms – with a full suite of equity, debt and tax credit products. |
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Jacqueline Waggoner – President, Solutions Division More Info
As president of Enterprise Community Partners’ Solutions Division, Jacqueline manages a team of more than 300, leading the company’s programmatic, policy and advisory work in alignment with its strategic priorities: increasing housing supply, advancing racial equity and building upward mobility and resilience. From working on the ground with local partners in hundreds of communities nationwide, to advocating for affordable housing policy at the highest levels of government, Jacqueline maximizes Enterprise’s impact across all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. |
Financial Performance
Impact Performance
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Percentage of Total Assets Under
Management that are Impact Investments: |
100%
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Impact is a fundamental driver of our mission and our investments and is the primary lens through which we conduct business. Our mission is to make home and community places of pride, power and belonging, and platforms for resilience and upward mobility for all. To fulfill our mission, we finance community-based, nonprofit and mission-aligned for-profit affordable housing and community and commercial facilities developers with the common mission to assist low- and moderate-income people through affordable housing in diverse, thriving communities. Across our capital business lines, we seek alignment with industry practices in impact measurement and management like our CDFI’s Sustainability Bond Framework that aligns our lending with the UN Sustainable Development Goals and other industry reporting metrics and our Real Estate Equity team's recent independent impact verification through BlueMark.
We consider, for example, racial equity within the leadership composition of our partners (investees), and in certain cases prioritize racially diverse (e.g. BIPOC-led and other historically marginalized populations) investees who have been historically overlooked by commercial markets for certain capital product offerings. We also evaluate a project's integration of climate risk and resilience measures as part of our broader commitment to decarbonize the affordable housing industry. For example, our real estate equity team works with properties to implement energy and water utility monitoring to inform usage, and devise strategies to address the environmental impact of properties.
Impact Tracking and Monitoring
Learn More
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