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Enterprise Community Partners has announced a  three-year, $3.75 million grant to help support the acquisition, preservation or rehabilitation of 20,000 homes in Chicago, New York, the Gulf Coast, Mid-Atlantic, Northern and Southern California, Ohio and the Pacific Northwest provided by the Bank of America Charitable Foundation.

For nearly 25 years, Enterprise and Bank of America have partnered to help thousands of families, connecting them to safe and affordable housing in communities across the nation.

“Enterprise’s ongoing partnership with Bank of America will allow us to make an even greater impact in communities,” said Terri Ludwig, president and CEO of Enterprise Community Partners. “We’ll leverage additional resources to address the housing insecurity crisis facing millions of families and create economic vibrancy in communities that need additional support from community development organizations.”

Enterprise will work with public housing authorities and community-based organizations to develop new services to fulfill unique community needs.

  • In Chicago, Enterprise will build the property and asset management capacity of several community development organizations that provide housing to nearly 2,000 residents.
  • In the Mid-Atlantic region, the focus will be on preserving and rehabilitating homes near transit locations and assisting tenant associations to preserve existing homes to avoid displacement.
  • In Northern California, seniors, people with disabilities and families will gain improved access to support services.
  • In New York, Enterprise will create or preserve 10,000 affordable homes for low- and moderate-income families and build the capacity of 20 nonprofit and for-profit housing organizations to expand the supply of rental housing.

“It’s vital to our country’s future to bring attention to the families in our communities that are in need of housing,” said Ken Wade, Community Affairs executive, Bank of America. “We’re committed to the important work and ongoing partnership with Enterprise, supporting low-income families through housing opportunities.”

The U.S. is in the midst of a broad housing insecurity crisis that is affecting nearly 19 million low-income families who pay more than half of their monthly income on housing. Enterprise’s generational goal is to end housing insecurity in the U.S. That means no more homelessness and no more families paying more than half of their income on housing. As a down payment toward that goal, by 2020 Enterprise will help provide opportunity to one million low-income families through quality affordable housing and connections to jobs, good schools, transit and health care.

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