A nonprofit developer based in Silver Spring has become an affiliate of Columbia-based Enterprise Community Investment, a subsidiary of nonprofit affordable-housing organization Enterprise Community Partners.
The Silver Spring developer, Community Preservation and Development Corp., owns or has developed more than 30 rental communities that house more than 10,000 people in Maryland, Washington and Virginia.
Enterprise Community Investment provides financing for affordable-housing development. Enterprise has helped finance the creation of maintenance of 470,000 affordable homes, including 144,000 through low-income housing tax credit programs.
The two groups hope to be stronger together in building and preserving affordable housing and offering services to residents, the organizations said in an announcement Tuesday.
“Meeting America’s deepening housing challenges demands preservation of existing affordable properties,” Charlie Werhane, president and CEO of Enterprise Community Investment, said in an announcement.
With the help of Enterprise’s property management skills and strong capital base, Community Preservation will be better positioned to maintain the thousands of affordable homes it has developed over three decades, especially aging properties, said J. Michael Pitchford, president and CEO of CPDC.
“The affiliation with Enterprise will really provide us better equity, a good source of capital to redo our portfolio as it goes on and to add to it,” Pitchford said. “We’re going to have better access to debt and equity than we did before.”
He said Enterprise plans to incorporate and expand CPDC’s resident services program, which offers help such as after-school programs, youth mentoring, adult education and health screenings, depending on the needs of a particular community.
“Housing insecurity” is a growing problem in the U.S., the groups said, with nearly 19 million low-income families either homeless or spending at least half their monthly income on housing. Enterprise said its mission includes ending housing insecurity in the U.S. within a generation.