Enterprise Community Partners, Inc., a real estate investment services company for affordable housing and community development, announced in October a $4 billion commitment to launch the next generation of its Green Communities initiative. As a cornerstone to the announcement, the organization also released a study showing the overall return on investment and cost effectiveness of meeting the Enterprise Green Communities Criteria when building affordable housing.
Enterprise hopes this commitment of funds will accelerate change in the affordable housing industry and create significant positive impact in the lives of low-income individuals and families across the country. The group issued a national call to action to green all affordable housing within a decade.
The study, Incremental Cost, Measurable Savings: Enterprise Green Communities Criteria, shows the cost effectiveness of meeting a comprehensive green building framework for affordable housing. Enterprise estimates lifetime savings exceeding the initial investment made to incorporate the Criteria into affordable housing. Green affordable homes offer significant health, economic and environmental benefits to residents by addressing energy efficiency, water conservation, use of healthy materials, high-quality indoor air and location of affordable housing. Integrating the required green measures from the Criteria also can produce substantial increases in the quality of life of residents living in the housing.
Activities related to the next generation of Enterprise Green Communities are underway. Enterprise says its efforts will result directly in the creation, preservation or retrofit of 75,000 green homes and community and commercial buildings within the next five years. The group will lend in key markets to existing multifamily building owners for energy and water reduction capital purchases and healthy living environment improvements.
In May, Enterprise committed its $95 million New Markets Tax Credit (NMTC) allocation to target green deals, which bolster funding for commercial and mixed-use developments with a demonstrable community impact. Enterprise also is purchasing carbon offsets from green affordable housing developers by raising charitable contributions through its Green Communities Offset Fund.
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