Grantmakers in the News

November 16, 2004

Enterprise Foundation Invests in Low-Income Housing in New York

Mayor Michael Bloomberg recently announced that the Enterprise Foundation would play a major role in the development of 15,000 housing units in New York City within the next five years. The Enterprise Foundation and the city plan to generate $1 billion in investments to finance the project.

While the Enterprise Foundation will likely secure low-interest loans for the development, most of the funding is expected to come companies and private investors interested in obtaining the federal low-income tax credit. Nonprofits providing training and technical assistance for the project will receive $5 million in grants from the Enterprise Foundation.

Vicky Hernandez, a spokeswoman for the foundation notes, ''What we are doing over the next five years is what we did in the last 15…It's a very intensive level based on what the demand really is. It is also largely because two years ago the mayor charged the housing industry to step up to the plate and meet this demand.''

Based in Maryland, the Enterprise Foundation helps low-income families with affordable housing and services in communities across the country.

Chen, David. "Group to Invest $5 Million In Low-Cost City Housing." New York Times, 10/14/04.