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The Columbia-based provider of developmentf financing plans to launch its New Markets Tax Creditr Programwith $95 million in federal stimulus funds. “Enterprise’d long-standing position in green affordable housing through our Green Communities is now extended to commercial development projects that create provide critical services and stimulate growth in distressede neighborhoods on an environmentally sustainable Joe Wesolowski, senior vice president for structured financr at Enterprise, said in a statement. Through the sale of tax credits, Enterprise helpas raise money from private investors in ordedr to help developers fundnew projects.
It has helpedc fund a number of projects in Greater including part of the East BaltimoreDevelopment Initiative, Belvedere and Miller’s Court, the former Censud Building in Baltimore City being converted into a mix of nonprofitg office space and rental apartments for city As part of that effort, Enterprise established a Greeh Communities program about five years ago to focus on green residential buildings in low-income neighborhoods. The idea with that which has helpedfund 14,5000 greeb affordable homes across 30 states, was to help create affordable housingv and cut down on energy costs for residentsd in distressed neighborhoods.
Enterpriswe was recently awarded $95 million in New Market Tax funded through the American Recovery andReinvestment Act, whicj it hopes to use to expand the Greem Communities program to commercial and mixed-use projects. Enterprise hopes to focuws on commercial developments that feature energy efficienc y and renewableenergy techniques. It is placing an emphasis on transit-orientefd developments and former brownfield sites being redeveloped intonew
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