Enterprise Community Investment Inc. announced a $5.7 million Low-Income Housing Tax Credit deal to fund the construction of Eagle View Townhomes, an affordable housing community that will contain 49 homes for families across 16 buildings in a rural community in Utah. Ten homes will be set aside for special-needs tenants: three for survivors of domestic violence, two for farm laborers and five for homeless or near-homeless families. All of the homes will meet Enterprise Green Communities Criteria, the first national framework for developing green affordable housing.
“Maintaining the affordability of rural communities is a critical part of ending our nation’s housing insecurity crisis,” said Raoul Moore, SVP of Syndication at Enterprise. “Thanks to the Low-Income Housing Tax Credit, Eagle View Townhomes will benefit the entire community of Richfield by providing families with safe, stable, green homes located close to important neighborhood services.”
Adams Construction and Management Company, Inc. is the developer and co-manager, and Six County Community Housing, Inc., a local nonprofit, will serve as the other co-manager and the services provider for the community. When construction completes by the end of 2015, the $8 million development will contain 12 two-bedroom, 29 three-bedroom and 7 four-bedroom homes, plus an additional apartment for an on-site property manager, along with a community center and computer room.
The U.S. is in the midst of a broad housing insecurity crisis that is affecting nearly 19 million low-income families who are homeless or paying more than half of their monthly income on housing. Enterprise’s generational goal is to end housing insecurity in the U.S., which 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 1 million low-income families through quality affordable housing and connections to jobs, good schools, transit and health care.
