"THE ENTERPRISE SOCIAL INVESTMENT CORPORATION ANNOUNCES WINNERS OF THE INAUGURAL INNOVATIVE VENTURE AWARDS "

Enterprise development partners who won top honors include the Affordable Housing Associates in Berkeley, Calif., the Cleveland Housing Network in Cleveland, and the YWCA of the Hartford Region, Hartford, Conn.

“We're honored to be associated with these outstanding developers whose dedication to innovation and new ideas helps to make affordable housing possible,” said Jeff Donahue, president and chief executive officer of The Enterprise Social Investment Corporation. “These awards reflect our commitment to helping communities by providing partners with the resources to bring decent, affordable housing to the people and neighborhoods that can benefit the most.”

Affordable Housing Associates was recognized for its innovative approach to developing University Neighborhood Apartments. The first project of its kind to be completed in the United States, University Neighborhood Apartments addresses a twofold problem: the segregation of people with disabilities and the lack of affordable housing for low-income families. Affordable Housing Associates followed the principals of “Universal Design,” a cutting-edge architectural approach that creates a truly integrated housing community with fully accessible living spaces and common areas for all residents. University Neighborhood Apartments provides 27 families – 67 individuals – with affordable and accessible housing. Seventeen of these households have a member living with a disability. Additionally, 3,000 square feet of ground floor commercial space is a component of the project and is expected to help sustain social services provided to the residents.

The Cleveland Housing Network was honored for its work in creating homeownership opportunities through a Lease Purchase program financed using Low-Income Housing Tax Credits. The program uses a “hand-up” strategy that promises eventual homeownership and significant equity following 15 years of responsible residency for the 1,900 low-income households in the program. Within the next five years, it is anticipated that 463 homes developed through the program will become eligible for sale to lease purchase residents. A national model, the Lease Purchase program has achieved a 90 percent success rate in selling homes to lease purchase residents. It is an integral piece of Cleveland's homeownership strategy for low-income residents.

Innovative Venture Awards

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The YWCA of the Hartford Region was recognized for its project, Soromundi Commons, a supportive housing community created through an innovative partnership with development consultant The Women's Institute and service provider Chrysalis Center. Soromundi Commons offers a 23-bed emergency shelter, 13 efficiency units for individuals in transition from homelessness or in treatment for mental illness or substance abuse, and 35 one-bedroom apartments for low-income individuals at risk of homelessness. Residents receive intensive support as they work toward self-sufficiency to achieve their personal goals. The project includes a Community Learning Center and offers case management, counseling, legal assistance, help securing livable wage employment, economic literacy, good health and mastery of life skills and/or assistance with activities of daily living.

“We are thrilled to recognize this year's winners and their creative approach to housing and community development,” said Frank Narron, senior vice president, national equity initiatives, of The Enterprise Social Investment Corporation. “Together, we are increasing the supply of affordable housing and transforming the quality of life for many low-income Americans.”

Each recipient receives $75,000 from The Enterprise Social Investment Corporation, which will be presented at the company's 2005 ESIC Forum on November 9.

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Enterprise is a leading provider of the development capital and expertise it takes to make sure every American lives in a decent, affordable home. Enterprise leverages low-income housing tax credits, new markets and historic rehabilitation tax credits, and other short- and long-term financing to capitalize projects that make a catalytic difference in communities. From critical financing tools and technical assistance, to development services, Enterprise is helping to transform the lives of low-income Americans. Over the past two decades, Enterprise has privately raised $6 billion in equity, grants, and below-market financing to create homes and better communities for 175,000 low-income individuals and families. Visit www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity, and to meet some of the half million people we have helped.