Enterprise Community Loan Fund is a national housing Community Development Financial Institution(CDFI) and is the lending arm of the parent, Enterprise Community Partners. Partners' programmatic focus includes public policy, grant making and capacity building for the affordable housing industry, operating through a national network 2,500 members and 17 local offices. Loan Fund's mission is to deliver innovative financial products and technical assistance to mission-aligned organizations to acquire, develop, and preserve quality affordable housing for low- and moderate-income families, and to revitalize their communities.
As a national intermediary, ECLF accomplishes its goal of affordable housing by providing funding for specific strategic products and initiatives such as:
- Early Predevelopment Loans to fund design services and related predevelopment costs required to determine a project's feasibility.
- Predevelopment and acquisition financing for affordable housing developments - To fund predevelopment activities prior to closing construction financing.
- Acquisition Loans To fund acquisition of land or buildings.
- Construction loans - To fund construction and related costs.
- Secured lines of credit Working capital lines of credit Loans to and participations with other CDFIs.
Loan Fund provides short-term loans (both secured and unsecured) to support the development of affordable multifamily housing and single-family home development. Funds may be used for predevelopment, land and building acquisition and new construction or rehabilitation. These products are used throughout Loan Fund's primary markets, the 17 major urban areas. In the last several years, Loan Fund has added financing for "green" projects to its portfolio, offering loan products with attractive terms and conditions for projects that meet stringent environmental conditions while providing affordable housing to low and moderate income individuals and families.
Today, ECLF increasingly uses targeted loan funds to provide additional liquidity and capital in certain markets. Enterprise blends public, private and philanthropic dollars to create geographically targeted pools of capital to address critical market needs. These loan funds are unique because they allow ECLF to offer lower rates (as low as 4.5 percent), larger loan sizes, lengthier, more patient terms of up to 3 years, and higher LTVs (up to 130 percent) than traditional CDFIs and conventional banks. ECLF is able to provide such aggressive product features because of the capital structure of the funds, which include top-loss guaranty funding from public and philanthropic sources.
ECLF serves clients nationwide, with 90% of its clients in urban areas, 8% in minor urban areas and 2% in rural localities. Ninety-five percent of ECLF clients have a household income at or below 80% of area median income.
For over 26 years, Loan Fund has lent and committed more than $900 million, financing close to 91,000 units of housing into our nation's low- income communities. In 2007, ECLF raised over $113 million and committed over $153 million in loans to finance over 7,980 units of housing. The Loan Fund has also financed selected nonprofit and community facilities, resulting in the creation of nearly 700 childcare slots and more than 3,720,000 square feet of nonprofit community facilities space.
ECLF reaches all parts of the nation to help bring affordable and deliver the depth of resources needed to revitalize entire neighborhoods.
Enterprise Community Loan Fund made a $1 million loan to help co-develop the Lincoln Woods housing units in Portland. The project was developed using eco-friendly minded guidelines. Full Story