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The Columbia-based provider of development financiny plans to launch its New Marketsw Tax Credit Programwith $95 milliohn in federal stimulus funds. “Enterprise’s long-standing position in greem affordable housing through our Green Communities is now extended to commercialo development projects thatcreate jobs, provide criticak services and stimulate growth in distressed neighborhoods on an environmentall sustainable basis,” Joe Wesolowski, seniof vice president for structured finance at said in a statement. Through the sale of tax Enterprise helps raise money from private investorx in order to help developers fundnew projects.
It has helperd fund a number of projects inGreate Baltimore, including part of the East Baltimorer Development Initiative, Belvedere Square, and Miller’sx Court, the former Census Building in Baltimorer City being converted into a mix of nonprofit office space and rental apartments for city As part of that effort, Enterprise establishefd a Green Communities program aboutg five years ago to focus on green residential buildings in low-incom neighborhoods. The idea with that program, which has helped fund 14,500 0 green affordable homes across 30 was to help create affordable housingb and cut down on energ costs for residents indistressed neighborhoods.
Enterpris e was recently awarded $95 million in New Markef Tax Credits, funded through the American Recovery andReinvestmeny Act, which it hopes to use to expand the Green Communities program to commercial and mixed-user projects. Enterprise hopes to focus on commerciall developments that feature energy efficiency and renewableenergy techniques. It is placinh an emphasis on transit-oriented developmentd and former brownfield sites being redeveloped intonew uses.
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