Enterprise Community Investment Expands Fannie Mae Lending Program

Enterprise Community Investment of Columbia, Md., a national leader in affordable housing finance and investment, has announced the expansion of its special Fannie Mae affordable platform to include products for the acquisition, refinance or rehabilitation of market-rate multifamily housing.

Enterprise’s multifamily lending portfolio has resulted in more than $543 million in financing to create approximately 16,000 affordable apartments and homes using the Fannie Mae product line. This portfolio includes multifamily mortgages for the rehabilitation or new construction of affordable housing or market-rate housing.

“Enterprise is committed to continuing to provide multifamily mortgage financing for affordable housing in low- to moderate-income communities across the country,” says C. Lamar Seats, senior vice president of Enterprise. “With the expansion of our special Fannie Mae lending program, we can now help both affordable and market-rate multifamily housing owners acquire, refinance or rehab and potentially reduce operating costs. Refinancing proceeds can be used toward weatherization improvements, green retrofits or preservation of family and seniors housing. We are a one-stop shop for helping property owners get their deals done in the current market.”

In addition, Enterprise provides Federal Housing Administration (FHA) multifamily and health care loans as a HUD-approved Multifamily Accelerated Processing (MAP) lender. Enterprise also provides U.S. Department of Agriculture (USDA) Section 538 Rural Development loans nationwide through its Multifamily Mortgage Group.

“As a full-service FHA multifamily and health-care lender, Enterprise offers a streamlined approach to originating, processing, underwriting, funding and servicing FHA-insured loans,” says Gary Alex, director of FHA Lending for Enterprise. “We work with for-profit and nonprofit owners, joint ventures and developers to help them meet their permanent financing needs. Plus, we offer online mortgage loan servicing for our customers.” 

Enterprise’s Multifamily Mortgage group provides:

* Fannie Mae DUS Forward Cash/MBS Commitment for substantial rehabs and new construction – Fixed Rate

* Fannie Mae DUS Immediate Funding for acquisitions and refinances

* Fannie Mae DUS Bond Credit Enhancement 

* Construction and permanent financing for multifamily and seniors housing; refinancing or acquisition of existing multifamily properties and financing for residential care facilities through FHA lending 

* Debt for low-income housing tax credit transactions, including USDA Section 538 Rural loans

Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than 25 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share its vision. Enterprise has raised and invested more than $10 billion in equity, grants and loans to help build or preserve more than 250,000 affordable rental and for-sale homes to create vital communities. Enterprise is currently investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.