WASHINGTON, Oct. 17, 2011 /PRNewswire/ -- Enterprise and the Low Income Investment Fund (LIIF) announced today a new partnership to advance equitable transit-oriented development (TOD) nationwide. Through this partnership, Enterprise and LIIF will collaborate to build healthy, walkable and affordable neighborhoods near quality public transit. The announcement was made at the Rail~Volution conference, which brings together leading TOD experts each year to create a national movement to develop livable communities with transit.
The partnership builds on LIIF and Enterprise's successful TOD collaborations in the San Francisco Bay Area and Los Angeles, including the formation of the Bay Area Transit Oriented Affordable Housing Fund. Both Enterprise Community Partners, Inc. and its Community Development Financial Institution-subsidiary Enterprise Community Loan Fund (collectively known as Enterprise) will participate in the partnership.
"Enterprise's partnership with LIIF will empower us to leverage our collective resources and strengths to create compact, walkable communities centered on transit systems," said Lori Chatman, president, Enterprise Community Loan Fund. "Good for the economy, environment and residents, TOD enables families to live without dependence on cars, reducing the impact on the environment, and providing more livable communities with easy access to schools, services and jobs."
"The Low Income Investment Fund (LIIF) and Enterprise have worked closely to encourage equitable transit-oriented development initiatives in California. Through these efforts, it became clear that our missions and approaches were aligned," said Nancy O. Andrews, president and CEO of the Low Income Investment Fund. "LIIF is thrilled to partner with Enterprise to advance equitable TOD nationally. This partnership will go a long way to alleviate the dual burden of housing and transit costs faced by the low-income families we serve."
Through the partnership, Enterprise and LIIF will work closely with other key national and local partners on the following initiatives across the country:
Promote regional equity collaboratives to encourage discussion and planning among local stakeholders for TOD projects;Assess community financing needs and develop appropriate solutions;Share knowledge and best practices to benefit the broader community development field;Develop and advocate for public policy that promotes equitable TOD.
Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For nearly 30 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $11 billion in equity, grants and loans to help build or preserve more than 280,000 affordable rental and for-sale homes to create vital communities. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.
The Low Income Investment Fund (LIIF) invests capital to support healthy families and communities. Since 1984, LIIF has served 970,000 people by providing over $1 billion in financing and technical assistance. Over its history, LIIF has supported efforts to create and preserve: 56,000 units of affordable housing; 180,000 child care spaces; 55,000 spaces in schools; and 3.5 million square feet of community facilities and commercial space. LIIF's work has generated $20 billion in family income and societal benefits. LIIF has offices in San Francisco, Los Angeles, New York City and Washington, D.C. For more information about LIIF, visit www.liifund.org.
SOURCE Enterprise Community Partners, Inc.