Equitable TOD

September 26, 2011

Noni Ramos

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Enterprise Overview

Our mission is to create opportunity for low- and moderate-incomepeople through fit, affordable housing and diverse, thriving communities

Since 1982, Enterprise has invested more than $11 billion to build orpreserve more than 300,000 homes across the United States

We are a leading provider of financial and intellectual capital foraffordable housing development

Environmental sustainability is embedded in our mission and willultimately infuse all aspects of Enterprise’s activities and operations

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Enterprise Community Loan Fund

Size*

Total Assets $145 million

Loans Outstanding $102 million

Impact

Over 103,000 units built or rehabilitated

122,000 construction jobs created or preserved

1,300 educational seats

Over $1.2 billion committed, leveraging $15.6 billion in total development cost

Less than 2% cumulative loss ratio

St. Luke’s Hospital

*As of 8/31/11, unaudited

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Financing Affordable Housing

Public Sector Local and State Federal

Private Debt and Equity Financial Institutions (Banks)

Community Development Financial Institutions (CDFIs)

Low Income Housing Tax Credit Investors

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Equitable TOD Funds

Denver TOD Fund (City of Denver)

Bay Area Transit Oriented Affordable Housing Fund (San Francisco Bay Area)

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2004 – FasTracks approved by voters

Six (6) new rail corridors

119 miles of tracks

70 new transit stations

Denver FasTracks Overview

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Denver TOD Fund Overview

$15 million credit facility to ULC

City of Denver

10-year Fund; up to 5 year hold period

ULC identifies property and draws on TOD Fund for purchase (after Enterprise underwrites proposed acquisition)

ULC identifies affordable housing developer to purchase the site by the end of the hold period

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Denver TOD Fund Goals and Priorities

Create and preserve at least 1,000 units of affordable housing

Sites within ½ mile of existing or future light rail and ¼ mile of high frequency, high volume bus corridors

Three target property types Existing federally-assisted rental properties Existing unsubsidized, below-market rate rental properties Vacant or commercial properties to be converted to new affordable

housing

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Denver TOD Fund Structure

Senior Debt - $5.5 Million – Enterprise and MHCLF

Third Loss – $4.5 Million – CHFA and Foundations

Second Loss - $ 1 Million - Enterprise

First Loss - $2.5 Million - Denver

ULC - $1.5 M

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Located less than 300 feet from future light rail station

ULC has 99 year land lease to nonprofit owner

52 of 62 apartments now permanently affordable, 12 at 30% AMI and below

62 units adjacent to Sheridan Station

NEWSED, ULC, Enterprise, City, Colorado Division of Housing

Jody Apartments

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Yale Circle

1.2 acres of vacant land located next to the Yale light rail station

Along existing southeast rail line

Site identified by nonprofit developer who has decided not to proceed

Preliminary plans include 70 units

9% LIHTC likely

Total Development Costs = $11.5 million

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Avondale – Mile High Vista

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Avondale – Mile High Vista

Two acre site between highest frequency bus corridor and rail line opening soon

Plans affordable housing, library and commercial

ULC acting as master developer, clean up and infrastructure

Approx $2M purchase price

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The Fund’s Future

Explore expansion from $15 million City of Denver only to $25 million for the region

Continue to focus on funded lines while advocating for entire transit system build out

Continue to look for creative means to achieve preservation goals, subsidized and not

Support development partners in building capacity

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Bay Area Transit Oriented Affordable Housing Fund (TOAH)

$50 million equitable TOD fund

Nine-county Bay Area

10-year Fund; 5-year origination period

Five loan products

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TOAH Capital Stack

3. Equity or Grant $3. Equity or Grant $

2. Program-Related Investments and Flexible

Loans

2. Program-Related Investments and Flexible

Loans

1. Senior loans1. Senior loans

Banks – $25 million from Morgan Stanley and Citi Community Capital

Philanthropy and CDFIs – $15 million from six CDFIs and Ford, SF Foundation and Living Cities

Public Sector – $10 million from the MTC

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Challenges and Opportunities

Dual affordability challenge in transit corridors

Preserving existing affordability in the face of redevelopment pressure

Incorporating affordable housing into new development

Identifying intersection of transit oriented development and affordable housing

Prioritizing the planning and funding of affordable housing as part of transit oriented development

Incentivizing affordable housing development within transit oriented development