COLUMBIA, MD. (January 16, 2018) – Communities throughout the Mid-Atlantic will benefit from the combination announced today between Enterprise Community Investment (Enterprise) and Community Preservation and Development Corporation (CPDC).
CPDC has over 30 properties providing homes to more than 10,000 residents in the Mid-Atlantic, and will operate as an affiliate of Enterprise. In total, Enterprise has created 470,000 affordable homes, including 144,000 homes through the Low-Income Housing Tax Credit program. By combining resources, CPDC and Enterprise will strengthen their collective ability to build and preserve affordable homes while developing and deploying the next generation of resident services.
Enterprise provides strong regional development and property management capabilities, national know-how and digital platforms for creating and preserving affordable housing. CPDC offers regional development expertise and extensive resident services through its innovative, award-winning Community Impact Strategies (CIS) program. The CIS model is built upon five areas of sustainable community development: economic development, education, environment, health and wellness and resident engagement.
The ultimate result of the combination will be greater opportunity for low-income families, thanks to the continued affordability of 12,000 homes in the Mid-Atlantic, and the provision of services that are even more responsive to the needs of residents.
“Meeting America’s deepening housing challenges demands preservation of existing affordable properties, and Enterprise and CPDC share a powerful commitment to, and deep expertise in, keeping homes affordable,” said Charlie Werhane, president & CEO of Enterprise Community Investment. “The opportunity to collaborate with CPDC will benefit both organizations and the residents we serve.”
“In Enterprise, CPDC found a great partner, one with a strong capital base and property management skills,” said J. Michael Pitchford, president and CEO of CPDC. “It enables us to ensure the continued affordability of thousands of homes we’ve developed over three decades and strengthens our ability to serve more residents and communities across the mid-Atlantic.”
Housing insecurity continues to grow in the U.S., with nearly 19 million low-income families either homeless or paying at least half of their monthly income on housing. Enterprise’s goal is to end housing insecurity in the U.S within a generation, and any serious solution must involve increasing the supply of affordable homes through both new construction and the preservation of existing properties.
“This combination offers a unique win/win – it provides a path for organizations looking for operational efficiency, while also delivering a platform that augments and enriches services to our residents,” said Brian McLaughlin, a former board member of CPDC and current member of the Enterprise Community Investment Board of Directors. “By bringing together two sets of complementary expertise, you end with a result that is greater than the sum of its parts and pulls achievement of our missions within even closer reach.”
A premier developer of affordable housing in Washington, D.C., Maryland and Virginia, Community Preservation and Development Corporation (CPDC) works to develop vibrant communities through innovation and partnership. Specializing in the acquisition, redevelopment, and operation of affordable housing for low- and moderate-income individuals and families, CPDC owns over 4,500 dedicated affordable apartments within more than 25 communities, with resident engagement programs at many of its properties serving more than 9,000 residents.