Terwilliger Gift to Bring $130 Million for Affordable Housing
Enterprise Community Partners, a nonprofit organization that specializes in affordable housing and community development initiatives, announced last week a $5 million gift from Ron Terwilliger, chairman and CEO of the Atlanta-based Trammell Crow Residential.
The money will be invested through the new Enterprise Terwilliger Fund, which will generate more than $130 million for affordable housing around the country.
Enterprise will invest funds from the gift as start-up capital for a $100 million Maryland Regional Workforce Housing Fund; to generate additional capital for a $30 million Atlanta Land Assemblage fund; and to provide resources through Enterprise Community Loan Fund, which provides financing nationally.
“My investment in Enterprise reflects my confidence in the organization’s creativity and innovation in mobilizing private capital, philanthropic support and government funds to create high-impact housing opportunities for low-income people and working families,” said Terwilliger.
The Enterprise Terwilliger Fund will spur development in affordable housing by offering critical early-stage financing — including below-market-rate loans on land acquisition and construction — to affordable housing developers and nonprofit organizations to help get projects off the ground.
All activities supported by the fund will meet affordable housing needs that could not otherwise have been met and prioritize smart, sustainable development in mixed-income communities.