Commercial/Multifamily Briefs, Dec. 7 2023

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Enterprise Community Partners Closes Funds Totaling $444M

Enterprise Community Partners, Baltimore, announced the closing of Enterprise Housing Partners Funds XLI (EHP 41) and XLII (EHP 42).

There are combined commitments of more than $444 million from 19 investors, and the funds will help create and preserve 3,500 homes for nearly 9,200 households across 30 properties.

The properties are in Arizona, California, Colorado, Florida, Georgia, Illinois, Louisiana, Massachusetts, New Jersey, New York, North Carolina, Ohio, Oregon, Texas, Washington and Wisconsin.

Freddie Mac Announces a New Affordability Test

Freddie Mac rolled out a new affordability test–version 5.5–which will help Optigo lenders determine the percentage of a property’s units that meet Federal Housing Finance Agency requirements.

Inputs required still include information such as the state  and county in which the property is located, the number of units per bedroom type, and monthly rent and utilities payment per bedroom type.

Freddie Mac said it added a new category under the Product Eligibility for Green Certification loans, which require 40% of units to be workforce housing, and updated Green Retrofits, which require that at least 20% of units are affordable at 60% area median income.