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Leading Provider of Community Capital Opens Minnesota Office
Leading Provider of Community Capital Opens Minnesota Office
Published 05-03-05
Submitted by Enterprise Community Investment, Inc.
ESIC Development Officer Joe Fusco is establishing the Minnesota office to direct investment activity and enhance ESIC's service to the local development community. Mr. Fusco will originate and underwrite affordable housing investments through the LIHTC program in Minnesota, as well as provide technical assistance to ESIC's development partners.
"We are delighted to have someone of Joe's caliber head our Minnesota office," said Philip Porter, vice president and head of ESIC's Midwest team. "He will be instrumental in our efforts to expand ESIC's Midwest presence while targeting our services to better meet the needs of our developer partners."
In Minnesota, ESIC has invested $59 million in tax credit equity for the development of more than 770 affordable homes serving individuals, families, seniors, and people with special needs. Of particular note, Mr. Fusco will foster the Minnesota Green Communities(tm) program, a collaboration of Enterprise, the Greater Minnesota Housing Fund, and the Family Housing Fund to create affordable, healthier and more energy-efficient housing throughout the state. Additionally, he will further Enterprise's Supportive Housing Investment Program in conjunction with the Corporation for Supportive Housing, a national intermediary dedicated to supportive housing development.
Mr. Fusco has more than 10 years experience in the community development field. Before joining ESIC in 2002, he was the executive director of Marcy-Holmes Neighborhood Revitalization Program in Minneapolis, where he created and implemented housing and rehabilitation programs. Prior to that he was the business development manager for Slavic Village Broadway Development Corporation in Cleveland, Ohio.
Mr. Fusco received his BFA from Syracuse University and holds a master's degree in urban planning design and development from Cleveland State University.
The Enterprise Social Investment Corporation (ESIC) is one of the nation's leading providers of community development capital for affordable housing, mixed-used, and commercial development. Founded in 1984 as a socially motivated for-profit affiliate of The Enterprise Foundation, ESIC advocated for and took a lead role in the creation of Low Income Housing Tax Credit (LIHTC) legislation. Since the LIHTC program's inception in 1986, ESIC has raised and currently manages $4.7 billion in equity through more than 85 investment funds, including national multi-investor funds, private label funds, and a variety of regional funds. These investments are helping to build more than 75,000 affordable homes in 45 states, the District of Columbia, and Puerto Rico.
Enterprise Community Investment, Inc.
Enterprise Community Investment, Inc.
Enterprise Community Investment, Inc. is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. Enterprise leverages low-income housing, new markets and historic rehabilitation tax credits; short- and long-term debt, and development services to capitalize projects that make a catalytic difference in communities. Over the last 25 years, Enterprise has privately raised over $8 billion in capital to finance affordable housing, create vital communities and help transform the lives of low-income Americans, particularly those at the lowest end of the economic scale. Currently, Enterprise is investing in communities at a rate of nearly $1 billion a year. Visit www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.
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