Columbia, Md. - The Enterprise Social Investment Corporation (ESIC) announced today that Paca House, a Low-Income Housing Tax Credit project syndicated by ESIC and located in Baltimore, received The Good Samaritan Award from national nonprofit Volunteers of America. This award is presented at the group's annual benefit Tribute Dinner to honor and celebrate community outreach efforts and accomplishments.

"Paca House has turned into so much more than the building that was constructed by Volunteers of America Chesapeake and all our partners," according to Bill McKemey, president and CEO of Volunteers of America Chesapeake. "It has become an incubator where seeds of hope can be planted and nurtured in people's minds and hearts telling them that their lives can change. For those who act on that hope and accept the help that is there waiting for them, the transformation is profound. The homeless and the helpless become the proud and productive."

Developed by Volunteers of America Chesapeake, a faith-based, not-for-profit corporation that addresses the needs of communities through dedicated service programs and outreach, Paca House is a permanent housing facility in Baltimore. The 106 apartments (single-room occupancy and efficiencies) provide safe, affordable homes to formerly homeless and low-income men and women. In addition to housing, Paca House offers residents special services, including life skills programs, mental health counseling, periodic workshops and information and referral services to enhance each resident's quality of life. Paca House accepted its first residents in December 1996.

"We're honored to be associated with outstanding developers like Volunteers of America and housing projects like Paca House," said Scott Hoekman, ESIC vice president. "Paca House is an excellent example of ESIC's commitment to helping people and revitalizing communities. Working with community groups and faith-based organizations, we're helping to improve lives by bringing decent, affordable supportive housing, along with services and programs, to neighborhoods that can benefit the most and help residents get back on their feet."

The substantial rehabilitation of two historic buildings and the construction of a new building that links them was made possible through a partnership with Volunteers of America Chesapeake, the state of Maryland, the city of Baltimore, Crestar Bank, the Department of Housing and Urban Development, and

The Enterprise Social Investment Corporation. Tax credit equity in the amount of $3.7 million was provided by ESIC through two investment funds, the Maryland Housing Equity Fund and Corporate Housing Initiatives, one of the first national tax credit funds created to target affordable housing investments enhanced with supportive services.

Through its various tax credit funds, ESIC has partnered with a number of faith-based groups to invest $650 million in affordable housing enhanced with supportive services and social programs. ESIC's partnership with Volunteers of America has resulted in the development of more than 650 affordable housing units throughout the mid-Atlantic region.

This year's Tribute Dinner, Building the American Dream, was held at the Hyatt Regency Washington, D.C. on Capitol Hill.

The Enterprise Social Investment Corporation (ESIC) is a national leader in affordable housing and community revitalization efforts. Founded in 1984 as a for-profit subsidiary of The Enterprise Foundation, ESIC and its affiliates work with a variety of investment and development partners to finance, develop, acquire and manage a portfolio of affordable housing and other community development initiatives. In aggregate, these activities result in the annual investment in or direct development of $1 billion in high-quality affordable housing and related community enrichment facilities in underserved neighborhoods across the country. ESIC, headquartered in Columbia, Maryland, now has over 200 employees and operates in 45 states plus 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.

More from Enterprise Community Investment, Inc.