CHICAGO, IL − September 26, 2007 − Enterprise today announced the grand opening of its Chicago office, located at 230 West Monroe Street in downtown Chicago. With this office, Enterprise is expanding its Midwestern presence to continue work as a leading provider of investment capital and expertise to create affordable housing, and catalyze community and economic development. Enterprise has invested more than $8 billion to create affordable housing nationwide and $50 million for affordable housing developments in Chicago. Enterprise is actively pursuing participation in the construction or rehabilitation of affordable and workforce housing for individuals, families and seniors in the Chicago area.

"As we celebrate our 25th anniversary, we are pleased to strengthen our capacity in the Midwest by adding our new Chicago office," said Charles R. Werhane, vice chairman and chief operating officer at Enterprise Community Investment, Inc. "We're already serving as a proud partner with the City of Chicago and East Lake Management & Development Corporation on the redevelopment of the former Washington Park YMCA. This collaborative effort is in concert with the City of Chicago's goals as well as our mission to preserve affordable housing for all Americans."

The new Washington Park is a five-story building at 5000 South Indiana Avenue providing supportive housing to 63 single residents at risk of homelessness. Washington Park helps preserve economic diversity and promote environmental consciousness in the Grand Boulevard community. The development received $7.4 million in Low Income Housing Tax Credit equity and $85,000 in grants through Enterprise's Green Communities and Supportive Housing initiatives. Washington Park's green features include improved indoor air quality, a thermal/solar hot water system, ground water geothermal heat pump, energy and water conserving appliances and upgraded windows. Enterprise’s strategic priorities include Green Communities, supportive housing and the preservation of affordable housing.

Enterprise's Chicago staff provides a variety of integrated financial products and services solutions to assist in the development of affordable housing, including predevelopment and acquisition lending, permanent-debt financing, Low-Income Housing Tax Credit equity, mezzanine debt, New Markets Tax Credit equity and asset management. Enterprise works with a broad range of nonprofit and for-profit developers to create affordable housing and community facilities. Enterprise will offer $150,000 in Section 4 grants to support Chicago's nonprofit organizations in their community development efforts.

"We are just getting started on the great work we hope to achieve in Chicago," said Victor Agusta, director of Multifamily Mortgage Finance at Enterprise. "We are committed to working with city and state government, developers and investors to meet the increasing demand for affordable housing." Enterprise's Multifamily Mortgage Finance group provides customized loans and permanent financing for affordable multifamily rental housing using Fannie Mae DUS&trade products and other financial solutions.

For the past two years, Enterprise has been quietly making an impact on Chicago by providing financial and technical resources for 14 development projects. Other developments in which Enterprise is involved in include Oakwood Shores, a new mixed-income HOPE VI community two blocks from the Chicago Lakefront. The development creates a new neighborhood of affordable, public and market-rate housing with planned recreation space and social services to assist residents. Other notable Enterprise affordable housing developments include East Park, Quincy Apartments, Wheeler House Senior Residences, Westhaven/Henry Horner housing and Olympic Village Apartments in Chicago Heights.

"The Corporation for Supportive Housing (CSH) Illinois office has worked with Enterprise over the past few years to bring technical assistance, pre-development funding and tax credit syndication to projects that have provided safe, secure and affordable housing with supportive services to formerly homeless men, women and children," said Sue Augustus, Director of CSH Illinois office. "We are looking forward to having an Enterprise office in Chicago, as it will strengthen our ability to partner with Enterprise to provide the financial viability to even more organizations developing permanent supportive housing throughout Chicago and the state."

The Supportive Housing Investment Partnership (SHIP), a program of Enterprise and the Corporation for Supportive Housing (CSH), is the nation’s largest, most ambitious partnership focused on leveraging private capital investments to significantly increase the production of supportive housing and contribute to ending long-term homelessness across America. SHIP leverages the individual and complementary expertise of and Enterprise and CSH, each of which has a longstanding and significant track record in supportive housing.

Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For 25 years, Enterprise has pioneered neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested $8 billion in equity, grants and loans and is currently investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity, and to meet some of the half a million people we have helped.

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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