COLUMBIA, MD. - October 18, 2007 - Enterprise Community Investment, Inc. (Enterprise) today announced the company was awarded $100 million in additional New Markets Tax Credits (NMTC) by the U.S. Treasury Department's Community Development Financial Institutions Fund (CDFI). This new allocation brings Enterprise's total awards to $515 million.

"Through this program, Enterprise and its partners are making a positive impact on distressed communities nationwide," said Charles R. Werhane, vice chairman and chief operating officer, Enterprise Community Investment, Inc. "We have brought investment into neighborhoods that may not otherwise see any new commercial or residential development. The result has been much needed jobs and services in these same communities."

The NMTC program was created to attract private capital investment into the nation's low-income communities to help finance community development projects, stimulate economic growth and create jobs. The NMTC Program was enacted into law by the Community Renewal Tax Relief Act of 2000. The program provides tax incentives to investors who make investments in qualified Community Development Entities (CDEs).

Enterprise is one of 61 organizations receiving an allocation from the $3.9 billion in the 2007 NMTC awards through a highly competitive allocation process. Enterprise receives and administers NMTC allocations through ESIC New Markets Partners Limited Partnership, which is a qualified CDE established by Enterprise to comply with NMTC requirements.

"We are very fortunate to have been awarded this fifth round of NMTC allocations to help continue our work investing in some of America's most vulnerable communities," said Joe Wesolowski, senior vice president of Structured Finance, Enterprise Community Investment, Inc. "New Markets Tax Credits are vital to spurring additional investment to create long-term economic viability and community revitalization in low-income communities."

Enterprise’s ability to leverage NMTC to create comprehensive community development is being demonstrated in a variety of projects, including the following:

17th & Jackson, Seattle, Wash. - Enterprise made a $15.5 million NMTC investment in the new construction of a six-story, mixed-income and mixed-use building located in the Central Area Neighborhood of Seattle, Washington. A former brownfield site and vacant lot, 17th & Jackson will include 59 rental apartments, retail space, offices, live/work space and a 62-stall parking garage. The building integrates environmentally sustainable design features and materials and is part of Enterprise’s Green Communities initiative, a goal to invest $555 million in building green affordable homes nationwide for low-income families. To date, Enterprise has invested over $430 million in 9,200 green affordable homes nationwide. The project is slated to open in December 2008.

Monessen Riverfront Development, Monessen, Pa. - Enterprise made a $7 million investment in the Monessen Riverfront Development, an industrial development on 60 acres adjacent to the Monongahela River, 30 miles south of Pittsburgh. This project transformed the former Wheeling-Pittsburgh Steel Corporation mill into a viable industrial location with a 240,000 square foot manufacturing facility leased to Maronda Homes, one of the country's largest privately owned homebuilders. The facility is used to manufacture home components that are shipped to construction sites throughout the mid-Atlantic region. This adaptive reuse of an old industrial site enhances the economic base by creating 150 construction jobs, 100 permanent manufacturing jobs for local residents, and an additional 120 related jobs in the region. This redevelopment has spurred additional development along the riverfront area, including 50,000 square feet of green office space that will accommodate 150 to 200 additional workers.

Court Square Center, Memphis, Tenn. - Enterprise made a $22 million NMTC investment in the historic rehabilitation of Court Square Center, a complex of two adjoining buildings located in the heart of downtown Memphis. With a total development cost of $51 million, Court Square Center will transform the 22-story Columbian Mutual Tower and the five-story Lowenstein Building into a single, mixed-use property with 59 residential units and 27,675 square feet of retail and office space. A unique downtown living community, Court Square Center will feature loft apartments, specialty retailers and a themed restaurant/café.

Enterprise has used its allocations in partnership with some of the nation's leading investors and developers to help fund community revitalization projects in Austin and San Antonio, Texas; Baltimore, Md.; Cleveland and Columbus, Ohio; Madison, Wis.; Monessen, Penn.; New York; Omaha, Neb.; Portland, Ore.; Seattle, Wash.; St. Louis, Mo.; and northern Maine.

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 more than $8 billion to finance more than 225,000 affordable rental and for-sale homes, 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.

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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