Submitted by: Enterprise Community Investment, Inc.
Posted: Dec 13, 2007 – 09:29 AM EST
New Regional Roles Created to Advance Competitive Position
New Regional Roles Created to Advance Competitive Position
Dec. 13 /CSRwire/ - COLUMBIA, MD. – December 13, 2007 – Enterprise Community Investment, Inc., (Enterprise) a leading real estate investment services company for affordable housing and community development, today announced the appointments of Raoul F. Moore as east regional vice president and Monika B. Elgert as west regional vice president in Enterprise’s Tax Credit Syndication group.
"These two newly created roles will help better position us for continued success as we implement our new tax credit syndication strategy," said Charles R. Werhane, vice chairman and chief operating officer, Enterprise Community Investment, Inc. "Raoul and Monika bring many years of community development and real estate experience to our core syndication business and we are fortunate to have their leadership here at Enterprise."
In his role as east regional vice president, Mr. Moore is responsible for managing Enterprise's efforts to place low income housing tax credit (LIHTC) equity in the eastern United States. He will originate, analyze and structure investments for Enterprise’s national and regional funds as well as direct an acquisitions staff of four located primarily in New York City and Columbia, Md.
Mr. Moore has spent more than 30 years in the commercial and residential real estate industry and has extensive experience in finance, asset management, leasing and marketing. Prior to joining Enterprise, Moore spent 13 years with Boston Capital Corporation, most recently as vice president of acquisitions, where he co-directed all low income housing tax credit acquisition transactions in the United States. Moore holds a bachelor's degree in business administration from the University of Denver.
"We are very pleased to have Raoul join Enterprise," said Paul M. Cummings, senior vice president and head of Tax Credit Syndication, Enterprise Community Investment, Inc. "Raoul's strong background in originations, underwriting and management are an important asset to our team of originators."
Ms. Elgert has more than 18 years of real estate experience. Before joining Enterprise as vice president of acquisitions in the Tax Credit Syndication group, she was a vice president with Bank of America Community Development Bank, where she structured construction and permanent financing loans to developers of affordable housing. Previously, she worked as a multifamily rental housing developer with Rural CA Housing Corporation. Ms. Elgert has a bachelor's degree in public administration from California State University, Chico, and a master’s degree in community development from the University of California, Davis. She will oversee a staff of five, responsible tax credit syndication in the western United States.
"Monika has been a tremendous asset to Enterprise for the past eight years, doing great work from our Portland office," said Cummings. "She is exceptionally talented, both in technical execution and management, and is well-suited for this new position."
Enterprise helped write the federal legislation that created the tax credit program nearly 21 years ago, and the company is a leading syndicator of LIHTC equity. This program accounts for nearly 90 percent of all affordable rental housing created in the U.S. today. The LIHTC program has been instrumental in meeting the country’s critical affordable housing shortage by stimulating the production or rehabilitation of nearly two million affordable rental homes.
As a LIHTC syndicator, Enterprise has raised more than $6.5 billion in low-income housing tax credit equity through more than 95 investment funds and financed more than 1,400 LIHTC properties totaling more than 86,000 affordable housing units under asset management. Additionally, Enterprise is the industry leader in green affordable housing through its Green Communities initiative, a five-year, $555 million commitment to build green affordable homes for low-income families nationwide. To date, Enterprise has helped build over 9,200 green homes in 220 development projects representing more than $430 million in equity. Enterprise's priorities also include partnerships to create service-enriched housing for people with special needs and the preservation and rehabilitation of affordable housing nationwide.
Celebrating its 25th anniversary, Enterprise works with nonprofit and for-profit developers, community organizations, corporate investors and government to provide development capital via equity and debt products and technical expertise in community development practices. Products and services include predevelopment and acquisition lending, permanent financing, low income housing tax credit equity, mezzanine debt, new markets tax credit equity and asset management.
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.
For more information, please contact: