November 29, 2010

Bay Area Retrofit Loan Fund Helps to Green Affordable Housing Properties

Enterprise Community Partners Receives $500,000 in Top Loss Financing

(SAN FRANCISCO) – Monday, November 29, 2010 – The San Francisco Foundation and Hull Family Foundation announced today that they each awarded $250,000 in program-related investments (PRIs) to Enterprise Community Partners’ affiliate the Enterprise Community Loan Fund, a national community development financial institution, for the Enterprise Bay Area Green Retrofit pilot program. Operational in Northern California, the pilot program is designed to provide technical assistance and funding necessary to complete energy-efficient audits and retrofitting activities.

"Thanks to the contributions of The San Francisco Foundation and the Hull Family Foundation, innovative financing for sustainability efforts in affordable multifamily housing has been given a significant boost in San Francisco," said Lori Chatman, president of Enterprise Community Loan Fund. "Program-related investment funding has an immense benefit to the nonprofit community, and the Enterprise Bay Area Green Retrofit program will support nonprofit owners in greening their existing affordable housing properties."

Often used for affordable housing investment, PRIs attract and leverage public-private financing provided by large investors, such as banks and public agencies. The Enterprise Bay Area Green Retrofit pilot program recently became part of the Energy Upgrade California/Bay Area Multifamily Fund (BAMF) in order to provide funding opportunities for its retrofit activities. A lending source for building owners, BAMF is managed by the Enterprise Community Loan Fund and its partner the Low Income Investment Fund, and is supported in part by the California State Energy Program (SEP), which was authorized by the American Reinvestment and Recovery Act of 2009. The San Francisco Foundation and the Hull Family Foundation investments act as senior debt in the fund and will be matched by an equal amount of capital from the SEP. The total fund amount is $4 million.

Last year, Enterprise launched the next generation of Enterprise Green Communities, a $4 billion commitment to accelerate green affordable housing nationwide and a national call to action to public, private, and nonprofit sectors to make all affordable housing green by 2020. Modeled after the Enterprise Green Retrofit pilot program, the Affordable Housing Multifamily Retrofit Initiative is the first retrofit fund on the West Coast.

"PRIs are a powerful tool that recycles capital, helps unlock much-needed credit for nonprofits, and leverages additional capital into under-served or under-invested communities," said Sandra R. Hernández, M.D., chief executive officer of The San Francisco Foundation. "As the community foundation of the Bay Area, we are committed to delivering the most impact possible to strengthen our region. We are honored to work with Enterprise and all its partners to help provide energy and cost savings for the long run."

About The San Francisco Foundation
The San Francisco Foundation (TSFF) is the community foundation serving the Bay Area since 1948, granting more than $800 million over the past ten years. Through the generosity and vision of our donors, TSFF awarded grants totaling more than $80.6 million in fiscal year 2009. TSFF brings together donors and builds on community assets through grantmaking, leveraging, public policy, advocacy, and leadership development. By focusing on people, organizations, neighborhoods, and policy, the Foundation addresses community needs in the areas of community health, education, arts and culture, community development, and the environment. In response to the economic downturn, TSFF is focusing funding on safety net partners, job creation and training, and foreclosure response and neighborhood preservation for the next three years. The San Francisco Foundation serves San Francisco, Alameda, Contra Costa, Marin, and San Mateo Counties. Visit www.sff.org.

About the Hull Family Foundation
The Hull Family Foundation seeks to promote social justice and believes that education is a key factor in initiating change. The Foundation also supports arts and culture, as well as efforts to promote maintain healthy, sustainable ecosystems. The Hull Family Foundation was created in early 1999 by Blair Hull. Visit www.hullfamilyfoundation.org.

About Enterprise Community Partners
Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than 25 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations, and others that share their vision. Enterprise has raised and invested more than $10.6 billion in equity, grants, and loans to help build or preserve more than 270,000 affordable rental and for-sale homes to create vital communities. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise’s efforts to build communities and opportunity.