Program Description

Meeting the Challenge
Housing in Los Angeles is so expensive that only four in 10 households own their own home, compared with the national average of nearly seven out of 10 households. And in the city's low-income neighborhoods, the homes often are in disrepair. Local community-based organizations have been struggling to find ways to increase homeownership opportunities for low-income families but lack the ability to acquire homes at sufficient scale to make widespread changes. The Enterprise Home Ownership Partners program is designed to overcome these challenges.

How the Program Works
Enterprise Home Ownership Partners work in two ways to provide affordable homes, first by purchasing properties from the federal government in specified regions within the city of Los Angeles. Secondly, by acquiring property within the city of Los Angeles for the development of new townhomes. Enterprise Home Ownership Partners borrowed $32 million from The Enterprise Foundation for acquisition and rehabilitation costs.

Rehabilitation of the homes is substantial, reducing the risk of expensive home repairs for new homeowners. The completed homes are energy efficient and will have three bedrooms and two bathrooms, whenever possible, to meet the needs of the city's larger families. The new townhomes will be both two and three bedrooms, energy efficient and meet all LAHD requirements. All homebuyers are required to complete certified homebuyer-education courses. Affordable loans are available to make homeownership possible for very low-income families.

Our Partners
The following organizations are participating in this program through loans and grants ranging from
$1 million to $8 million: Bank of America, Broadway Federal Savings Bank, The California Community Foundation, Citigroup Bank, Fannie Mae, Ford Foundation, Manufacturers Bank, Mellon First Business Bank, Merrill Lynch, Washington Mutual, and Wells Fargo.