First Ever Carbon Offsets Sale Aids Development of Green Affordable Housing

Enterprise transaction breaks new ground in sustainable development

ALBUQUERQUE, N.M., July 30 /PRNewswire/ -- Silver Gardens, an
environmentally responsible affordable housing development, is the first in
the nation to receive funding from a groundbreaking new initiative created by
Enterprise Community Partners that taps the booming market for voluntary
"carbon offsets." This initiative will help low-income families experience the
health, economic, and environmental benefits of living in affordable green
homes.
The newly formed Enterprise Green Communities Offset Fund(TM) is
purchasing carbon offsets for at least 330 tons of carbon dioxide that will
not be released into the environment due to the green design and construction
of this pioneering development in downtown Albuquerque. The green measures
integrated into Silver Gardens will both save residents more money and emit
less CO2 by using 15 -- 20 percent less energy than similar projects built
using conventional technologies and approaches.
Silver Gardens is being co-developed by the Supportive Housing Coalition
of New Mexico, Inc. and Romero Rose, LLC, the Albuquerque affiliate of
Jonathan Rose Companies, the leading developer of urban green affordable
housing in the U.S. with over 1,000 units currently under development. This
first-of-its-kind carbon offsets purchase will allow Silver Gardens to make
additional investments in energy efficiency, further reducing the carbon
footprint of this new development.
"The Green Communities Offset Fund is the first national opportunity for
individuals and organizations to offset their carbon footprint by directly
supporting green affordable homes for families in our own communities in this
country," said Dana Bourland, senior director of Enterprise's Green
Communities initiative. "We are very pleased that the Fund's first offset
purchase is supporting a leading example of green affordable development in
Silver Gardens."
Silver Gardens will provide 119 rental apartments for low- and
middle-income families in a new four-story building on the site of a former
Greyhound Bus terminal in downtown Albuquerque. The first phase of the
development, which will receive the Green Communities Offset Fund(TM) grant,
will consist of 69 units. The vast majority of the apartments -- 90% -- will
rent at rates ranging from $278 to $739, offering premium green housing to
individuals earning from $12,000 to $31,000 per year. Somewhat higher rents
will be charged for market rate tenants, who will occupy 10% of the units.
"Without support from the Green Communities Offset Fund, we would not have
been able to deliver as environmentally responsible and energy efficient a
development for low-income families in this community," said Lynn Wehrli of
Romero Rose.
The development will incorporate a wide range of environmentally
responsible methods and materials in accordance with Enterprise's Green
Communities program and the U.S. Green Building Council's LEED(R) green
building rating system for new construction.
The market for organizations and individuals seeking to voluntarily offset
their carbon footprint is booming, up 240 percent from 2006 to 2007 to
$330 million worldwide, according to a recent report by Ecosystem Marketplace
and New Carbon Finance. Despite the growing interest in carbon offsetting in
the U.S., there are relatively few opportunities to support carbon reducing
projects in this country that create tangible social as well as environmental
benefits.
"We believe that the Green Communities Offset Fund is the only national
program offering carbon offsets to help create green affordable homes,"
Bourland said. "Enterprise's goal for the Fund is to create a new resource for
green affordable housing and demonstrate how the carbon markets can and must
deliver benefits to low-income people."
Through the Fund, Enterprise Community Partners, a national nonprofit,
raises charitable contributions from organizations, individuals and events to
purchase carbon offsets from developers of green affordable housing projects.
Fully 100 percent of all contributions to the Fund go to community-based
groups for activities that increase reduce energy use and global warming
pollution in homes for low-income people and result in verified carbon
emissions reductions. All Fund proceeds support activities that directly
reduce carbon emissions below the level that otherwise would be achievable.
Contributors to the Fund receive credit for verified emissions reductions
that can offset their own carbon generating activities and may take a tax
deduction for their contribution. The Fund employs rigorous measurement and
verification procedures to determine and certify offsets that are aligned with
international best practices. The Fund "retires" the verified emission
reductions it purchases, meaning the reductions cannot be bought or sold
during the period of the Fund's purchase.
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 pioneered neighborhood solutions through
public-private partnerships with financial institutions, governments,
community organizations and others that share our vision. Enterprise has
raised and invested more than $9 billion in equity, grants and loans to help
build or preserve more than 240,000 affordable rental and for-sale homes to
create vital communities. Enterprise is currently investing in communities at
a rate of $1 billion a year. Visit http://www.enterprisecommunity.org and
http://www.enterprisecommunity.com to learn more about Enterprise's efforts to
build communities and opportunity.
SOURCE Enterprise Community Partners

TeAnne Coleman Chennault of Enterprise Community Partners, +1-410-715-4227,
office, or +1-301-343-0742, cell, tchennault@enterprisecommunity.org