Enterprise Community Development
Update
11/14/23
Enterprise Community Partners and Church of God in Christ CEDC Announce Collaboration to Build 18,000 Affordable Homes
Enterprise Community Partners & Church of God in Christ Community Economical Development Corporation (COGIC CEDC) announced a new collaboration at COGIC's 115th Holy Convocation to train 200 COGIC congregations in faith-based community development. The partnership will create an estimated 18,000 new affordable rental and homeownership opportunities and 72 community facilities—such as adult day-care, childcare, health clinics and more—on vacant or underutilized church-owned land across the country. This is the first time Enterprise has collaborated with a denominational entity at the national level since launching its Faith-Based Development Initiative (FBDI) in 2006.
The Church of God in Christ is an international Christian religious denomination that has over 12,000 congregations in 105 countries globally. COGIC established its Faith-Based Development Initiative in 2022 to further the affordable housing and community development impact of the denomination in the communities it serves. By leveraging Enterprise’s established FBDI curriculum and expertise, COGIC CEDC will launch multi-year cohorts with 200 of its congregations across the country. Each congregation will receive training, technical assistance, and early-predevelopment grant support. The total development cost of the associated developments is expected to exceed $5 billion.
Since 2006, Enterprise has provided over $154 million in loans and equity and leveraged over $2.2 million in grants to support faith-based development, providing over 1,500 affordable homes. Enterprise’s FBDI is currently working with over 100 houses of worship across the country, with a projected 8,500 more affordable homes in the development pipeline. By partnering with COGIC CEDC, Enterprise is furthering its FBDI goals by:
- Expanding the supply of housing and community facilities that serve low- and moderate-income households.
- Supporting equitable procurement opportunities for Black, Indigenous, and People of Color (BIPOC) vendors in project development and operations.
- Strengthening neighborhood anchor institutions and serving as a model for other houses of worship and denominations interested in leveraging land for community impact.
“This is a historic moment in the life of Enterprise’s Faith-Based Development Initiative. We look forward to helping COGIC CEDC work with congregations to meet critical affordable housing and other community needs by harnessing the potential of the land they steward,” said Rev. David Bowers, vice president of Enterprise’s Mid-Atlantic Market and senior advisor for the Faith-Based Development Initiative. “I applaud Presiding Bishop J. Drew Sheard for his vision and leadership and commend COGIC FBDI Initiative Chairman Derric Scott, the COGIC FBDI Initiative team and the COGIC CEDC for their diligent work to get to this day. Enterprise looks forward to continuing to build its FBDI program while helping nurture a national movement that includes, but is much bigger than, Enterprise.”
Presiding Bishop J. Drew Sheard says, “The COGIC has been active in the area of affordable housing in the State of Tennessee for numerous years. We are committed to expanding our intellectual capital to assure our churches throughout the United States have the economic capacity to lead affordable housing and community development initiatives in their respective cities. We are deeply concerned about the lack of affordable housing and quality medical care in our communities. The COGIC will be a change-agent to alleviate the burden caused by these issues in urban and rural communitarian.”
Derric Scott, Chairman COGIC Faith Based Development Corporation Board Development Initiative says, "The collaboration with Enterprise is hopefully just a start to the meaningful impact COGIC can have across the country to help eradicate poverty and provide quality housing and ownership opportunities for the people and communities our congregations serve. Today, it's 200 churches we plan to equip, but we invite the assistance of other funding partners who can help accelerate our ability to equip even more of our more than 6,000 congregations because this is just the beginning. We have the track record of getting things done and that's just what the Church of God in Christ plans to do."
