Enterprise Community Partners announced on Wednesday the appointment of Kari Downes to the position of president at its housing credit investments business, effective April 1.
Downes, who currently serves as Enterprise Housing Credit Investments EVP, will succeed current president Scott Hoekman who has spent the past 30 years at Enterprise.
In addition to serving as president, Downes “will also serve as a member of the leadership team of Enterprise’s Capital division, which collectively oversees a $16.6 billion affordable housing and community development investment platform,” according to an announcement from the company.
“It has been a great privilege to be a part of Enterprise over for the past 30 years, and I am making the decision to step down with the utmost confidence in our extraordinary team, all of whom are committed to creating and preserving affordable homes by providing best-in-class service to our investor and developer partners,” Hoekman said in a statement. “With Kari as Enterprise Housing Credit Investments’ next leader, I know that the organization is in the best possible hands.”
Downes will assume the leadership position at the organization as it marks a milestone of $20 billion in cumulative investments. These “have financed 2,800 developments, creating or preserving 200,000 affordable homes nationwide,” The company said. $7.1 billion of that total investment figure occurred during Hoekman’s tenure as president, which began in 2018.
Last year marked “a fifth consecutive year of record investment,” as Enterprise Housing Credit Investments deployed $1.729 billion, the company added.
Downes is looking forward to serving in the new position.
“The Low-Income Housing Tax Credit is the most powerful and impactful way to increase the supply of affordable homes. With the help of our incredible team here, we will continue to grow our impact so that everyone can have a safe and affordable place to call home,” she said.