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Enterprise Community Investment

Gold Stevie Award Winner 2012, Click to Enter The 2014 American Business Awards

Company: Enterprise Community Investment, Columbia, MD
Entry Submitted By: GroupGordon
Company Description: Enterprise creates and advocates for affordable homes in thriving communities linked to jobs, good schools, health care and transportation. We lend funds, finance development, and manage and build affordable housing, while shaping new strategies, solutions and policy. Over more than 30 years, Enterprise has created 300,000 homes, invested more than $13.9 billion and touched millions of lives.
Nomination Category: Management Awards Categories
Nomination Sub Category: Executive of the Year - Real Estate

Nomination Title: Charles Werhane, President and CEO

Tell the story about what this nominee achieved since January 1 2012 (up to 525 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:

In 2012, Charles (Charlie) Werhane, President and Chief Executive Officer of Enterprise Community Investment, Inc. (Enterprise) engineered the merger of Enterprise’s Multifamily Mortgage Finance business with Bellwether Real Estate Capital. Enterprise took a 65 percent interest in Bellwether Real Estate Capital, forming Bellwether Enterprise Real Estate Capital LLC (Bellwether Enterprise).

Recognizing the need to diversify and expand Enterprise’s revenue streams, Charlie led a thorough search of market opportunities that would enable Enterprise to expand significantly its geographic reach, product offerings and ability to serve multifamily and commercial real estate borrowers across the country. The merger of Enterprise’s Multifamily Mortgage Finance business with Bellwether Real Estate Capital not only accomplished those goals but moved Enterprise for the first time in its 31-year history beyond affordable multifamily and community building finance into the commercial real estate sector – strengthening Enterprise’s ability to pursue its mission by serving the full spectrum of community finance needs.

In 2011, Enterprise’s Multifamily Mortgage Finance business closed $157 million in loans. In 2012, Bellwether Enterprise provided $1.2 billion in financing after the merger closed in May. The numbers speak for themselves.

Under Charlie’s leadership, in 2012 Enterprise also raised $673.5 million in Low Income Housing Tax Credit (Housing Credit) equity and invested $753.3 million, resulting in the creation or rehabilitation of 5,410 affordable homes for families and communities across 82 developments; and closed two multi-investor funds, Enterprise Housing Partners XXIII, a $114 million national fund and Enterprise Housing Partners CalGreen II, a $50.05 million California regional fund, which will between them create more than 2,374 affordable homes for families and seniors. All together in 2012, Enterprise deployed a combined $2.3 billion in capital while helping to improve, preserve and build more than 16,800 homes, with 12 active, high-performing proprietary funds, and 99,583 homes in its asset management portfolio.

Moreover, just this month, Charlie and Enterprise’s New Markets Tax Credit (NMTC) team was awarded $50 million in NMTC from the U.S. Treasury Department’s Community Development Financial Institutions Fund. This new allocation brings Enterprise’s total NMTC awards to $722 million, making Enterprise one of the largest allocatees in the country.

Enterprise will use its allocation to complement and expand upon its housing work in low-income communities by financing high-impact projects that improve quality of life by creating quality jobs and delivering essential services and retail goods, including healthcare, education and healthy food options.

Over more than 30 years, Enterprise Community Investment, Inc. and its parent company Enterprise Community Partners, Inc. have created 300,000 homes, invested more than $13.9 billion and touched millions of lives. Enterprise creates and advocates for affordable homes in thriving communities linked to jobs, good schools, health care and transportation. The organization lends funds, finances developments and manages and builds affordable housing, while shaping new strategies, solutions and policy. In the last year alone, it’s clear that Charlie’s leadership has empowered Enterprise Community Investment to accelerate its ability to strengthen communities and transform lives, diversifying its revenue streams and strengthening its core businesses – which is why he should be named Executive of the Year – Real Estate – by the American Business Awards.

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Provide a brief (up to 125 words) biography about the nominee:

In 2009, Charles R. Werhane was appointed president and chief executive officer of Enterprise Community Investment, Inc., after serving as vice chairman and chief operating officer of the company since 2005.

Charlie brings more than 30 years of professional real estate, commercial banking and tax credit industry experience to his career at Enterprise, where he oversees and directs financial products and services, including Asset Management, Capital Markets, Multifamily Mortgage Finance, Structured Finance and Tax Credit Syndication. Under Charlie’s leadership, Enterprise has grown to be the leading Low-Income Housing Tax Credit (LIHTC) syndicator. Prior to joining Enterprise, Charlie was president and CEO of USF&G Realty Advisors, Inc.

Charlie is a graduate of the Southwest Graduate School of Banking, Southern Methodist University.