Kari Downes has been named president of Enterprise Community Partners’ housing credit investments business, among the nation’s top low-income housing tax credit syndicators.
Downes, who currently serves as Enterprise Housing Credit Investments’ executive vice president, 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.
Effective April 1, Downes will assume the role from Scott Hoekman, who joined Enterprise in 1994 and has served in several leadership roles over his 30-year tenure, including as Enterprise Housing Credit Investments’ chief credit officer for 14 years before being named president in 2018.
“In her more than 20 years at Enterprise, Kari has played an instrumental role in growing our business,” says Lori Chatman, president of Enterprise’s capital division, in a release. “As the need for affordable homes only continues to increase nationwide, Kari is perfectly positioned to lead Enterprise’s housing credit investments business into this next chapter.
“We extend our heartfelt thanks to our colleague and friend Scott Hoekman for his exceptional leadership and 30-year commitment to Enterprise’s mission to make a good home possible for the millions of Americans without one,” Chatman adds.
Downes takes over leadership of Enterprise Housing Credit Investments as it marks $20 billion in cumulative investments, which have financed 2,800 developments, creating or preserving 200,000 affordable homes nationwide.
Of that total, $7.1 billion occurred in the five years Hoekman led the business, contributing to a $15 billion current portfolio of 147 funds comprised of more than 70 blue-chip institutional investors.
In 2023, Enterprise Housing Credit Investments deployed $1.729 billion, which marks the fifth consecutive year of record investment.