Impact Investment Exchange (IIX) proudly announces the first labeled Orange Bond in the United States: the US$100 million Enterprise Community Impact Note, issued by Enterprise Community Loan Fund (ECLF), the community development financial institution lending arm of national housing nonprofit Enterprise Community Partners (Enterprise). The Orange Movement™ aims to mobilize the trillion-dollar bond market to build a gender-empowered financial system.

IIX conducted an external review of the Impact Note, confirming its outstanding compliance with the Orange Bond Principles™, including gender-positive capital allocation and transparency in the investment process and reporting. ECLF’s range of financial products provides affordable, flexible capital support to community-based, nonprofit, and mission-aligned for-profit, affordable housing, and community and commercial facilities borrowers in the U.S., including organizations led by women and other underrepresented real estate developers. The investment product truly upholds the spirit of the Orange Bond asset class while building a vibrant and gender-diverse financial system.

"Enterprise Community Loan Fund is proud to collaborate with IIX to bring the first Orange Bond to the U.S. market. Our US$100 million Enterprise Community Impact Note, now Orange-labeled, reflects our commitment to bridging inequalities in community development. We are proud to support the Orange Movement and its mission to create a financial system by and for the 99%,” said Elise Balboni, President of Enterprise Community Loan Fund.

The Impact Note, one of the largest of its kind, supports investments that set a critical precedent to dismantle racial and gender disparities in U.S. real estate markets. By empowering diverse-led organizations—uniquely positioned to address the needs of their communities—these funded projects are enhancing the supply of and access to affordable housing, healthcare, education, green infrastructure, and transit-oriented development. These efforts benefit women and girls from low-income communities across the U.S., in line with the mission of the Orange Movement™.

Since its initial launch in 2010, the Impact Note has contributed to ECLF’s cumulative impact. ECLF has invested more than $2.9 billion to date, resulting in more than:

• 145,000 affordable homes created
• 591,000 health care visits facilitated
• 17,200 school seats created
• 6.8 million square feet of community and commercial space

A recent project example includes the new construction of a 77-unit permanent supportive housing development in Long Beach, California, by Excelerate Housing Group (Excelerate Housing), supported with a $1.5 million predevelopment loan from ECLF. Excelerate Housing was founded by Dana Trujillo, a female affordable housing developer with extensive experience, including as an executive in the nonprofit sector, where she helped produce nearly 1,500 units of new or renovated housing. Excelerate Housing develops affordable housing and specializes in partnering with service providers with the expertise to operate a property and provide vital tenant services.

"IIX is proud to introduce the Orange Bond asset class to the U.S., with the US$100 million Enterprise Community Impact Note serving as a powerful example of how gender-equal investments foster resilience, prosperity, and systemic change,” said Prof. Durreen Shahnaz, Founder and CEO, IIX. “Our external review of Enterprise Community Loan Fund is central to advancing the Orange Movement’s goal of mobilizing US$10 billion in Orange Capital by 2030 to impact 100 million women and girls worldwide."

At the core of ECLF’s operations lies a deep commitment to revitalize communities. ECLF applies a rigorous mission lens, from boardroom decisions to on-the-ground solutions, embodying the true spirit of the Orange Bond Initiative in empowering women as agents of systemic change.

Achieving an Orange Bond Second Party Opinion from an Approved Verifier solidifies a strategic edge in recognizing the deep gender and intersectional lens in innovative finance. Orange Bond-approved verifiers provide independent opinions to confirm that an Orange Bond adheres to Orange Bond Principles. The label provides significant visibility to impact-aligned investors and strengthens the case for investing in women, which, as demonstrated, leads to more equitable and resilient societies. The Orange Bond labeling was supported by IIX’s donor partner and the Orange Movement Steering Committee member, the Australian Department for Foreign Affairs and Trade.

Orange Bonds are a cross-cutting asset class that builds gender-empowered financing systems and mobilizes new capital sources for women’s empowerment. Join the Orange Movement™ by labeling your transactions as Orange Bonds, or reach out to IIX at orangemovement@iixglobal.com to learn more.

About Enterprise Community Partners

Enterprise is a national nonprofit that exists to make a good home possible for the millions of families without one. We support community development organizations on the ground, aggregate and invest capital for impact, advance housing policy at every level of government, and build and manage communities ourselves. Since 1982, we have invested $72 billion and created 1 million homes across all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands – all to make home and community places of pride, power and belonging. Join us at enterprisecommunity.org.

Disclaimer: This is not an offer to sell or a solicitation of an offer to buy any securities. Such an offer is made only by means of a current Prospectus (including any applicable Pricing Supplement) for each of the respective notes. Such offers may be directed only to investors in jurisdictions in which the notes are eligible for sale. Investors are urged to review the current Prospectus before making any investment decision. The securities are unsecured debt securities subject to terms, conditions and risks described in the Prospectus, including the possible loss of the amount invested. Payment is dependent on Enterprise Community Loan Fund’s financial condition at the time payment is due. No state or federal securities regulators have passed on or endorsed the merits of the offering of notes. Any representation to the contrary is unlawful. The notes will not be insured or guaranteed by the FDIC, SIPC, or other governmental agencies.

The Impact Note is currently not offered in Arkansas, Florida, Kentucky, Nebraska, and Tennessee.