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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001478464-09-000002.txt : 20091217
<SEC-HEADER>0001478464-09-000002.hdr.sgml : 20091217
<ACCEPTANCE-DATETIME>20091217085849
ACCESSION NUMBER:		0001478464-09-000002
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(1)
FILED AS OF DATE:		20091217
DATE AS OF CHANGE:		20091217
EFFECTIVENESS DATE:		20091217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			481 ENTERPRISE AFFORDABLE HOUSING FUND I, LLLP
		CENTRAL INDEX KEY:			0001478464
		IRS NUMBER:				271445201
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-136981
		FILM NUMBER:		091246104

	BUSINESS ADDRESS:	
		STREET 1:		10227 WINCOPIN CIRCLE, SUITE 810
		CITY:			COLUMBIA
		STATE:			MD
		ZIP:			21044
		BUSINESS PHONE:		410-964-0552

	MAIL ADDRESS:	
		STREET 1:		10227 WINCOPIN CIRCLE, SUITE 810
		CITY:			COLUMBIA
		STATE:			MD
		ZIP:			21044
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001478464</cik>
        <entityName>481 ENTERPRISE AFFORDABLE HOUSING FUND I, LLLP</entityName>
        <issuerAddress>
            <street1>10227 WINCOPIN CIRCLE, SUITE 810</street1>
            <city>COLUMBIA</city>
            <stateOrCountry>MD</stateOrCountry>
            <zipCode>21044</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>410-964-0552</issuerPhoneNumber>
        <jurisdictionOfInc>MARYLAND</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>limited liability limited partnership</entityTypeOtherDesc>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Bruce</firstName>
                <middleName>I.</middleName>
                <lastName>Rothschild</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>10227 Wincopin Circle, Suite 810</street1>
                <city>Columbia</city>
                <stateOrCountry>MD</stateOrCountry>
                <zipCode>21044</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Bruce I. Rothschild is the Senior Vice President and General Counsel of Enterprise Community Investment, Inc., the promoter and general partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Residential</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>$1 - $1,000,000</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-12-14</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Not applicable</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>Not applicable</street1>
                    <city>Not applicable</city>
                    <stateOrCountry>MD</stateOrCountry>
                    <zipCode>00000</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>ME</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>30000000</totalOfferingAmount>
            <totalAmountSold>30000000</totalAmountSold>
            <totalRemaining>0</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>1</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>481 ENTERPRISE AFFORDABLE HOUSING FUND I, LLLP</issuerName>
                <signatureName>Bruce I. Rothschild</signatureName>
                <nameOfSigner>Bruce I. Rothschild</nameOfSigner>
                <signatureTitle>SVP &amp; General Counsel of General Partner of Issuer</signatureTitle>
                <signatureDate>2009-12-14</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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