FOCUSED ON PRESERVATION, EXPANSION, AND GROWTH. . .
2012 SAW THE PUBLICATION of a significant article by NHPF’s CEO Dick Burns. In it, he forecasted challenges that will face our industry for years to come. Titled “The Looming Crisis in Affordable Rental Housing (The two sides of the multi-family demand coin),” the full article can be found at www.nhpfoundation.org and reads in part:
“The looming crisis in affordable housing impacts the country sociologically, politically and economically. Without additional capital for the preservation of existing properties and investment in new development, the severe shortage of affordable housing is only going to get worse.”
This annual report has cast a spotlight on many of the ways we plan to face those challenges. One that merits additional attention is the creation of The NHP Foundation-Urban Atlantic Fund I LLC (the Fund). Through an agreement with NHPF and Urban Atlantic executed in 2012, a major bank has agreed to make initial capitalization of $49 million available to the Fund to acquire, hold, sell, dispose of and deal with interests in multi-family projects qualifying both as public welfare investments and affordable housing. NHPF and Urban are co-investors in the Fund. Along with Urban Atlantic, NHPF has developed an extensive acquisition pipeline and have already gone to contract on a number of properties to be financed through the Fund. Going forward, the Fund—as well as the Housing Partnership Equity Trust REIT mentioned earlier in this report—will both play significant roles in our ability to streamline and accelerate the work we do in support of NHPF’s mission. Through these types of sophisticated and innovative funding vehicles, we are better armed against the “Looming Crisis” Dick has described as facing our industry, our nation, and our neighbors in need.
Ralph F. Boyd, Jr.
Richard F. Burns
Chairman, Board of Trustees
Chief Executive Officer
EFFECTIVE JANUARY 2013
16
FOXWOOD MANOR, PENNSYLVANIA
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