NHPF Annual Report 2016

Acquisitions, Preservations, Rehabilitations, and New Construction



Sunset Bay Apartments Cutler Bay, Florida

Hotel Covent Chicago, Illinois

With financing from Wells Fargo Bank, NHPF, in a joint venture with The Partnership, Inc., acquired Sunset Bay Apartments in October, 2016 for $26,170,000. Constructed in 2001, the Sunset Bay Apartments is in the South Miami area of Cutler Bay. The property includes 308 apartments in 13 separate three-story residential buildings. The one-, two- and three-bedroom units feature fully-equipped kitchens in an open design, ceiling fans, walk-in closets, patios, and balconies. There are two auxiliary structures and 562 parking spaces. Property amenities include a clubhouse, business center, fitness center, pool, playground, and car care center.

NHPF’s last affordable housing acquisition in December 2016 was Hotel Covent for $7 million. The acquisition was made possible thanks to financing from the Community Investment Corporation (CIC) and the Chicago Community Loan Fund (CCLF) which lent NHPF $5 million and $2.22 million, respectively. This property is being preserved in accordance with Chicago’s 2014 SRO Preservation Ordinance, considered a game-changer for affordable housing preservation in Chicago and an important tool in the fight against homelessness. Hotel Covent is an important example of NHPF’s commitment to preserve quality affordable housing in key neighborhoods. We are grateful for the support of Mayor Rahm Emmanuel on this project, as well as ONE Northside, an organization that works with Hotel Covent residents. Originally built in 1906, the Hotel Covent features 64 single resident occupancy (SRO) rooms. Historically, the hotel was originally attached to a 2,600-seat theater that is now an 18,700 square foot parking lot leased to the neighboring US Postal Service, which will be developed into additional housing. The property is located in Lincoln Park, one of Chicago’s most desirable neighborhoods, which has an affordable housing shortage. This SRO property includes in-unit sinks and closets, two large shared bathrooms, and a lounge for residents. The property has seven retail stores. It is located across the street from a City Target and several municipal bus lines.


1 Sunset Bay Apartments 2 Hotel Covent 3 Mark Twain Hotel 4 Calvin Mowbray Park & Stephen Camper Park



NHPF Fiscal Year 2016 Annual Report

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