NHPF Quarterly Newsletters 2020–2025

NHPF Quarterly Newsletters

Where You Live Matters

About The NHP Foundation Headquartered in New York City with offices in Washington, DC, and Chicago, IL, The NHP Foundation (NHPF) was launched on January 30, 1989, as a publicly supported 501(c)(3) not-for-profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing that is both affordable to low and moderate income families and seniors, and beneficial to their communities. Through Family-Centered Coaching, NHPF’s subsidiary Operation Pathways engages with, and assists, families experiencing poverty and other hardship, to problem-solve together. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has 56 properties, including approximately 10,000 units, in 15 states and the District of Columbia.

Contents

The NHPF Quarterly: Novermber 2025

The NHPF Quarterly: July 2025

The NHPF Quarterly: April 2025

The NHPF Quarterly: December 2024

The NHPF Quarterly: September 2024

The NHPF Quarterly: May 2024

The NHPF Quarterly: January 2024

The NHPF Quarterly: September 2023

The NHPF Quarterly: June 2023

The NHPF Quarterly: March 2023

The NHPF Quarterly: December 2022

The NHPF Quarterly: September 2022

The NHPF Quarterly: July 2022

The NHPF Quarterly: March 2022

The NHPF Quarterly: January 2022

The NHPF Quarterly: October 2021

The NHPF Quarterly: July 2021

The NHPF Quarterly: March 2021

The NHPF Quarterly: January 2021

The NHPF Quarterly: October 2020

The NHPF Quarterly: July 2020

The NHPF Quarterly: April 2020

The NHPF Quarterly November 2025

Where You Live Matters: The NHP Foundation & Operation Pathways Celebrate Resident Success at 2025 Gala NHPF in partnership with its resident services subsidiary Operation Pathways (OP), will host its Gala Celebration 2025: Where You Live Matters, Wednesday, November 19, 2025, from 6:00–9:00 PM at Union Station in Washington, DC. This inaugural celebration will spotlight Operation Pathways’ measurable success in strengthening communities nationwide through innovative, resident- driven services. Operation Pathways: Empowering Residents for Long-Term Success Operation Pathways delivers on-site programs designed to help families set and achieve goals that lead to greater stability and opportunity. By integrating Family-Centered Coaching and racial equity principles, OP ensures that residents are active participants in shaping their own success. NHPF in partnership with its resident services subsidiary Operation Pathways (OP), will host its Gala Celebration 2025: Where You Live Matters, Wednesday, November 19, 2025, from 6:00–9:00 PM at Union Station in Washington, DC. This inaugural celebration will spotlight Operation Pathways’ measurable success in strengthening communities nationwide through innovative, resident- driven services. “What Operation Pathways does, it brings out the best in people—it brings out leaders,” said Hector Lobo, an Operation Pathways resident from Plaza Borinquen in the Bronx. Operation Pathways: Empowering Residents for Long-Term Success Operation Pathways delivers on-site programs designed to help families set and achieve goals that lead to greater stability and opportunity. By integrating Family-Centered Coaching and racial equity principles, OP ensures that residents are active participants in shaping their own success. Why This Gala Matters The Where You Live Matters Gala celebrates the transformative power of stable, affordable homes paired with the right supports. Proceeds from the event directly fund Operation Pathways’ work in more than 30 communities across 12 states, ensuring residents continue to have access to essential programs like case management, financial education, health initiatives, and youth leadership development. “What Operation Pathways does, it brings out the best in people—it brings out leaders,” said Hector Lobo, an Operation Pathways resident from Plaza Borinquen in the Bronx. Why This Gala Matters The Where You Live Matters Gala celebrates the transformative power of stable, affordable homes paired with the right supports. Proceeds from the event directly fund Operation Pathways’ work in more than 30 communities across 12 states, ensuring residents continue to have access to essential programs like case management, financial education, health initiatives, and youth leadership development. Event Highlights • Cocktail reception and dinner • Inspiring resident stories and program impact videos • Recognition of key sponsors and community partners Support & Participation Sponsorships, table purchases, and individual tickets are available. Contributions from corporate, foundation, and community supporters enable NHPF and Operation Pathways to expand their reach and strengthen resident outcomes. • Cocktail reception and dinner • Inspiring resident stories and program impact videos • Recognition of key sponsors and community partners Support & Participation Sponsorships, table purchases, and individual tickets are available. Contributions from corporate, foundation, and community supporters enable NHPF and Operation Pathways to expand their reach and strengthen resident outcomes. Become a Sponsor or Purchase Tickets Where You Live Matters: The NHP Foundation & Operation Pathways Celebrate Resident Success at 2025 Gala Event Highlights

Become a Sponsor or Purchase Tickets

PROPERTY EVENT: GALENA STREET GROUNDBREAKING Galena Apartments Break Ground to House Essential Workers in Colorado’s High-Cost Mountain Communities In a transformative public-private partnership, NHPF is using its AA- credit rating from Standard & Poor’s to finance construction of Galena Apartments, a 54-unit, income-restricted workforce housing development in Frisco, Colorado. The development addresses the acute housing shortage for essential workers—teachers, nurses, and service professionals—priced out of one of the country’s most expensive resort regions. “In a ski-country county where some teachers were sleeping in cars, we’re building homes where they can thrive,” said Neal Drobenare, Senior Vice President at NHPF. “I’ll never forget attending a homelessness meeting at the Summit County Library and seeing not just advocates—but actual working professionals, desperate for a safe place to park and sleep.” Soon after, the Town of Frisco purchased an obsolete state office building on Galena Street, temporarily opening the parking lot to unhoused workers. That gesture laid the groundwork for a bolder move. When NHPF acquired a Main Street site for low-income housing, the Town asked if it could co- develop the Galena parcel to serve the “missing middle”—residents who earn too much to qualify for traditional affordable housing but too little to afford market rents. Working with the Town, NHPF helped draft the Workforce Housing Incentive Act, legislation that streamlined zoning, relaxed parking requirements, and quadrupled the site’s allowable density. The result is a model for middle-income housing across Colorado and beyond.

PERSONNEL NEWS The NHP Foundation Announced the Appointment of Joseph P. Weatherly as Chief Investment Officer (CIO)

RECENT ACQUISITION NHPF's Third Colorado Acquisition in 2025: 158 Units of Affordable Housing to be Built at Sloan’s Lake

With more than 23 years of success in multifamily housing acquisition, finance, and

Read More “In a ski-country county where some teachers were sleeping in cars, we’re building homes where they can thrive,” said Neal Drobenare, Senior Vice President at NHPF. “I’ll never forget attending a homelessness meeting at the Summit County Library and seeing not just advocates—but actual working professionals, desperate for a safe place to park and sleep.” Soon after, the Town of Frisco purchased an obsolete state office building on Galena Street, temporarily opening the parking lot to unhoused workers. That gesture laid the groundwork for a bolder move. When NHPF acquired a Main Street site for low-income housing, the Town asked if it could co- develop the Galena parcel to serve the “missing middle”—residents who earn too much to qualify for traditional affordable housing but too little to afford market rents. PERSONNEL NEWS The NHP Foundation Announced the Appointment of Joseph P. Weatherly as Chief Investment Officer (CIO) RECENT ACQUISITION NHPF's Third Colorado Acquisition in 2025: 158 Units of Affordable Housing to be Built at Sloan’s Lake Humanity of Northern Virginia. He holds a Bachelor of Science from the University of Tennessee at Knoxville. Working with the Town, NHPF helped draft the Workforce Housing Incentive Act, legislation that streamlined zoning, relaxed parking requirements, and quadrupled the site’s allowable density. The result is a model for middle-income housing across Colorado and beyond. “Joe’s appointment as CIO comes at a pivotal time for NHPF,” said Eric W. Price, President & CEO of The NHP Foundation. “His proven ability to structure innovative transactions, cultivate public-private partnerships, and scale housing development nationwide will be instrumental as we continue to meet the urgent demand for affordable and workforce housing.” Read More 40 Housing Professional” by the Virginia Housing Coalition and receiving the Charles Edson Award for Tax Credit Excellence. He has also served on the Board and Executive Committee of Habitat for

Credits, the State o offered $3.85 millio as well as an $18.5 Enterprise, $24.5 m PNC Bank-manage third party investor debt from the Colo several million doll loans from Zocalo. “This project meets Proposition 123 La priorities: providing density housing wi Denver; serving ho levels; and ensurin sustainable develo SVP of NHPF. “We footprint in Colorad designed for long-t

With more than 23 years of success in multifamily housing acquisition, finance, and development nationwide, Joseph Weatherly brings deep expertise in affordable, workforce, and mixed-income housing. In his new role,

RECENT ACQUISITION NHPF Announces Third Colorado Acquisition in 2025: 158 Units of Affordable Housing to be Built at Sloan’s Lake The NHP Foundation acquisition of land for its third Colorado deal in 2025, marks another significant step in addressing the region’s housing needs. The 0.9-acre parcel, located at 3701 16th Avenue in Denver’s Sloan’s Lake neighborhood, will be developed by managing partner Zocalo Community Development into 158 new energy-efficient apartments known as Liora at Sloan’s Lake. Rents at Liora will be limited to residents earning 30%, 50% and 60% of Area Median Income. The acquisition closed September 22, 2025, with construction beginning this fall. “Liora, and the entire redevelopment of the broader site at Sloan’s Lake, supports our mission to create housing affordability at all levels, both for-sale and for-rent,” said David Zucker, CEO, Zocalo Community Development. “Our partnership with NHPF reinforces Zocalo’s commitment to real estate development that balances investment returns, community, and environmental impact.” Financing partners for the $60 million development include the Colorado Housing and Finance Authority (CHFA), which provided a tax- exempt bonds and 4% Low Income Housing Tax Credits, the State of Colorado and CHFA which offered $3.85 million Proposition 123 land loan, as well as an $18.5 million loan from Bellwether Enterprise, $24.5 million in LIHTC equity from a PNC Bank-managed fund comprised of a one- third party investor, $9.5 million in subordinate debt from the Colorado Division of Housing and several million dollars in deeply-subordinated loans from Zocalo. housing needs. The 0.9-acre parcel, located at 3701 16th Avenue in Denver’s Sloan’s Lake neighborhood, will be developed by managing partner Zocalo Community Development into 158 new energy-efficient apartments known as Liora at Sloan’s Lake. Rents at Liora will be limited to residents earning 30%, 50% and 60% of Area Median Income. The acquisition closed September 22, 2025, with construction beginning this fall. RECENT ACQUISITION NHPF Announces Third Colorado Acquisition in 2025: 158 Units of Affordable Housing to be Built at Sloan’s Lake The NHP Foundation acquisition of land for its third Colorado deal in 2025, marks another significant step in addressing the region’s RECENT ACQUISITION NHPF's Third Colorado Acquisition in 2025: 158 Units of Affordable Housing to be Built at Sloan’s Lake

he will oversee NHPF’s investment strategy and capital deployment across its national portfolio, leading the organization’s investment team in identifying opportunities that align with its mission and long-term financial strength. Prior to joining NHPF, Weatherly served as Senior Vice President at McCormack Baron Salazar and Chief Development Officer at McCormack Baron Residential, where he pursued and secured development rights for more than 11,000 units nationwide and built national business development and workforce housing teams. He has also held senior leadership roles at The Michaels Organization, PIRHL Developers, AHC Inc., and Meridian Investments, and began his career in finance at Morgan Stanley. he will oversee NHPF’s investment strategy and capital deployment across its national portfolio, leading the organization’s investment team in identifying opportunities that align with its mission and long-term financial strength. “I am honored to join The NHP Foundation at such a pivotal time,” added Weatherly about the appointment. “Bringing my experience in investment strategy and housing development to an organization with incredible leadership, staff and resources poised for growth is both exciting and humbling. Expanding access to affordable and workforce housing is a challenge I look forward to tackling with the talented NHPF team and our partners.” Weatherly has been recognized throughout his career for his contributions to the housing industry, including being named a “Top 40 Under 40 Housing Professional” by the Virginia Housing Coalition and receiving the Charles Edson Award for Tax Credit Excellence. He has also served on the Board and Executive Committee of Habitat for Humanity of Northern Virginia. He holds a Bachelor of Science from the University of Tennessee at Knoxville. investment strategy and housing development to an organization with incredible leadership, staff and resources poised for growth is both exciting and humbling. Expanding access to affordable and workforce housing is a challenge I look forward to tackling with the talented NHPF team “Joe’s appointment as CIO comes at a pivotal time for NHPF,” said Eric W. Price, President & development and workforce housing teams. He has also held senior leadership roles at The Michaels Organization, PIRHL Developers, AHC Inc., and Meridian Investments, and began his career in finance at Morgan Stanley. “I am honored to join The NHP Foundation at such a pivotal time,” added Weatherly about the appointment. “Bringing my experience in Prior to joining NHPF, Weatherly served as Senior Vice President at McCormack Baron Salazar and Chief Development Officer at McCormack Baron Residential, where he pursued and secured development rights for more than 11,000 units nationwide and built national business PERSONNEL NEWS The NHP Foundation Announced the Appointment of Joseph P. Weatherly as Chief Investment Officer (CIO) With more than 23 years of success in multifamily housing acquisition, finance, and development nationwide, Joseph Weatherly brings deep expertise in affordable, workforce, and mixed-income housing. In his new role,

“Liora, and the entire redevelopment of the broader site at Sloan’s Lake, supports our mission to create housing affordability at all levels, both for-sale and for-rent,” said David Zucker, CEO, Zocalo Community Development. “Our partnership with NHPF reinforces Zocalo’s commitment to real estate development that balances investment returns, community, and environmental impact.” Early in the internship, Kamari expressed his goal of joining the United Sta that he needed support to pass the ASVAB exam. In addition to fulfilling a he worked closely with the Resident Service Coordinator, Christina Calixte Kamari’s dedication was exceptional—he studied before and after work, o sought support throughout the program. Not only did Kamari pass the ASV impressive score that led to his selection as a Retainer Aircraft Boomer M graduated from training. Kamari is not only a proud product of the Pine Knoll Internship Program b OPERATION PATHWAYS: RESIDENT VOICES Kamari Corbin was the 2024 Pine Knoll Intern. During his internship, K Property Management, Maintenance, and the Resident Services Coordina

P Foundation at eatherly about the perience in ing development to e leadership, staff wth is both exciting ess to affordable allenge I look ented NHPF team

“Joe’s appointment as CIO comes at a pivotal time for NHPF,” said Eric W. Price, President & CEO of The NHP Foundation. “His proven ability to structure innovative transactions, cultivate public-private partnerships, and scale housing development nationwide will be instrumental as we continue to meet the urgent demand for affordable and workforce housing.” Humanity of Northern Virginia. He holds a Bachelor of Science from the University of Tennessee at Knoxville. “Joe’s appointment as CIO comes at a pivotal time for NHPF,” said Eric W. Price, President & CEO of The NHP Foundation. “His proven ability to structure innovative transactions, cultivate public-private partnerships, and scale housing development nationwide will be instrumental as we continue to meet the urgent demand for affordable and workforce housing.” Financing partners for the $60 million development include the Colorado Housing and Finance Authority (CHFA), which provided a tax- exempt bonds and 4% Low Income Housing Tax Credits, the State of Colorado and CHFA which offered $3.85 million Proposition 123 land loan, as well as an $18.5 million loan from Bellwether Enterprise, $24.5 million in LIHTC equity from a PNC Bank-managed fund comprised of a one- third party investor, $9.5 million in subordinate debt from the Colorado Division of Housing and several million dollars in deeply-subordinated loans from Zocalo. “Joe’s appointment as CIO comes at a pivotal time for NHPF,” said Eric W. Price, President & CEO of The NHP Foundation. “His proven ability to structure innovative transactions, cultivate public-private partnerships, and scale housing development nationwide will be instrumental as we continue to meet the urgent demand for affordable and workforce housing.” “Liora, and the entire redevelopment of the broader site at Sloan’s Lake, supports our mission to create housing affordability at all levels, both for-sale and for-rent,” said David Zucker, CEO, Zocalo Community Development. “Our partnership with NHPF reinforces Zocalo’s commitment to real estate development that balances investment returns, community, and environmental impact.” the Board and Executive Committee of Habitat for Humanity of Northern Virginia. He holds a Bachelor of Science from the University of Tennessee at Knoxville. “This project meets all three of the CHFA Proposition 123 Land Banking Program priorities: providing transit-accessible, high- density housing within two miles of downtown Denver; serving households at a mix of income levels; and ensuring environmentally sustainable development,” said Neal Drobenare, SVP of NHPF. “We are proud to expand our footprint in Colorado with another community designed for long-term affordability.”

loans from Zocalo. PNC Bank-managed fund comprised of a one- third party investor, $9.5 million in subordinate debt from the Colorado Division of Housing and several million dollars in deeply-subordinated loans from Zocalo. “This project meets all three of the CHFA Proposition 123 Land Banking Program priorities: providing transit-accessible, high- density housing within two miles of downtown Denver; serving households at a mix of income levels; and ensuring environmentally sustainable development,” said Neal Drobenare, “This project meets all three of the CHFA Proposition 123 Land Banking Program priorities: providing transit-accessible, high- density housing within two miles of downtown Denver; serving households at a mix of income levels; and ensuring environmentally sustainable development,” said Neal Drobenare, “This project meets all three of the CHFA Proposition 123 Land Banking Program priorities: providing transit-accessible, high- density housing within two miles of downtown Denver; serving households at a mix of income levels; and ensuring environmentally sustainable development,” said Neal Drobenare, SVP of NHPF. “We are proud to expand our footprint in Colorado with another community designed for long-term affordability.” Read More SVP of NHPF. “We are proud to expand our footprint in Colorado with another community designed for long-term affordability.” SVP of NHPF. “We are proud to expand our footprint in Colorado with another community designed for long-term affordability.” Enterprise, $24.5 million in LIHTC equity from a PNC Bank-managed fund comprised of a one- third party investor, $9.5 million in subordinate debt from the Colorado Division of Housing and several million dollars in deeply-subordinated loans from Zocalo.

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OPERATION PATHWAYS: RESIDENT VOICES Kamari Corbin was the 2024 Pine Knoll Intern. During his internship, Kamari worked alongside Property Management, Maintenance, and the Resident Services Coordinator. Early in the internship, Kamari expressed his goal of joining the United States Air Force and shared that he needed support to pass the ASVAB exam. In addition to fulfilling all internship responsibilities, he worked closely with the Resident Service Coordinator, Christina Calixte, to prepare for the exam. Kamari’s dedication was exceptional—he studied before and after work, on weekends, and consistently sought support throughout the program. Not only did Kamari pass the ASVAB, but he earned an impressive score that led to his selection as a Retainer Aircraft Boomer Maintenance Specialist. He has graduated from training. Kamari is not only a proud product of the Pine Knoll Internship Program but also a shining example of how hard work, determination, and community support can lead to success. Early in the internship, Kamari expressed his goal of joining the United States Air Force and shared that he needed support to pass the ASVAB exam. In addition to fulfilling all internship responsibilities, he worked closely with the Resident Service Coordinator, Christina Calixte, to prepare for the exam. Kamari’s dedication was exceptional—he studied before and after work, on weekends, and consistently sought support throughout the program. Not only did Kamari pass the ASVAB, but he earned an impressive score that led to his selection as a Retainer Aircraft Boomer Maintenance Specialist. He has graduated from training. Donate to Operation Pathways OPERATION PATHWAYS: RESIDENT VOICES Kamari Corbin was the 2024 Pine Knoll Intern. During his internship, Kamari worked alongside Property Management, Maintenance, and the Resident Services Coordinator. OPERATION PATHWAYS: RESIDENT VOICES Kamari Corbin was the 2024 Pine Knoll Intern. During his internship, Kamari worked alongside Property Management, Maintenance, and the Resident Services Coordinator. Early in the internship, Kamari expressed his goal of joining the United States Air Force and shared that he needed support to pass the ASVAB exam. In addition to fulfilling all internship responsibilities, he worked closely with the Resident Service Coordinator, Christina Calixte, to prepare for the exam. Kamari’s dedication was exceptional—he studied before and after work, on weekends, and consistently sought support throughout the program. Not only did Kamari pass the ASVAB, but he earned an impressive score that led to his selection as a Retainer Aircraft Boomer Maintenance Specialist. He has graduated from training. Kamari is not only a proud product of the Pine Knoll Internship Program but also a shining example of how hard work, determination, and community support can lead to success. Kamari is not only a proud product of the Pine Knoll Internship Program but also a shining example of how hard work, determination, and community support can lead to success.

Donate to Operation Pathways

OUR TOP 5 PICKS FOR THE QUARTER Stay informed and entertained by this quarter’s media choices reflecting on aspects of affordable housing, social justice, and other relevant topics. 1. Watch this: Urchin On the streets of London, aged out of foster care, Mike is hustling to get by. Roadside evangelizers won't let him sleep in peace, his slippery friend won't pay up the money he stole, and before long, he finds himself in trouble with the law. As he struggles to reintegrate into society, shuffling between gigs as a line cook and a trash collector, he must balance a newfound sense of community with his own itch for self-destruction. 2. Read this: The Projects: A New History of Public Housing How housing policy failed the people it was designed to help—and how to fix it As the US struggles to provide affordable housing, millions of Americans live in deteriorating public housing projects, enduring the mistakes of past housing policy. In The Projects , Howard A. Husock explains how we got here, detailing the tragic rise and fall of public housing and the pitfalls of other subsidy programs. 3. Listen to this: Reimagining Us Co-hosted by social psychologist Nichole Argo and Scott Hutcheson of the E Pluribus Unum fund, this podcast looks at how philanthropy is fostering connection and healing divisions. Wendy Feliz, managing director of democracy at the Arthur M. Blank Family Foundation, finds it thoughtful and hopeful. She also suggests the Greater Good Science Center for “quick, meaningful insights on how to live, love, and connect better.” 4. Read this: The Connected Community: Discovering the Health, Wealth and Power of Neighborhoods Find out how to uncover the hidden talents, assets, and abilities in your neighborhood and bring them together to create a vibrant and joyful community. It takes a village!

5. Listen to this: Giving with Impact is a podcast series from Stanford Social Innovation Review about philanthropy, charitable giving, and nonprofit advocacy

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ABOUT THE NHP FOUNDATION Headquartered in New York City with offices in Washington, DC, and Chicago, IL, The NHP Foundation (NHPF) was launched on January 30, 1989, as a publicly supported 501(c)(3) not-for-profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service- enriched multifamily housing, and single-family homes that are both affordable to low and moderate income families and seniors, and beneficial to their communities. NHPF’s Construction Management Group provides in-house resources dedicated to infrastructure review, infrastructure development and costs management. Through Family-Centered Coaching, NHPF’s subsidiary Operation Pathways engages with, and assists, families experiencing poverty and other hardship, to problem-solve together. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has over 10,000 units, in 16 states and the District of Columbia. For more information, please visit www.nhpfoundation.org .

The NHPF Quarterly July 2025

A Spring’s Bounty of Beautiful Properties NHPF Celebrates New Homes and New Hope in Houston, Baltimore, and New Haven This spring, The NHP Foundation (NHPF) celebrated the openings of three transformative developments serving distinct community needs.

In Houston, RoseMary’s Place welcomed 149 residents exiting homelessness into permanent supportive housing. Developed in partnership with Magnificat Houses, Inc., the $45 million project offers wraparound services, 24-hour staffing, and space for healing. Named for MHI founder Rose Mary Badami, the development was called “a place of hope and dignity” by Council Member Carolyn Evans-Shabazz. With support from the City of Houston, Harris County, and other funders, this project exemplifies how collaboration can create long-term solutions for chronic homelessness.

In Baltimore, The Terraces at Park Heights marked the first phase of a $400 million revitalization of the historically disinvested Park Heights neighborhood. The $52 million senior housing community delivers 100 affordable one- and two- bedroom homes, powered by solar energy and enriched with on-site amenities including a maker space, fitness center, and public art installations celebrating Baltimore’s horse racing legacy. NHPF and partner Henson Development are also planning future phases. Governor Wes Moore called it “the next chapter in our work to transform the city.” THE NHPF QUARTERLY JULY 2025

Developed in partnership with Magnificat Houses, Inc., the $45 million project offers wraparound services, 24-hour staffing, and space for healing. Named for MHI founder Rose Mary Badami, the development was called “a place of hope and dignity” by Council Member Carolyn Evans-Shabazz. With support from the City of Houston, Harris County, and other funders, this project exemplifies how collaboration can create long-term solutions for chronic homelessness.

In New Haven, Curtis Cofield II Estates brought 56 new affordable and energy-efficient homes to the West River neighborhood. The $30 million development includes supportive housing, “missing middle” units, a community center, and future retail space—all part of reconnecting a neighborhood once fractured by disinvestment and infrastructure projects. “Thanks to West River SHIP and its partners, we now have a place where working families, formerly homeless residents, and people with disabilities can all thrive together in an inclusive, affordable community,” said Mayor Justin Elicker. Each development reflects NHPF’s core mission: to create sustainable, inclusive, and service-enriched housing through strong public-private partnerships. From helping Houston’s most vulnerable find stability, to revitalizing Baltimore’s Park Heights, to delivering opportunity and affordability in New Haven, these projects exemplify what’s possible when community vision meets commitment and investment.

THE NHPF QUARTERLY JULY 2025

Heights, to delivering opportunity and affordability in New Haven, these projects exemplify what’s possible when community vision meets commitment and investment.

NHPF Transaction News NHPF Brings Groundbreaking “Missing Middle” Housing to Colorado NHPF is looking forward to this month’s Groundbreaking of Galena Apartments , much-needed workforce housing in the Colorado mountain town of Frisco. NHPF is building its first Colorado development—Galena Apartments in Frisco—using its S&P AA– credit rating to finance a first-of-its-kind “missing middle” workforce housing project. The 54-unit community addresses the region’s acute shortage of affordable homes for essential workers, some of whom had been living in their cars. In partnership with the Town of Frisco, NHPF is transforming a former state office site into housing for moderate-income residents. The Town provided the land for $1, $8 million in gap financing, and collaborated with the State and Summit County to fund off-site infrastructure. NHPF used its rating to back 501(c)(3) bonds—allowing a $19M, below-market mortgage to finance the project. Construction has begun and Galena Apartments will serve as a model for future middle- income housing solutions in high-cost markets nationwide, underscoring NHPF’s mission to expand housing opportunities for America’s working families.

Resident Voices How Ethel Collins Built Financial Freedom Through Rent Reporting Ethel Collins, a senior resident at Bayview Towers in Stamford, CT, has always lived carefully on a fixed income. Like many older adults, she budgeted strictly, often having to delay purchases until her next check arrived. That began to change when Operation Pathways introduced an innovative rent reporting program powered by Esusu Inc. “When Operation Pathways first brought this program to Bayview, I opted in right away because I knew it was a good opportunity,” said Ms. Collins. “Having Esusu report my on-time payments has helped me so much. When I saw how high my credit score was, I was shocked.” Before enrolling, Ms. Collins had no credit history. Her credit report only listed Esusu, the AI-driven platform founded by Wemimo Abbey, which reports positive rent payments—unlike the traditional system that only flags missed ones. This disparity has long disadvantaged renters, with more than 45 million Americans remaining credit-invisible. Esusu aims to close that gap by tapping into a previously overlooked data source: consistent rent payments.

A Message from Operation Pathways It’s hard to believe August is upon us and families across the country are preparing for the back-to-school season. Operation Pathways is working hard to ensure that the children living in NHPF’s affordable housing communities have everything they need when the school year begins. Operation Pathways provides high-impact resident services that help individuals and families thrive—right where they live. In addition to year-round programs focused on financial stability, health and wellness, and employment, we are especially focused this summer on helping students return to school prepared, confident, and supported. From hosting backpack drives and school supply giveaways to providing academic enrichment and mental wellness resources, our team is partnering with parents to lay the groundwork for a successful school year. In communities where barriers to education often run deep, these services offer more than just pencils and paper—they offer hope and opportunity. In 2024, 1,867 youth were supported through OP’s Education and Youth Development programs across the country!

THE NHPF QUARTERLY JULY 2025

Our Top 5 Picks for the Quarter Stay informed and entertained by this quarter’s media choices reflecting on aspects of affordable housing, social justice,

and other relevant topics. 1. Photography Exhibit

Our Top 5 Picks for the Quarter Stay informed and entertained by this quarter’s media choices reflecting on aspects of affordable housing, social justice,

and other relevant topics. 1. Photography Exhibit

Images always speak louder than words. The images of Camilo José Vergara Chilean American photographer, documents continuity and change in American urban spaces. He is especially interested in the built environment including ruins, housing projects, prison and drug treatment facilities, transportation and industrial corridors, and areas undergoing gentrification. See his work at the Smithsonian's National Museum of African American History & Culture . 2. Film to See As we create more housing designed to enable those experiencing homelessness to leave the streets, we were intrigues by this film. Inspired by true events, the acclaimed film No Address follows the harrowing journey of Lauren, a young woman pushed onto the streets and forced to survive against all odds. Alongside a makeshift family of outcasts—each with their own haunting story of struggle and loss—Lauren discovers that home is not just a place, but the people who refuse to let you fall. 3. Read This The “trades” are what keep construction alive in affordable housing and all building industries. In Such a Good Man, Dustin M. Hoffman shines a light into the dark corners of American suburbia. The housepainters, contractors, plumbers, painters, and roofers that populate these pages are doing their best to overcome life's brutal indifference. 4. And this In There is No Place for Us , Brian Goldstone, a journalist for The New York Times , and Harper’s Magazine , among others, tells the stories of five Atlanta families, personifying the dramatic rise of the “working homeless” in cities across America 5. Listen to this We have tackled the topic of loneliness amongst seniors and others in some affordable housing communities. Strangers on The Way is a podcast bent on transforming the world, one stranger at a time. On a quest to eliminate loneliness and isolation, writer and speaker Lauren Hansen is on a mission to encourage every person to meet someone new every day. This podcast shares inspirational stories of her interactions with strangers across the world. Be inspired through her stories to create new stories of your own.

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THE NHPF QUARTERLY JULY 2025

The NHPF Quarterly April 2025

Promotion: Eric W. Price, President & CEO NHPF is pleased to announce the promotion of Eric W. Price to President and Chief Executive Officer, effective January 1, 2025. This transition heralds an exciting new chapter in NHPF’s journey towards greater success and impact. Eric has been a driving force in advancing NHPF’s mission for nearly six years, serving most recently as President. During his tenure with NHPF, Eric led the issuance of NHPF’s first $75 million social bond in 2023, with NHPF achieving a AA– rating from Standard & Poor’s. This is the highest rating obtained by not-for-profit social housing providers. Eric also worked to obtain NHPF’s first award from the CDFI Fund’s Capital Magnet Fund. Both of these additional sources have allowed NHPF to leverage private capital to expand the impact of its work, delivering more affordable housing to communities nationwide. These two significant achievements were accomplished while Eric also oversaw the organization’s internal operations, including almost doubling the number of employees. In Memoriam: Stephen Green We are deeply saddened to share the passing of our cherished colleague and friend, Steve Green, who died earlier this week. Steve served as Executive Vice President and Chief Investment Officer of NHPF for 11 years, and in that time, became the architect of some of our most innovative and impactful financing strategies. With more than 35 years of experience in real estate and economic development, Steve brought a rare combination of technical skill and deep compassion to his work. He pioneered complex deal structures that made affordable housing possible in communities across the country—layering HUD- insured debt, tax-exempt bond financing, conventional loans, and Low Income Housing Tax Credits (LIHTC) to bring ambitious projects to life. Steve understood the power of housing to transform lives, and he used every tool at his disposal to make it happen. One such project—the Park Heights redevelopment in Northwest Baltimore— stands as a shining example of Steve’s vision. In 2020, he helped shape the financing blueprint for this major undertaking. His innovative thinking and thoughtful leadership helped bring the project through every phase, and this May, 100 new affordable homes will open to the community. It will be a powerful moment, as Steve’s legacy quite literally takes shape in the form of stable homes and revitalized neighborhoods. Steve was a mentor, a leader, and a steady hand in a complex field. He worked closely with city and state leaders, community organizations, and residents alike, always approaching his work with humility, respect, and heart. We will miss him dearly and remember him always—with gratitude for the communities he helped build and the countless lives he touched.

14 THE NHPF QUARTERLY APRIL 2025

We will miss him dearly and remember him always—with gratitude for the communities he helped build and the countless lives he touched.

Three Properties to Open in Spring 2025 NHPF is proud to introduce three transformative housing communities set to open this spring, each designed to meet the unique needs of their residents while fostering economic and social revitalization. The Terraces at Park Heights in Baltimore, MD, will play a pivotal role in the ongoing redevelopment of the Park Heights neighborhood, providing seniors with modern, energy-efficient one- and two-bedroom apartments and an array of amenities that promote an active and connected lifestyle. In Houston, TX, RoseMary’s Place Apartments will offer 149 permanent supportive housing units, providing residents exiting homelessness with stable housing and essential services through Magnificat Houses, Inc. In New Haven, CT, Curtis Cofield II Estates will bring a mix of one- to three-bedroom townhome-style apartments, offering deeply affordable and middle-income housing options with sustainable features such as Passivhaus construction and solar paneling. These three communities reflect NHPF’s commitment to innovative, resident-centered housing solutions that uplift neighborhoods and create lasting impact. Each development integrates sustainability, accessibility, and community-oriented design, ensuring that residents not only have a place to live but a foundation for growth and opportunity. From Baltimore’s senior-friendly living to Houston’s supportive housing and New Haven’s dynamic townhomes, NHPF continues to build vibrant, inclusive communities where residents can thrive.

A Family-Centered Coaching Story Residents of affordable housing often face feelings of loneliness, especially those who have relocated away from family or trusted support systems in search of affordable living. This challenge is even more pronounced among seniors, many of whom live alone and may also be managing health concerns. However, there is hope. Affordable housing communities that offer onsite resident services are creating opportunities for connection, engagement, and meaningful relationships. Through these programs, residents are finding not just support, but also a sense of belonging that enriches their lives and strengthens their communities. Here is one such example.Miss Linda wasn’t always an active presence in the Ships’ Cove Community Room. She first started attending small workout groups, joining a few activities here and there. But it wasn’t until she got more acquainted with her Resident Services Coordinator (RSC) Caitlyn and began volunteering with Operation Pathways that she truly found her place. Through hours of service—helping at the food bank, organizing holiday meals, assisting with outreach, and participating in National Night Out—Miss Linda not only gave back to her community but also found something invaluable: a sense of family. The bonds formed through these efforts have extended far beyond the walls of Ships’ Cove. Volunteers now check in on one another, spend time together outside of scheduled programs, and encourage more residents to get involved.

THE NHPF QUARTERLY APRIL 2025

And with your continued support we can do so much more. We encourage you to consider the value of providing quality

A Message from Operation Pathways As a new year begins, we are filled with gratitude for the incredible support of our community. Together, we have created not just housing, but homes filled with hope, stability, and opportunity. Your partnership has helped us: • Provided safe, affordable housing for 9,355 residents across 32 affordable housing communities • Engaged 5,470 residents in vital Resident Services that empower lives and strengthen communities • Supported 362 residents in setting a combined savings goal of $44,814 during America Saves Week And with your continued support we can do so much more. We encourage you to consider the value of providing quality affordable housing to the neediest Americans this year. Be a part of this movement. With heartfelt appreciation, Ken White, Executive Director, Operation Pathways P.S. If you or anyone else you know would like to make a gift, please click below. And with your continued support we can do so much more. We encourage you to consider the value of providing quality affordable housing to the neediest Americans this year. Be a part of this movement. With heartfelt appreciation, Ken White, Executive Director, Operation Pathways P.S. If you or anyone else you know would like to make a gift, please click below. DONATE NOW And with your continued support we can do so much more. We encourage you to consider the value of providing quality affordable housing to the neediest Americans this year. Be a part of this movement. With heartfelt appreciation, Ken White, Executive Director, Operation Pathways P.S. If you or anyone else you know would like to make a gift, please click below. READ MORE A Message from Operation Pathways As a new year begins, we are filled with gratitude for the incredible support of our community. Together, we have created not just housing, but homes filled with hope, stability, and opportunity. Your partnership has helped us: • Provided safe, affordable housing for 9,355 residents across 32 affordable housing communities • Engaged 5,470 residents in vital Resident Services that empower lives and strengthen communities • Supported 362 residents in setting a combined savings goal of $44,814 during America Saves Week As a new year begins, we are filled with gratitude for the incredible support of our community. Together, we have created not just housing, but homes filled with hope, stability, and opportunity. Your partnership has helped us: • Provided safe, affordable housing for 9,355 residents across 32 affordable housing communities • Engaged 5,470 residents in vital Resident Services that empower lives and strengthen communities Supported 362 residents in setting a combined savings goal of $44,814 during America Saves Week DONATE NOW

DONATE NOW

Our Top 5 Picks for the Quarter Stay informed and entertained by this quarter’s media choices reflecting on aspects of affordable housing, social justice, and other relevant topics. 1. In the new book, Stuck: How the Privileged and the Propertied Broke the Engine of American Opportunity, author Yoni Applebaum, journalist, academic, and lecturer on history and literature at Harvard, and deputy executive editor at the Atlantic argues that the racist origins of zoning among other things have shaped the current stagnation of mobility in America. There is a lot of good social science research to suggest that moving does not just change people’s economic destinies and the prospects of their children, it shifts their whole mindset. Researchers have found that people who relocate to new places are more open to new experiences, they tend to necessarily be more open to diversity, and conceive of the world as a place where there can be win-wins. 2. The National Building Museum presents House & Home , a kaleidoscopic array of photographs, objects, models, and films that take us on a tour of houses both familiar and surprising, through past and present, challenging our ideas about what it means to be at home in America. Remarkable transformations in technology, laws, and consumer culture have brought about enormous change in American domestic life. The breathtaking variety of stories about the American home surprise, teach, and entertain. 2. The National Building Museum presents House & Home , a kaleidoscopic array of photographs, objects, models, and films that take us on a tour of houses both familiar and surprising, through past and present, challenging our ideas about what it means to be at home in America. Remarkable transformations in technology, laws, and consumer culture have brought about enormous change in American domestic life. The breathtaking variety of stories about the American home surprise, teach, and entertain. 3. Paradise is a TV show on Hulu about a postapocalyptic society that lives underground in a suburb. If the planet goes to hell and humanity heads to a bunker, what sort of neighborhood will we build inside it? A spacious holdout that tries to approximate a comfortable standard of living? This is how the show explores America’s housing shortage today. 4. Silo is a TV show on Apple TV+ about a post-apocalyptic society that lives underground in an apartment tower. Taking a different POV than “Paradise” but still examining a future without housing, this show has “solved” the problem with a 144- story silo that is basically an underground housing project. It becomes clear that this is a parable about central planning gone awry. 5. In Abundance , journalists Ezra Klein and Derek Thompson catalog American liberalism’s failures to deliver material plenty—the housing shortages that plague blue cities, the green infrastructure that congressional Democrats funded but then failed to actually build, the high-speed rail system that California promised but never delivered. 5. In Abundance , journalists Ezra Klein and Derek Thompson catalog American liberalism’s failures to deliver material plenty—the housing shortages that plague blue cities, the green infrastructure that congressional Democrats funded but Having trouble viewing this email? View it in your web browser Our Top 5 Picks for the Quarter Stay informed and entertained by this quarter’s media choices reflecting on aspects of affordable housing, social justice, and other relevant topics. 1. In the new book, Stuck: How the Privileged and the Propertied Broke the Engine of American Opportunity, author Yoni Applebaum, journalist, academic, and lecturer on history and literature at Harvard, and deputy executive editor at the Atlantic argues that the racist origins of zoning among other things have shaped the current stagnation of mobility in America. There is a lot of good social science research to suggest that moving does not just change people’s economic destinies and the prospects of their children, it shifts their whole mindset. Researchers have found that people who relocate to new places are more open to new experiences, they tend to necessarily be more open to diversity, and conceive of the world as a place where there can be win-wins. 3. Paradise is a TV show on Hulu about a postapocalyptic society that lives underground in a suburb. If the planet goes to hell and humanity heads to a bunker, what sort of neighborhood will we build inside it? A spacious holdout that tries to approximate a comfortable standard of living? This is how the show explores America’s housing shortage today. 4. Silo is a TV show on Apple TV+ about a post-apocalyptic society that lives underground in an apartment tower. Taking a different POV than “Paradise” but still examining a future without housing, this show has “solved” the problem with a 144- story silo that is basically an underground housing project. It becomes clear that this is a parable about central planning gone awry. 3. Paradise is a TV show on Hulu about a postapocalyptic society that lives underground in a suburb. If the planet goes to hell and humanity heads to a bunker, what sort of neighborhood will we build inside it? A spacious holdout that tries to approximate a comfortable standard of living? This is how the show explores America’s housing shortage today. 4. Silo is a TV show on Apple TV+ about a post-apocalyptic society that lives underground in an apartment tower. Taking a different POV than “Paradise” but still examining a future without housing, this show has “solved” the problem with a 144- story silo that is basically an underground housing project. It becomes clear that this is a parable about central planning gone awry. Our Top 5 Picks for the Quarter Stay informed and entertained by this quarter’s media choices reflecting on aspects of affordable housing, social justice, and other relevant topics. 1. In the new book, Stuck: How the Privileged and the Propertied Broke the Engine of American Opportunity, author Yoni Applebaum, journalist, academic, and lecturer on history and literature at Harvard, and deputy executive editor at the Atlantic argues that the racist origins of zoning among other things have shaped the current stagnation of mobility in America. There is a lot of good social science research to suggest that moving does not just change people’s economic destinies and the prospects of their children, it shifts their whole mindset. Researchers have found that people who relocate to new places are more open to new experiences, they tend to necessarily be more open to diversity, and conceive of the world as a place where there can be win-wins. 2. The National Building Museum presents House & Home , a kaleidoscopic array of photographs, objects, models, and films that take us on a tour of houses both familiar and surprising, through past and present, challenging our ideas about what it means to be at home in America. Remarkable transformations in technology, laws, and consumer culture have brought about enormous change in American domestic life. The breathtaking variety of stories about the American home surprise, teach, and entertain. 5. In Abundance , journalists Ezra Klein and Derek Thompson catalog American liberalism’s failures to deliver material plenty—the housing shortages that plague blue cities, the green infrastructure that congressional Democrats funded but then failed to actually build, the high-speed rail system that California promised but never delivered. Having trouble viewing this email? View it in your web browser

THE NHPF QUARTERLY APRIL 2025

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