NHPF Quarterly Newsletters 2020–2026

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: February 2026

The NHPF Quarterly: November 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

Together we look forward to continuing to carry out our

mission, building homes, and supporting thriving communities.

The NHPF Quarterly February 2026 NHPF Transaction News The NHP Foundation (NHPF) and Gibson Spyre Selected as Development Partners for Affordable Housing Project in Fairfax County’s Bailey’s Crossroads NHPF Gears up for a Productive 2026 with Two Additions to its Board The leaders at NHPF are ready for whichever way the economic and policy winds go, with some projects ready to break ground and others to welcome new residents. The NHPF, a national mission-based developer dedicated to preserving and creating sustainable, service-enriched affordable housing, along with Gibson Spyre, a veteran-owned Virginia development firm, have been selected by the Fairfax County Redevelopment and Housing Authority (FCRHA) to redevelop 5831 Columbia Pike in Bailey’s Crossroads, Virginia.

We are also proud to start off the year with significant additions to our Board of Trustees including Jeffrey Scruggs , Head of Americas Public Sector & Infrastructure Group, Goldman Sachs and Adrianne Todman , CEO, National Rental Home Council who most recently served as both Acting Secretary and Deputy Secretary of the U.S. Department of Housing and Urban Development.

Together we look forward to continuing to carry out our

mission, building homes, and supporting thriving communities.

NHPF Transaction News The NHP Foundation (NHPF) and Gibson Spyre Selected as Development Partners for Affordable Housing Project in Fairfax County’s Bailey’s Crossroads The NHPF, a national mission-based developer dedicated to preserving and creating sustainable, service-enriched affordable housing, along with Gibson Spyre, a veteran-owned Virginia development firm, have been selected by the Fairfax County Redevelopment and Housing Authority (FCRHA) to redevelop 5831 Columbia Pike in Bailey’s Crossroads, Virginia. The proposed community marks an important step in one of NHPF’s strategic target markets for growth and represents a significant opportunity to bring service-enriched affordable housing to this diverse and rapidly evolving area. “This development offers a powerful example of how local government, non-profits, and community- based partners can work together to advance equitable development and opportunity for all,” said Eric Price, President and CEO of NHPF, adding, “Northern Virginia is a region we have long identified as essential to our mission of expanding affordable housing opportunities in the DC metro area.” The proposed community marks an important step in one of NHPF’s strategic target markets for growth and represents a significant opportunity to bring service-enriched affordable housing to this diverse and “We’re proud to bring our Virginia-based experience and deep community relationships to this transformational project,” added Tom Gibson, President of Gibson Spyre. “Our partnership with NHPF and Fairfax County will deliver not just affordable homes, but a thriving community hub where families can live, learn, and grow for generations.” Under a proposed 99-year ground lease with Fairfax County, NHPF and Gibson Spyre will develop approximately 160 affordable homes, the majority designated as two- and three-bedroom units, in a sustainable building that will also include space dedicated to nonprofit service providers and extensive open spaces. The development aligns with the County’s One Fairfax policy, ensuring that equity and opportunity are built into every major County program, policy, and service. It also responds directly to community needs identified through outreach to local service providers already active in the neighborhood.

4 THE NHPF QUARTERLY FEBRUARY 2026

service-enriched affordable housing, along with Gibson Spyre, a veteran-owned Virginia development firm, have been selected by the Fairfax County Redevelopment and Housing Authority (FCRHA) to redevelop 5831 Columbia Pike in Bailey’s Crossroads, Virginia.

The proposed community marks an important step in one of NHPF’s strategic target markets for growth and represents a significant opportunity to bring service-enriched affordable housing to this diverse and rapidly evolving area. “This development offers a powerful example of how local government, non-profits, and community- based partners can work together to advance equitable development and opportunity for all,” said Eric Price, President and CEO of NHPF, adding, “Northern Virginia is a region we have long identified as essential to our mission of expanding affordable housing opportunities in the DC metro area.” The team anticipates beginning entitlement and community outreach in 2026, with construction anticipated to start in 2028. Once complete, it will offer a lasting model for equitable, mixed-use community development, combining mission-driven ownership, long-term affordability, and deep community engagement. Under a proposed 99-year ground lease with Fairfax County, NHPF and Gibson Spyre will develop approximately 160 affordable homes, the majority designated as two- and three-bedroom units, in a sustainable building that will also include space dedicated to nonprofit service providers and extensive open spaces. The development aligns with the County’s One Fairfax policy, ensuring that equity and opportunity are built into every major County program, policy, and service. It also responds directly to community needs identified through outreach to local service providers already active in the neighborhood. “We are grateful for our partnership with Fairfax County and look forward to working with the community to create an inclusive place that expands opportunity,” said lead developer Pamela Lee. “This project represents a hopeful step for families across the County.” “We’re proud to bring our Virginia-based experience and deep community relationships to this transformational project,” added Tom Gibson, President of Gibson Spyre. “Our partnership with NHPF and Fairfax County will deliver not just affordable homes, but a thriving community hub where families can live, learn, and grow for generations.” The team anticipates beginning entitlement and community outreach in 2026, with construction anticipated to start in 2028. Once complete, it will offer a lasting model for equitable, mixed-use community development, combining mission-driven ownership, long-term affordability, and deep community engagement. “We are grateful for our partnership with Fairfax County and look forward to working with the community to create an inclusive place that expands opportunity,” said lead developer Pamela Lee. “This project represents a hopeful step for families across the County.” Property Case Study The Terraces at Park Heights Baltimore, MD The proposed community marks an important step in one of NHPF’s strategic target markets for growth and represents a significant opportunity to bring service-enriched affordable housing to this diverse and rapidly evolving area. “This development offers a powerful example of how local government, non-profits, and community- based partners can work together to advance equitable development and opportunity for all,” said Eric Price, President and CEO of NHPF, adding, “Northern Virginia is a region we have long identified as essential to our mission of expanding affordable housing opportunities in the DC metro area.” Under a proposed 99-year ground lease with Fairfax County, NHPF and Gibson Spyre will develop approximately 160 affordable homes, the majority designated as two- and three-bedroom units, in a sustainable building that will also include space dedicated to nonprofit service providers and extensive open spaces. The development aligns with the County’s One Fairfax policy, ensuring that equity and opportunity are built into every major County program, policy, and service. It also responds directly to community needs identified through outreach to local service providers already active in the neighborhood. “We’re proud to bring our Virginia-based experience and deep community relationships to this transformational project,” added Tom Gibson, President of Gibson Spyre. “Our partnership with NHPF and Fairfax County will deliver not just affordable homes, but a thriving community hub where families can live, learn, and grow for generations.”

Resident Voices Stanley Williams Found Purpose as St. Luke’s Crossing Guard

TYPE New Construction, Affordable Housing

THE NHPF QUARTERLY FEBRUARY 2026

At St. Luke’s Plaza, Resident Services Coordinator Angela Alexander has worked closely with 74-year-old

PARTNER

community to create an inclusive place that expands opportunity,” said lead developer Pamela Lee. “This project represents a hopeful step for families across the County.” thoughtfully crafted to meet the needs of seniors seeking comfort and convenience.

off the school bus, m crossed the street s a simple gesture so of his day. Seeing how this rou Angela encouraged role more formally. safety vest, a stop s encouragement, St became St. Luke’s The change was re withdrawn and isola cheerful, engaged, “Rain, sleet, or sno Stanley from crossi at the end of each s Angela. “The transf been tremendously Stanley’s new respo deepened his relati residents, parents, officers—especially now counts him as look for him each m waving and greetin didn’t realize that w life was right here in where I live,” Stanle grateful to play an i neighbors’ lives.” Today, Stanley is af St. Luke’s “unofficia title he wears with p testament to the po engagement—and live truly matters.

START TO COMPLETION 2023–2025

PROJECT OVERVIEW The Terraces at Park Heights marks the first phase of a sweeping transformation of the 17.3-acre Park Heights Master Redevelopment Area (MRA), designed to revitalize a historically under-invested community into a vibrant, mixed-income, multi-generational neighborhood. The master redevelopment plan includes NHPF and Henson’s 90-unit single-family home community, affordable multifamily building and new green spaces. This is expected to further support the neighborhood revitalization efforts which include the new Enoch Prat Free Library as well as an overhaul of Pimlico Racecourse. The development incorporates rooftop, carport, and gazebo-mounted solar panels, battery backup power, and meets the National Green Building Standards. Amenities include a fitness center, library, computer lab, coffee bar, and lounge areas, along with original artwork and photography celebrating the neighborhood’s horse racing legacy. Resident services are provided onsite by Operation Pathways, NHPF’s dedicated resident services subsidiary.

Property Case Study The Terraces at Park Heights Baltimore, MD

Resident Voices Stanley Williams Found Purpose as St. Luke’s Crossing Guard

TYPE New Construction, Affordable Housing

At St. Luke’s Plaza, Resident Services Coordinator Angela Alexander has worked closely with 74-year-old veteran Stanley Williams, helping him manage symptoms of PTSD and depression. Since moving to St. Luke’s three years ago, Stanley has become a beloved fixture in the community— someone whose quiet acts of service have blossomed into a source of pride, purpose, and connection. It began at the end of the last school year, when Angela noticed Stanley informally assisting children as they got off the school bus, making sure they crossed the street safely. What started as a simple gesture soon became a highlight of his day. Seeing how this routine lifted his spirits, Angela encouraged him to take on the role more formally. With a bright yellow safety vest, a stop sign, and plenty of encouragement, Stanley officially became St. Luke’s own crossing guard. The change was remarkable. Once withdrawn and isolated, Stanley is now cheerful, engaged, and active. “Rain, sleet, or snow—nothing stops Stanley from crossing children to safety at the end of each school day,” says Angela. “The transformation in him has been tremendously gratifying.”

PARTNER The Housing Authority of Baltimore City

ROLE Co-Developer, Co-Owner with Henson Development Company

DEVELOPMENT COST $52 million

USES 100 units of affordable housing offering one- and two-bedroom floor plans, thoughtfully crafted to meet the needs of seniors seeking comfort and convenience.

START TO COMPLETION 2023–2025

6 THE NHPF QUARTERLY FEBRUARY 2026

Stanley’s new responsibility has

off the school bus, making sure they crossed the street safely. What started as a simple gesture soon became a highlight of his day. Seeing how this routine lifted his spirits, Angela encouraged him to take on the role more formally. With a bright yellow safety vest, a stop sign, and plenty of encouragement, Stanley officially became St. Luke’s own crossing guard. The change was remarkable. Once withdrawn and isolated, Stanley is now cheerful, engaged, and active. “Rain, sleet, or snow—nothing stops Stanley from crossing children to safety at the end of each school day,” says Angela. “The transformation in him has been tremendously gratifying.” Stanley’s new responsibility has deepened his relationships with residents, parents, and local police officers—especially the police chief, who now counts him as a friend. The children look for him each morning and afternoon, waving and greeting him by name. “I didn’t realize that what was missing in my life was right here in the community where I live,” Stanley shares. “I’m so grateful to play an important role in my neighbors’ lives.” Today, Stanley is affectionately known as St. Luke’s “unofficial personal security,” a title he wears with pride. His story is a testament to the power of community engagement—and proof that where you live truly matters.

sive place that expands opportunity,” said lead developer Pamela Lee. peful step for families across the County.” seniors seeking comfort and convenience.

START TO COMPLETION 2023–2025

udy ark Heights

Resident Voices Stanley Williams Found Purpose as St. Luke’s Crossing Guard

dable Housing

f Baltimore City

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ousing offering oor plans, eet the needs of and convenience.

ights marks the g transformation of hts Master RA), designed to nder-invested , mixed-income, borhood. ent plan includes unit single-family able multifamily spaces. This is ort the on efforts which Prat Free Library as mlico Racecourse.

THE NHPF QUARTERLY FEBRUARY 2026

Stanley’s new responsibility has

live truly matters.

A Message from Operation Pathways

Dear Friends of Operation Pathways, At the start of 2026, I want to pause and say something simple—but deeply heartfelt: thank you .

Because of your generosity this year, families and individuals we serve didn’t just receive programs or services—they gained stability, opportunity, and a sense that someone truly believes in their future. Your support helped turn housing into a foundation for growth, and pathways into real possibilities. Every story of progress we shared this year has one thing in common: you . You showed up—through gifts, sponsorships, and encouragement—and that steady support allowed us to respond to community needs with care and consistency. As we look ahead to 2026, we’re focused on one powerful way to deepen our impact: monthly giving . Monthly donors are the backbone of our work. A recurring gift—no matter the size—allows us to plan ahead, respond quickly, and invest in long-term solutions rather than short-term fixes. For example, a monthly gift of $25 supports job readiness coaching and employment assistance—removing barriers to success. If you’re able, I invite you to consider becoming a monthly supporter. It is one of the most effective ways to ensure our work continues without interruption—and it means you’re walking alongside the communities we serve, month after month.

Thank you again for believing in this mission and for being part of our community. We are so grateful to you, and we are excited for what we can accomplish together in the year ahead.

With gratitude, Rebecca Ely, Director of Resource Development

BECOME A NEIGHBOR FOR CHANGE

8 THE NHPF QUARTERLY FEBRUARY 2026

BECOME A NEIGHBOR FOR CHANGE

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. READ THIS Housing is an investment. Investment prices must go up. Housing is shelter. When the price of shelter goes up, people experience distress.This is the housing trap. It's time to escape. In Escaping the Housing Trap: The Strong Towns Response to the Housing Crisis , renowned urbanists Charles (Chuck) Marohn and Daniel Herriges introduce a first-of-its-kind discussion of the tension between housing as a financial product and housing as shelter. 1. READ THIS Housing is an investment. Investment prices must go up. Housing is shelter. When the price of shelter goes up, people experience distress.This is the housing trap. It's time to escape. In Escaping the Housing Trap: The Strong Towns Response to the Housing Crisis , renowned urbanists Charles (Chuck) Marohn and Daniel Herriges introduce a first-of-its-kind discussion of the tension between housing as a financial product and housing as shelter. 2. VISIT THIS In the heart of downtown, the historic Chicago Cultural Center serves as a starting point for the Biennial. This is where you’ll find the Inhabit, Outhabit exhibit, featuring more than 30 collective housing projects from refugee camps to experimental urban developments. Together, they investigate different forms of sustainable housing and how people can share space with each other. You may find joy in a windowsill or intrigue in other mundane objects at the second exhibit housed in the Chicago Cultural Center. The Ordinary Extra installation aims to demonstrate how layering, texture, and a little imagination can reveal beauty in our everyday architecture. 3. LISTEN TO THIS The Lease-Up is a podcast series that explores issues within the multifamily housing industry, including trends, legislation impacting the market and insights from leading industry figures. 4. ATTEND THIS Justice Film Festival (NYC), 14th annual event, February 24–28, featuring juried awards and diverse social justice themes in New York City. Justice Film Festival is the premier showcase for films that shine a light on social justice and affirm the dignity of all people. Since 2012, JFF has been dedicated 4. ATTEND THIS Justice Film Festival (NYC), 14th annual event, February 24–28, featuring juried awards and diverse social justice themes in New York City. Justice Film Festival is the premier showcase for films that shine a light on social justice and affirm the dignity of all people. Since 2012, JFF has been dedicated to creating a platform for redemptive stories of marginalized people and ecosystems bravely overcoming challenges and bringing hope, compassion and light to a world in need of inspiration. 5. SUBSCRIBE TO THIS The Affordable Housing Handbook is a field guide for those who want to do well, do good and do more to make rental housing more affordable in the United States written by Bob Simpson, founder and CEO of the Multifamily Impact who enjoyed a 20-year career at Fannie Mae, where he served as vice president and head of its affordable rental housing business. 5. SUBSCRIBE TO THIS The Affordable Housing Handbook is a field guide for those who want to do well, do good and do more to make rental housing more affordable in the United States written by Bob Simpson, founder and CEO of the Multifamily Impact who enjoyed a 20-year career at Fannie Mae, where he served as vice president and head of its affordable rental housing business. View as Webpage 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 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 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. 2. VISIT THIS In the heart of downtown, the historic Chicago Cultural Center serves as a starting point for the Biennial. This is where you’ll find the Inhabit, Outhabit exhibit, featuring more than 30 collective housing projects from refugee camps to experimental urban developments. Together, they investigate different forms of sustainable housing and how people can share space with each other. You may find joy in a windowsill or intrigue in other mundane objects at the second exhibit housed in the Chicago Cultural Center. The Ordinary Extra installation aims to demonstrate how layering, texture, and a little imagination can reveal beauty in our everyday architecture. 3. LISTEN TO THIS The Lease-Up is a podcast series that explores issues within the multifamily housing industry, including trends, legislation impacting the market and insights from leading industry figures. to creating a platform for redemptive stories of marginalized people and ecosystems bravely overcoming challenges and bringing hope, compassion and light to a world in need of inspiration. View as Webpage

THE NHPF QUARTERLY FEBRUARY 2026

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

THE NHPF QUARTERLY NOVEMBER 2025

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

THE NHPF QUARTERLY NOVEMBER 2025

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

THE NHPF QUARTERLY NOVEMBER 2025

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“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.

THE NHPF QUARTERLY NOVEMBER 2025

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