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: November 2026
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The NHPF Quarterly: July 2026
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The NHPF Quarterly: February 2026
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The NHPF Quarterly: November 2025
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The NHPF Quarterly: July 2025
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The NHPF Quarterly: April 2025
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The NHPF Quarterly: December 2024
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The NHPF Quarterly: September 2024
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The NHPF Quarterly: May 2024
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The NHPF Quarterly: January 2024
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The NHPF Quarterly: September 2023
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The NHPF Quarterly: June 2023
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The NHPF Quarterly: March 2023
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The NHPF Quarterly: December 2022
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The NHPF Quarterly: September 2022
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The NHPF Quarterly: July 2022
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The NHPF Quarterly: March 2022
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The NHPF Quarterly: January 2022
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The NHPF Quarterly: October 2021
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The NHPF Quarterly: July 2021
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The NHPF Quarterly: March 2021
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The NHPF Quarterly: January 2021
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The NHPF Quarterly: October 2020
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The NHPF Quarterly: July 2020
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The NHPF Quarterly: April 2020
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The NHPF Quarterly November 2026
This fall, NHPF and Operation Pathways celebrated the people and partnerships that help residents thrive—from our 10th Annual Gala to new homes, opportunities for young people, and a community mural made together.
Celebrating Stronger Together The NHP Foundation (NHPF) and Operation Pathways (OP) Stronger Together Gala raised $610,000 as more than 300 attendees gathered for an evening of good company, conversation, and support for place-based resident services. Thank you to our sponsors, donors, and guests for helping residents build more stable and connected lives. The evening brought the impact of that support into focus. Over the past year, 96% of residents in NHPF-owned properties served by Operation Pathways remained stably housed. Turnover was just 15.7%—roughly one-third of the national average. Behind those numbers are families with the stability to plan for their futures and coordinators who build trust and connect residents with resources. Guests also heard from Hollybush Gardens resident and summer intern Jeriana Gaines, whose second-place Stephen M. Green Youth Real Estate Award recognized her thoughtful approach to community needs. The program featured The Power of People , a short film celebrating the people who help residents feel supported, valued, and part of a community. The film served as a tribute to residents and OPResident Services Coordinators such as Fran Byas who summed up her work and that of her colleagues this way: “If a resident needs something, they are going to get it by the time I go home.” THE NHPF QUARTERLY NOVEMBER 2026
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residents with resources. Guests also heard from Hollybush Gardens resident and summer intern Jeriana Gaines, whose second-place Stephen M. Green Youth Real Estate Award recognized her thoughtful approach to community needs. The program featured The Power of People , a short film celebrating the people who help residents feel supported, valued, and part of a community. The film served as a tribute to residents and OPResident Services Coordinators such as Fran Byas who summed up her work and that of her colleagues this way: “If a resident needs something, they are going to get it by the time I go home.”
A Mural Made Together This fall NHPF and Operation Pathways staff gathered at EMPACT Art in Baltimore during OP’s annual meeting to help create a community mural. Working in two groups with guidance from the EMPACTteam, staff contributed artwork to a project that brings together creativity and collaboration across our communities. More than 850 children, teens, parents, seniors, and staff members have contributed to the mural. Thumbprints collected at NHPF properties and events— including last year’s Gala—are being combined with mixed-media artwork by residents and staff. This year’s Gala photo walkway offered guests a look at the mural taking shape. The mural is nearing completion, and we look forward to installing it at NHPF’s Washington, DC. headquarters in November—a shared work of art reflecting the many people who make our communities stronger.
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many people who make our communities stronger.
Introducing NHPF’s 2026–2028 Strategic Plan A Roadmap for Lasting Impact
How can NHPF meet growing housing needs while strengthening our ability to serve residents for decades to come? Our 2026–2028 Strategic Plan provides a roadmap. Developed with support from HR&A Advisors and input from staff and industry peers, the plan connects thoughtful growth, financial sustainability, and resident well-being. It sharpens our focus on established regions, expands financing approaches and advances Operation Pathways’priorities in food security, financial wellness, and resident leadership. By the end of 2028, NHPF aims to grow to 70 properties and approximately 11,000 homes while expanding access to food pantries and Family Self-Sufficiency programs. These goals reflect a commitment that extends beyond creating homes: sustaining the properties, partnerships, and services that help residents thrive.
Read the full Strategic Plan to explore our priorities and goals.
Latest News
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Latest News
NEW YORK, NY NHPF has named Megan Carras to the newly created role of Vice President of Fundraising and Communications in its New York office, bringing more than a decade of experience in community development finance, fundraising, communications, and research to strengthen partnerships and advance sustainable, service-enriched affordable housing for low- and moderate-income families and seniors.
Development News
The Bella, Frisco, Colorado
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The Bella, Frisco, Colorado
The Scout, Frisco, Colorado
FRISCO, COLORADO: TWO MILESTONES & 106 HOMES IN FRISCO Just blocks apart, The Bella and The Scout show how different partnerships and financing approaches can expand housing options in a high-cost mountain community. NHPF and its partners broke ground on The Bella on September 22. The 52-home development will serve households across a range of incomes and is expected to be completed in November 2027. Three days later, partners celebrated the opening of The Scout, a 54-home, all-electric community for Frisco’s workforce. “When we partner with cities for the long term, we are able to provide quality housing to a variety of residents,” said Eric Price, NHPF President and CEO. “The Bella and The Scout together expand affordable and workforce housing so families can live where they work.” The Town of Frisco played a central role in both projects, helping secure land, funding and approvals. The Scout also introduces an innovative bond financing approach that could help other high-cost communities create workforce housing.
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The Town of Frisco played a central role in both projects, helping secure land, funding and approvals. The Scout also introduces an innovative bond financing approach that could help other high-cost communities create workforce housing.
TRINITY EAST VILLAGE SENIOR BREAKS GROUND IN HOUSTON NHPF, Trinity East Village CDC, Housing Alliance HTX and their partners broke ground on Trinity East Village Senior, a 90-home affordable community for adults 55 and older in Houston’s Third Ward. The development will help longtime residents age in place as the neighborhood grows. Sixty homes will serve as replacement housing for residents of Cuney Homes. Operation Pathways will provide onsite services to support residents’ health, independence and financial stability. The project was recently featured in this CNN article about faith-based housing. The project grew from Trinity East United Methodist Church’s vision to turn its land into a lasting community asset. Construction is expected to be completed in 2027.
SEABROOK SQUARE I OPENS IN EAST AUSTIN NHPF, Capital A Housing and the Austin Housing Finance Corporation celebrated the opening of Seabrook Square I, bringing 204 affordable homes to East Austin. Apartments range from studios to four bedrooms and serve households earning 30% to 60% of the area median family income. Named for educator, pastor and community leader Dr. John Jarvis “J.J.” Seabrook, the development pairs housing with an art plaza, gathering spaces and room for local THE NHPF QUARTERLY NOVEMBER 2026
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this CNN article about faith-based housing. The project grew from Trinity East United Methodist Church’s vision to turn its land into a lasting community asset. Construction is expected to be completed in 2027.
SEABROOK SQUARE I OPENS IN EAST AUSTIN NHPF, Capital A Housing and the Austin Housing Finance Corporation celebrated the opening of Seabrook Square I, bringing 204 affordable homes to East Austin. Apartments range from studios to four bedrooms and serve households earning 30% to 60% of the area median family income. Named for educator, pastor and community leader Dr. John Jarvis “J.J.” Seabrook, the development pairs housing with an art plaza, gathering spaces and room for local organizations and businesses. Ten live-work homes are reserved for East Austin artists. A future phase will add permanent supportive housing.
A Resident’s Story
JERIANA FINDS NEW SKILLS & A CHANCE TO LEAD When Jeriana Gaines began her summer internship with Operation Pathways, she wasn’t sure what to expect. By the end, the Hollybush Gardens resident from Glassboro, New Jersey, had gained skills in money management and property THE NHPF QUARTERLY NOVEMBER 2026
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artists. A future phase will add permanent supportive housing.
A Resident’s Story
JERIANA FINDS NEW SKILLS & A CHANCE TO LEAD When Jeriana Gaines began her summer internship with Operation Pathways, she wasn’t sure what to expect. By the end, the Hollybush Gardens resident from Glassboro, New Jersey, had gained skills in money management and property care, a better understanding of how to support herself and others, and second- place honors in the Stephen M. Green Youth Real Estate Awards. Her NHPF mentor, Camden Carpenter, praised her thorough planning and focus on resident services, noting the empathy and commitment she brought to addressing real community needs. “That project helped me learn that something people have overlooked can become valuable with a little vision and effort,” Jeriana told guests at the Stronger Together Gala. Jeriana credited Hollybush Gardens Resident Services Coordinator Nadine Worlds for believing in her and guiding her, and thanked her family and friends for their support. She also thanked the people behind the internship for giving young people a chance to learn and lead. “This summer taught me that when someone gives you a chance, it’s worth making the most of it,” she said.
A Note from Operation Pathways This August, 17 teens celebrated the successful completion of the Pathway to Work Affordable Housing Internship, an annual program offered by The NHP Foundation and Operation Pathways. Through this eight-week paid internship, participants gained hands-on experience in real estate and affordable housing,
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A Note from Operation Pathways This August, 17 teens celebrated the successful completion of the Pathway to Work Affordable Housing Internship, an annual program offered by The NHP Foundation and Operation Pathways. Through this eight-week paid internship, participants gained hands-on experience in real estate and affordable housing, career development training, mentorship, and financial literacy education. The results speak for themselves: 100% of graduates reported feeling better prepared to achieve their future educational, career, and personal goals because of their experience. Congratulations to these 17 young adults on this important milestone! Research reinforces the importance of providing young people with meaningful work experiences early in life. Areport from the Brookings Institution and Child Trends, Pathways to High-Quality Jobs for Young Adults, found that work-based learning opportunities during high school—including internships and apprenticeships—combined with positive relationships with adults can help young people from low-income backgrounds access higher-quality jobs and earn higher wages as adults. Pathway to Work brings these benefits to life by connecting young people with real- world career experiences, supportive mentors, and the skills and confidence they need to take their next steps. Since 2013, 231 interns have completed summer internships. Today the program operation in communities across Washington, DC, Massachusetts, Maryland, Missouri, New Jersey, New York, and Texas. Our goal is to expand the program by 66% by 2028, growing from 17 interns to 32 young adults each summer. These opportunities are made possible through the generosity of donors, the dedication of NHPF staff who volunteer as mentors, and the commitment of our property management partners. Your support can help open doors for the next generation. Consider making a gift to help more young adults gain the experience, mentorship, and skills they need to build successful futures.
DONATE
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DONATE
Our Top Five Picks for the Quarter Five ways to explore housing, community and economic opportunity:
1 • READ: 8 Minutes, 20 Seconds: Housing After Banking, Encrypting the Sun examines the financial and physical systems behind housing—and how we might build and pay for it differently. 2 • ENJOY: In Born on 3rd Base, comedian Gary Gulman reflects on growing up poor and the lasting effects of childhood economic hardship. 3 • LISTEN: Mission Success: The Details That Make Affordable Housing Last explores the materials, finishes and shared spaces that help housing serve residents over time. 4 • WATCH: Netflix’s The Apartment Job , turns an apartment complex’s reserve fund into the center of a story about money, power and corruption. 5 • SUBSCRIBE: Matt Yglesias’s Slow Boring podcast covers housing policy, zoning and urban economics.
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THE NHPF QUARTERLY NOVEMBER 2026
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The NHPF Quarterly July 2026
Countdown to the Gala!
The NHP Foundation (NHPF) & Operation Pathways (OP) are pleased to announce that our 10th annual event will take place Thursday, October 22 at Union Station in Washington, DC. Looking forward to a tremendous turnout and sponsor interest in this annual celebration that raises much-needed funding to support the vital onsite resident services work of Operation Pathways. Help us reach our 2026 goals!
Release of NHPF/OP 2026 Impact Report
It’s important to share the great work our organizations do. Here is the 2026 NHPF/Operation Pathways’ Impact Report revealing how onsite resident services foster housing stability, financial mobility, food security, and stronger
communities. A key takeaway from the extensive report finds that stable housing works—and resident services make it stick . 96% of residents at NHPF properties remained stably housed, with only 15.7% turnover, roughly one-third of the national average. This reinforces that affordable housing paired with services significantly improves retention and stability. Housing stability is not just about rent—it is about wraparound support.
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paired with services significantly improves retention and stability. Housing stability is not just about rent—it is about wraparound support.
Latest News The NHP Foundation Celebrates a Fruitful Second Quarter
This quarter, the team achieved several major milestones, including: • Laurens & Carey Houses closing in Baltimore, MD 59 units featuring a mix of studios, one-, and two-bedroom apartments. • Hadley Germantown closing in Germantown, MD 218 units of affordable and workforce housing in a dynamic, high-opportunity corridor • 101 W. Main in Frisco, CO planned construction start on 45 units of new construction • Seabrook Square Ribbon-cutting in Austin, TX will open 204 units of affordable housing ranging from studios to 4-bedrooms • Trinity East Village Senior Groundbreaking in Houston, TX will mark the start of new construction on 90 units of senior housing We also produced a well-attended resident celebration event at Ridgecrest Village II in DC featuring opportunities for residents to take part in our hands-on community art project facilitated by EMPACT Art. NHPF staff members in the news: • NHPF’s CIO Joe Weatherly was interviewed for the Affordable Housing & Real Estate Investing podcast and featured in Multi-Housing News • OP’s Director of Resource Development, Rebecca Ely discussed philanthropy on the Mission Success podcast • Construction VP Andrey Zudin , penned a piece on reducing project risk in Multi-Housing News • Senior VP Mansur Abdul-Malik advocated for developer involvement in moving key housing legislation in this LinkedIn Newsletter feature
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• Senior VP Mansur Abdul-Malik advocated for developer involvement in moving key housing legislation in this LinkedIn Newsletter feature
Transaction News Purchase marks NHPF's first deal in Montgomery County using innovative 501(c)(3) bond financing Mission-based affordable housing developer NHPF today announced its closing on the acquisition of Hadley Germantown (previously known as Elme Germantown), a 218-unit apartment community located in Germantown, Maryland. The transaction underscores NHPF's continued commitment to preserving and enhancing affordable housing in high-opportunity markets through innovative financing strategies. Originally built in 1990 and last renovated in 2011, Hadley Germantown provides naturally occurring affordable housing (NOAH). NHPF is placing covenants on the property that will restrict future rents to 60% of the Area Median Income for 50% of the units and 80% AMI for an additional 25% of the units. “Hadley Germantown represents a strong opportunity to preserve affordability in a high-demand corridor while executing a thoughtful renovation strategy that improves quality of life for residents,” said Nish Desai, Acquisition Manager, NHPF. "This acquisition is also an excellent example of how creative financing can be used by non-profits for the preservation of affordable and workforce housing— ensuring affordability can be satisfied on Day 1, without any resident displacement.”
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A Note from Operation Pathways
BRING ON THE SUNSHINE!
LEARN MORE
A Note from Operation Pathways
BRING ON THE SUNSHINE! As the weather turns warm and the days get longer, our team is busy preparing for our Out-of-School Time and Summer Internship programs. Recruitment and planning are well underway, and kids are counting down to the start of summer. We want young people to spend their summers exploring new interests, building friendships, and making lasting memories. But for many families, the end of the school year can also bring fewer opportunities, greater isolation, and uncertainty about how children and teens will spend their time. That's why our Out-of-School Time and Summer Internship programs matter. Every summer, young people discover hidden talents, build confidence through new experiences, and form meaningful connections with mentors and peers. Children take part in enriching activities instead of being left on the sidelines, while young adults enter professional settings for the first time—earning a paycheck, developing workplace skills, and envisioning new possibilities for their futures.
These moments may seem small, but they can change a life. A supportive mentor, a first job, a new skill, or simply a safe place to learn and belong can shape a young person’s future.
Your generosity makes these opportunities possible. By supporting our summer programs, you help create experiences that build confidence, open doors, and remind young people that their potential is limitless.
This summer, help us ensure that every young person has the chance to learn, grow, and thrive.
DONATE NOW
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DONATE NOW
Resident Voices Finding Home at Curtis Cofield II Estates
For Renee Storo and her children, Curtis Cofield II Estates is more than an apartment community, it is the fresh start they had been hoping for. Renee has shared heartfelt thoughts about what life at the community has meant to her family.
“I am grateful to be living at Curtis Cofield II Estates and want to continue to live there,” she said. “My kids and I love it here.”
What stands out most to Renee is the sense of stability and positive change she has experienced. She noted that improvements in property management have made a meaningful difference in daily life, creating an environment where residents feel heard and supported. She described the current leadership as committed to maintaining a beautiful, safe place for families to call home. For her children, Curtis Cofield II Estates has brought something equally important: community. They have made friends with other children in the neighborhood and enjoy having a welcoming place to play and grow. The playground, open spaces, and family-friendly atmosphere have helped turn the development into more than just housing, it has become a place where connections are built and memories are made. After navigating uncertainty in the past, Renee says her family is finally happy. At Curtis Cofield II Estates, they have found comfort, friendship, and the feeling of belonging that turns a residence into a forever home.
Where Renee Storo and her family live matters.
OUR TOP 5 PICKS FOR THE QUARTER
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a forever home. OUR TOP 5 PICKS FOR THE QUARTER
Where Renee Storo and her family live matters.
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. 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 Brick by Brick an incredibly comprehensive two-season exploration into the myriad solutions being looked at to solve America’s housing crisis. Using Ohio as its blueprint, the show examines everything from (A) accessibility to (Z) zoning and so much more. 2. VISIT THIS A permanent exhibit at the National Building Museum in DC called “House & Home” invites visitors to explore how American domestic life has evolved over the centuries and to reconsider what the idea of “home” really means.Cathy Frankel, Deputy Director for Interpretive Content at the National Building Museum explained how the exhibit captures both the physical and emotional dimensions of home. “Everybody understands home and understands house,” Frankel said. “This is what’s most familiar. This is what children understand from the moment they’re born. They’re in their little room, they’re in their home, they’re in their neighborhood.” 3. LISTEN TO THIS BuzzHouse is a podcast series specifically for professionals in the multifamily housing industry. Each episode features current issues, hot topics, and guests from the industry to help you win now and anticipate tomorrow. 3. LISTEN TO THIS BuzzHouse is a podcast series specifically for professionals in the multifamily housing industry. Each episode features current issues, hot topics, and guests from the industry to help you win now and anticipate tomorrow. 4. WATCH THIS A MATTER OF PLACE from Fred Freiberg on Vimeo. Connecting past struggles for fair housing to contemporary incidents of housing bias based on race, sexual orientation, disability, and source of income, the film presents three stories of people who faced housing discrimination in present-day New York City. They poignantly describe the injuries inflicted on them during these incidents, as well as their resolve to fight for justice. 4. WATCH THIS A MATTER OF PLACE from Fred Freiberg on Vimeo. Connecting past struggles for fair housing to contemporary incidents of housing bias based on race, sexual orientation, disability, and source of income, the film presents three stories of people who faced housing discrimination in present-day New York City. They poignantly describe the injuries inflicted on them during these incidents, as well as their resolve to fight for justice. 5. SUBSCRIBE TO THIS The Two Cents substack by Stanford economist Hanno Lustig and UCLA economist Romain Wacziarg who muse on all things economy include their latest, discussing the affordable housing paradox . 5. SUBSCRIBE TO THIS The Two Cents substack by Stanford economist Hanno Lustig and UCLA economist Romain Wacziarg who muse on all things economy include their latest, discussing the affordable housing paradox . 1. WATCH THIS Brick by Brick an incredibly comprehensive two-season exploration into the myriad solutions being looked at to solve America’s housing crisis. Using Ohio as its blueprint, the show examines everything from (A) accessibility to (Z) zoning and so much more. 2. VISIT THIS A permanent exhibit at the National Building Museum in DC called “House & Home” invites visitors to explore how American domestic life has evolved over the centuries and to reconsider what the idea of “home” really means.Cathy Frankel, Deputy Director for Interpretive Content at the National Building Museum explained how the exhibit captures both the physical and emotional dimensions of home. “Everybody understands home and understands house,” Frankel said. “This is what’s most familiar. This is what children understand from the moment they’re born. They’re in their little room, they’re in their home, they’re in their neighborhood.”
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ABOUT THE NHP FOUNDATION ABOUT THE NHP FOUNDATION
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.
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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
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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
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.
22 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
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.
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Resident Voices Stanley Williams Found Purpose as St. Luke’s Crossing Guard
dable 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.”
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THE NHPF QUARTERLY FEBRUARY 2026
23
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
24 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
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