The NHPF Quarterly September 2023
No (Summer) Rest for the Weary! This past quarter has been filled with exciting acquisition and development news from NHPF from the re-opening of Alexander House in Hagerstown, MD to NHPF’s first transaction in Austin, TX and first deal inked in Colorado. These developments will provide important housing opportunities for residents. Join hundreds of your peers and colleagues at The NHPF 2023 Symposium: The Future of Affordable Housing: Interconnecting Construction, Demographics, Government, and Innovation, Thursday, October 19 at Union Station in Washington, DC. Always a can’t-miss event, sign up to sponsor, contribute, and attend!
NHPF Announces Re-Opening of Alexander House 95 Service-Enriched Apartments in Hagerstown, MD
NHPF rededicated the Alexander House, a low-income senior apartment community, in Hagerstown, MD. The ribbon- cutting featured Hagerstown Mayor Takesha Martinez in celebration of the $30M historic rehabilitation.
NHPF renovated the entire building including replacing all the windows and damaged doors, cabinets, appliances, and bathtubs. NHPF historically renovated Alexander House’s exterior by cleaning all the masonry and repairing any damage. NHPF improved the building’s access by converting six units into UFAS compliant apartments, two units into hearing and visually impaired apartments, and reconfigured the laundry room, common areas, and entrances so they are ADA compliant. The organization also upgraded the retail space and welcomed two new tenants: Menysa Events (specializes in luxe balloon design and event design décor) and Create a Candle (provides patrons a unique and relaxing experience creating custom candles). NHPF also signed a long-term lease with Authentic Community Theater, Inc. (ACT) for the former television space in the back of the Alexander House building. ACT provides performing arts education to students in grades 1–12 as well as a variety of entertainment options for the community. According to Robbie Soto, Director, ACT, “This partnership ensures that our a community-based non-profit has room to grow in downtown Hagerstown, promoting the revitalization of the Arts & Entertainment district in conjunction with their performance venue, the ACT Black Box Studio.” NHPF dramatically improved Alexander House’s energy performance with new energy-efficient, split-system heating and cooling, ducted bathroom exhaust, and fresh air supplies. NHPF replaced all lights with energy efficient lighting, appliances with Energy Star appliances, and plumbing fixtures with water sense faucets. The renovation was awarded the Enterprise Green Communities Certification for its sustainable upgrades.
THE NHPF QUARTERLY SEPTEMBER 2023
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The rehabilitation was made possible by $12.8M of equity and $9.5M of construction debt from Enterprise Community Capital, $7.5M FHA insured loan from AGM Financial, $6M loan from the State of MD Community Development
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