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 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 Administration, $500K from the Federal Home Loan Bank of Atlanta, and $500K of construction debt from the Enterprise Community Loan Fund, Inc. “Preserving the affordable homes at Alexander House required a shared vision and hard work by many public and private entities brought together by NHPF,” said Ethan Handelman, Deputy Assistant Secretary for the Office of Multifamily Housing, HUD. “The residents in their new service-enriched homes in this historic building are part of the true spirit of community development.“ Operation Pathways, NHPF’s resident services subsidiary, will provide onsite programming for the residents of Alexander House. “Restoring this beautiful historic community asset, providing vital onsite resident services, and providing affordable retail opportunities to small, local companies represents a great accomplishment for NHPF and our partners,” said Scott Barkan, NHPF Sr. Vice President and Alexander House lead developer. Alexander House was built in 1928 as a hotel in the Renaissance Revival style. It was renovated in 1978 to accommodate 95 units for low-income disabled residents and senior residents aged 62 and over. The 10-story building also includes over 20,000 square feet of commercial and community space.
NHPF 7th Annual Symposium: Secure your Seat Today Excitement is building for this year’s Symposium, The Future of Affordable Housing: Interconnecting Construction, Demographics, Government, and Innovation, We hope you can join us there! We are pleased to announce the addition of Cindy Frewen, nationally recognized futurist and architect, who will discuss factors shaping the affordable housing of the future and actions we should all be taking. Cindy Frewen joins a program that also includes special guest speaker Ethan Handelman, Deputy Assistant Secretary for the Office of Multifamily Housing Programs at HUD, and keynote address from Wemimo Abbey, Co-Founder & Co-CEO of Esusu, the leading financial technology company helping individuals save money and build credit as well as forward-thinking presentations by the following important voices in the future of affordable housing:
NHPF Transaction News Seabrook Square, Austin, TX 204 New Rental Apartments for Households Earning At or Below 60% AMI NHPF announced that it has closed on the construction financing of Seabrook Square in Austin, TX. This new construction marks NHPF’s first foray into Austin and is a partnership with Austin Housing Finance Corporation (AHFC) and Capital A Housing. Seabrook Square is financed by a $40M tax-exempt Bond issued by the City of Austin, $3.4M Citibank construction bridge debt, $32.3 million in 4% LIHTC Equity syndicated by Boston Financial, and $13.5M in Austin Housing Finance Corporation subordinate debt financing. On-site parking will be available along with approximately 3,000 square feet of commercial space that will be the home of Raasin in the Sun (artist incubator) and Origin Studio House (a black-owned café). The development will include a large public plaza, wrapped by 10 live/work units, locally curated murals,
6 THE NHPF QUARTERLY SEPTEMBER 2023
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