• 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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