NHPF Affordable Housing Blueprint

Where You Live Matters

Affordable Housing Blueprint: Maximizing Rehabilitation; Minimizing Resident Disruption Select Snapshots of Our Development Experience

Preserving America’s Affordable Housing

NHPF has earned a reputation for implementing creative methods to undertake and complete complex affordable housing projects.

THE NHP FOUNDATION’S (NHPF) mission is to preserve and produce service- enriched housing that people can afford. Since our founding

onsite disruption. Residents are delighted with the smooth process our Development, Resident Services and Asset Management teams have implemented. And the real proof is in how many new rehab projects NHPF is involved in. NHPF currently has six separate properties undergoing renovation in an incredibly challenging environment. A few highlights from the past year stand out: the development of our first single-family rental property in Baltimore, Maryland (Hollander Ridge) is a demonstration of NHPF’s rapidly diversifying portfolio and ability to provide many different kinds of housing. In Chicago, the completion of the rehabilitation of Mark Twain Hotel is a great example of the creativity and perseverance of our development and asset management teams. This brochure highlights more examples of NHPF’s success in managing complex affordable housing rehab projects.

in 1989,we have continued to search for and implement creative solutions that act as a blueprint, providing generations to come with housing that is “more than a roof.” When I started with NHPF we had 15 properties in 10 states. Today, we have 57 properties in 15 states and the District of Columbia, housing over 25,000 residents. Residents in our communities are families and seniors—and we are dedicated to providing quality housing people can proudly live and thrive in— and feel part of a larger community. Through collective partnering with individuals and companies who share our goals, we have built a network of communities investing in opportunities and outcomes of residents’ lives, opening the door to brighter futures. We are particularly proud of the reputation we have earned for preserving and renovating our acquired properties achieving maximum success with minimal

Richard F. Burns President & Chief Executive, NHPF

Maximizing Rehabilitation; Minimizing Resident Disruption • 1

HARVEST HOMES / ILLINOIS

Mission The NHP Foundation is a not-for-profit real estate organization 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. Vision A future where communities flourish because attractive, sustainable housing options and life-enhancing services are ensured for income-challenged Americans. Values NHPF seeks to promote greater diversity, inclusion, racial equity, and social justice in addition to its long- established mission of providing sustainable, service- enriched affordable housing. NHPF is committed to increasing access to opportunities for historically underrepresented individuals and businesses in the development and operation of affordable housing communities.

2 • The NHP Foundation: Affordable Housing Blueprint

Since 1989, NHPF has served low and moderate income Americans from coast to coast.

Our History of Success

NHPF doesn’t just put roofs over people’s heads—we build communities.

NHPF HAS REALIZED extraordinary achievements in the preservation and creation of value-added affordable housing, preserving more than 100 multi-family properties containing 18,000 affordable housing units. We currently serve more than 25,000 residents in nearly 10,000 units, much made possible via $656 million in development funding using LIHTC (Low Income Housing Tax Credits.) Advances since that time include expanding our portfolio via the preservation and rehabilitation of a vast array of different affordable housing options including SRO (Single Room Occupancy) dwellings, single-family rental homes, RAD for PRAC senior properties, HUD’s program to convert existing PRAC (Project Rental Assistance Contracts) to properties subsidized with PBVs (project-based vouchers) or PBRA (project-based rental assistance), PSH (Permanent Supportive Housing), and large scale preservation deals. This brochure is designed to highlight our successful strategy for acquiring and rehabbing thousands of units of housing with minimal disruption to residents’ lives, in a timely and budget-conscious way. This type of preservation and renovation has won the organization praise from residents, industry awards, and a reputation as a thoughtful and thorough affordable housing partner. We also consistently increase and improve our on-site resident services via our subsidiary, Operation Pathways, its own 501(c) (3) not-for- profit corporation. Through Family-Centered Coaching, Operation Pathways engages with, and assists, families experiencing poverty and other hardship, to problem-solve together. Additional advances include implementation of an ambitious “greening” of our properties. Currently over 75% experience vast water and energy savings with the remainder in the works. We have also converted nearly 1000 units to new, highly- insulated roo ng systems and gone smoke-free in several of our buildings.

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For over three decades, NHPF has proved a trusted steward of housing that families and seniors can afford and funding that financial partners provide.

Our Experience

OVER TIME, NHPF has earned a reputation for acquiring and successfully refurbishing affordable housing—in a minimally invasive way, leveraging all of the organization’s experience, skills, and strengths.

Forward Thinking, creating a $50 million equity fund for the acquisition of properties to be redeveloped and preserved as tax credit properties; Collaboration, proudly standing as one of 12 founding not-for-profits forming the Housing Partnership Equity Trust, an $80 million Private Real Estate Investment Trust for the acquisition and preservation of affordable housing; Expanding the Portfolio through “firsts” including NHPF’s first single-family home acquisition, Hollander Ridge, in a high-opportunity neighborhood with many amenities matching those found in for-sale properties; Establishing Equity through the built environment, NHPF’s RSI Task Force is working to build partner and vendor teams through conscious, diverse choices, create housing that is a catalyst for fighting social and racial injustice and improving internal and external policies; Measurable Results, producing and tracking outcome- based programs and services and continuously seeking the best results for our residents; Robust Portfolio, 57 properties located in Connecticut, District of Columbia, Florida, Illinois, Louisiana, Maryland, Massachusetts, Missouri, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, and Virginia; Construction Value, totaling over $1B dollars in value, since 2009, NHPF has completed three new affordable housing properties and 22 LIHTC rehabilitations;

Expert, In-house Team of professionals capable of comprehensively evaluating the factors that go into successful investment decisions; Meaningful JV Credentials, through a joint venture, established a $10M revolving line of credit to provide equity for investments in workforce housing; Af liate Program, NHPF provides its resources, manpower, expertise and/or financial statement to not-for-profit affordable housing developer/owners, housing authorities, tenant associations, and other municipal and community organizations to renovate existing assets or develop new properties; Longevity and Performance, over three decades of sustainable, environmentally responsible affordable housing investment and development; solid portfolio performance and development track record; Entrepreneurial, business-oriented leadership, experienced and knowledgeable personnel, and a Trustee Board with diverse backgrounds; Exceeding Expectations, acquisition and re nancing portfolio property performance that continues to exceed original projections by more than $1.1M; Proven Leadership Track Record, Richard Burns, President & CEO, Portfolio Manager with duciary investing experience in value-add multifamily for institutional investors in a past position

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BAYVIEW TOWERS / CONNECTICUT

Our Strengths

Our Beliefs

NHPF’s strengths are: • A Thorough Knowledge of real estate fundamentals • Effective Resident Services, our subsidiary Operation Pathways, Inc. was the first Certified Organization for Resident Engagement & Services (CORES) • Solid Community Partnerships, with faith-based organizations, local housing authorities and others •  Positive Relationships with investors, public agencies •  Development and Acquisition Efforts increasingly focused in select markets •  Expertise in working with complex affordable housing nance programs •  Staff Leaders experienced in both for- pro t and not- for-pro t real estate •  A Next Generation Team being prepared and nurtured to boldly and creatively tackle industry challenges •  A Strong Capacity to develop tailored resident services programs for those who live in each property •  Support from an Investment Committee composed of seasoned members of our Board of Trustees • Thought Leadership dominance through a variety of NHPF events such as our award-winning Symposia and NHPF-authored content including industry reports and studies

NHPF believes in: • The Dignity of our residents

• The Value of safe, clean, functional housing that is affordable to residents or low and moderate income • The Inclusion of comprehensive resident services, providing important support for families and seniors, building communities, and stabilizing occupancy • G reen, Sustainable Housing that is both economical for our residents and environmentally responsible • B uilding on Our Affordable Housing Mission and achieve greater inclusivity, diversity and racial equity by establishing and working to realize internal, external, and resident engagement goals

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COLUMBIA HEIGHTS VILLAGE / DISTRICT OF COLUMBIA

Strategic Priorities BUILDING ON OUR 30-YEAR industry track record, NHPF is in the midst of a comprehensive Five-Year Strategic Plan. It is an exciting time for us. Despite challenging market conditions, we continue to effectively implement many of our priority initiatives, and are well-positioned for further growth that will allow us to continue to provide quality affordable housing—building and strengthening communities.

Our Strategic Plan sets three priorities:

1. Create and preserve more housing that is affordable to families and seniors of low and moderate income The need is acute and ongoing and exacerbated by effects of Covid-19. NHPF continues to meet that need by bridging the gap between housing and healthcare, collaborating with a range of partners on innovative new funding models such as privatized bonds, NHPF is looking at making underutilized housing stock available through healthcare service and nancial partnerships that will increase positive health and wellness outcomes for individuals and families. 2. M aximize the impact of housing and services for residents and neighborhoods Operation Pathways was one of the first resident services providers in the U.S. to adopt Family-Centered Coaching, rooted in an understanding of the combined institutional forces preventing families from moving forward. Family-Centered Coaching, developed by the Prosperity Agenda with the support of the W.K. Kellogg Foundation, equips staff with the mindset, skills and ongoing resources to work holistically with families towards financial wellness. The approach teaches human service organizations to better engage with, and assist, families experiencing poverty and other hardship. 3. Leverage the resources of NHPF to magnify its impact Work with partners, funders, municipalities, housing nance and other agencies, and residents of our communities to drive opportunity and increase funding, innovation, and commitment to quality affordable housing. Collaborate with organizations whose different capabilities complement NHPF resources—talent, experience, networks, reputation, as well as capital—to reach aligned goals.

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EAGLES LANDING / TENNESSEE

Activating the Strategy

“By nurturing and sustaining successful thriving partnerships, NHPF consistently demonstrates ‘best practices’ for socially minded groups and proven experts to develop properties, quickly and efficiently.”

NHPF will strengthen its national and local brands and achieve its goals by: •  Expanding pro table tax credit development •  Growing the NHPF Af liates Program via strategic alliances and RAD opportunities •  Increasing our footprint by identifying additional markets and diversifying our product mix •  Acquiring cash-flowing multifamily properties as opportunities arise •  Adding more funding for resident services programming •  Enhancing our position as premier thought leaders in the industry •  Establishing (and maintaining) criteria, process and data for investment decisions to ensure quality and pro tability •  Leveraging and allocating external capital to facilitate planning and optimize use of NHPF cash •  Building on our successful process for managing complicated renovations and rehabs

FRANK L. SULLIVAN, JR., NHPF BOARD OF TRUSTEES

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THE ROUNDTREE RESIDENCES / DISTRICT OF COLUMBIA

Our Business Model

OUR BUSINESS MODEL combines the altruistic aspects of mission-driven work with the acumen and attention to detail of a nely-tuned for-pro t entity. We never lose sight of our primary goals: providing multifamily and senior communities for thousands of Americans to call home; and acting as trusted stewards of our critical investment funding. Our experience speaks volumes on both fronts as we continue providing award- winning, service-enriched, quality properties for our residents. We are proud that our properties go beyond “brick and mortar”— enhanced by our active resident services program— Operation Pathways—which provides a wide variety of services including education, health and wellness, nancial literacy, and enrichment programs not only for residents, but also for people in the surrounding community. NHPF is fundamentally committed to a process of community building that strengthens neighborhoods and helps families prosper over time. This has been especially true during the pandemic as our outreach efforts have included:

•  Aid to 514 Residents to receive energy/utility assistance •  Pathways for 599 Residents to receive unemployment assistance And we are proud of our process. We maintain a robust data-gathering operation, the results of which are at the core of each organization decision. By focusing on housing as well as the services that individuals and families need to raise children, remain healthy, and grow nancial stability, NHPF’s properties effectively serve as anchors in each of the cities and towns in which we are located. We are equally proud of the relationships we forge and foster with nancial institutions and private owners, commercial banks, minority and women- owned businesses, faith-based and community and state organizations, advocacy groups and others, all working together to leverage nancing, permanent tax-exempt bonds, and Low-Income Housing Tax Credits (LIHTC), among other sources to acquire and preserve our nation’s affordable housing. Many of these relationships have endured for decades, with institutions continuing to see the value of partnering with NHPF. Others are newly minted and at the beginning stages of relationships that will soon bear fruit. These investments help provide a more positive future for working Americans and their families, stimulating growth and stabilizing everyday life in our communities.

•  Wellness Checks on 6,807 residents 22,018 times

•  Food Delivery and/or meals to more than 5,300 residents more than 25,500 times

•  PPE Delivery to 3,760 households

•  Procurement and Delivery of Educational Supplies to 549 school age children •  Internet Connectivity Assistance provided to 142 households, including 62 seniors •  Assistance to 462 Residents to receive or increase WIC benefits

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Housing / Acquisitions / Preservation Redevelopment / New Construction

Creating Communities

“We congratulate NHPF for taking their groundbreaking ideas and turning them into solid outcomes. They are actively shaping neighborhoods across the country with their ideas, passion, and commitment. Their efforts have created bright futures for communities where safe, secure housing is needed most.” ELLEN ROGERS, SENIOR VICE PRESIDENT, COMMUNITY DEVELOPMENT BANK, BANK OF AMERICA MERRILL LYNCH

THE NHP FOUNDATION IS ACTIVELY SEEKING to acquire properties and partnership interests in portfolios of affordable housing, including Section 8, FHA insured, Mark to Market, and expiring LIHTC transactions. We have a strong preference for major metropolitan areas, from Houston eastward. NHPF is looking to develop equitable housing options, resources, and inclusive community revitalization, while preserving housing that is a source of pride and enjoyment for residents and neighboring communities. We are working to ensure that racial equity, social justice and resident services are just as solidly built into today’s affordable housing as sound design, plumbing and electrical. This commitment inspires NHPF to develop a property and provide care through our asset management. For over 30 years, NHPF has been a leader in the development and redevelopment of quality multifamily rental housing. We have set ourselves apart by the commitment and care we exhibit in the from start to finish. We locate properties that are well-positioned and possess a strong market potential. We assess each property and work with their physical, economic, and social environments. In line with our holistic approach, we initiate public/private partnerships and join with local businesses and community organizations to ensure the long-term viability and success of our properties.

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PARKCHESTER / DISTRICT OF COLUMBIA

NHPF OWNS AND OPERATES ITS PROPERTIES WITH CARE. We not only renovate and create units of affordable housing, but also maintain them to a high standard so that they are attractive additions to local communities and neighborhoods, places where families live with pride and that neighbors see as community assets Preserving the Environment Sound management produces attractive, sustainable properties to which we are committed. NHPF is committed to “greening” its portfolio and has taken on several initiatives towards that goal: • W e have constructed and redeveloped more than 1,500 units with high-ef ciency Energy-Star appliances • M ore than 1,500 single-pane windows have been replaced with double pane, low-E windows • 7 50 housing units have been converted from central boiler/window air-conditioner systems to high-ef ciency central HVAC systems • In recent years NHPF has replaced 11 flat, built-up roofs and 20 asphalt shingle roofs with new, highly-insulated roo ng systems • S ix NHPF properties in Washington, DC have solar energy systems that provide common area electricity and hot-water

• E ight NHPF properties are now smoke-free

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PARKCHESTER / DISTRICT OF COLUMBIA

Water conservation is a hallmark of NHPF’s sustainability program.

SINCE THE INCEPTION OF NHPF’S SUSTAINABILITY PROGRAM, portfolio-wide water usage has dropped by 34%. The most striking results were seen in seven NHPF properties where water conservation programs were recently implemented. The combined annual water consumption savings on these seven properties alone is estimated to exceed 537.8 million gallons.

NHPF’s “greening” examples include: A 200-unit property with a major rehab completed including: • N ew roofs, windows, appliances, AC units, and plumbing fixtures • W ater usage decrease of 42% • E lectricity usage decrease of 27% • G as usage reduction of 30%

A 252-unit property rehab quali ed for New Jersey’s WARM Advantage Program, an energy rebate program run by the New Jersey Clean Energy Program and administered by Honeywell, which allowed for the installation of quali ed energy- ef cient components such as furnaces and hot water heaters. A 94-unit property in Washington, DC achieved the Enterprise Green Communities certi cation. Future District acquisitions will include green amenities such as solar electricity, solar hot water, Energy Star appliances and xtures, and other storm water retaining features via our relationship with DC Sustainable Energy Utility (Green Building Arm of DC Council). A 200-unit property in Stamford, CT partnered with Eversource to overhaul the interior lighting and aging heating system of the building by installing LED xtures and a high-ef ciency boiler and domestic hot water system that will lead to a projected drop of annual energy consumption by 10%.

Maximizing Rehabilitation; Minimizing Resident Disruption • 11

IN EARLY 2011, The NHP Foundation launched a new initiative in its ongoing and vital work to preserve affordable housing—The NHPF Af liate Program. The goal of the Af liate Program is to nd potential under-resourced mission aligned joint ventures who lack the resources, manpower, expertise and/or nancial statement to renovate existing assets or develop new properties. The NHPF Affiliate Program Sharing knowledge and opportunities across the not-for-profit housing community

“In formalizing the NHPF Af liates Program we are bringing energy, relationships, and scal know-how, and expertise to those who might not be able to continue without it. This is a meaningful way of meeting our mission, and making an even deeper commitment to the eld of affordable housing.” THOMAS A. CARR, TRUSTEE EMERITUS, NHPF BOARD OF TRUSTEES

THESE INCLUDE: • A ffordable housing developers/owners • H ousing finance agencies

• Housing authorities • Tenant associations • F aith-based and other municipal and community organizations Once these entities seek us out we look to undertake projects in our service areas where we can be a value-add as a joint venture partner. A friendly introduction is all we need to get a project/collaboration going and initiate a productive, mutually-bene cial relationship. To date the organization has successfully created 16 properties totaling $415 million. The Af liate Program measures success when our joint venture results in the creation or preservation of an affordable housing development with support from the community. That is how we “add capacity throughout the not-for-profit sector.” Many developers are able to partner with not-for-pro ts to simply get a project done; few invest in the development’s long-term sustainability the way the Af liate Program model does. Those who af liate with NHPF gain a strong nancial partner, realize cost savings, and acquire the expertise they need to support, and in many cases grow, their operations. THE NHPF’S AFFILIATE PROGRAM PROVIDES: • T echnical and operational assistance to not-for-pro t housing organizations to build their capacity and better serve their communities

• A ccess to pre-development and investment capital for affordable housing

• O pportunities to joint venture with a leading, nationally recognized affordable housing not-for-pro t to provide safe, clean housing for low to moderate income families and seniors • H ands-on support throughout the process and long after the project has completed

12 • The NHP Foundation: Affordable Housing Blueprint

NHPF’s Operation Pathways: Where you live matters . . . and how you live matters even more. OPERATION PATHWAYS has 25 years of experience providing housing-based programs and services to residents living in NHPF’s affordable housing communities across the country. Operation Pathways’ successful approach to delivering high-quality programs is based on a philosophy that is impactful, innovative, and in-house. Resident services coordinators assess the needs of residents and respond by implementing programs and services to improve their quality of life. Our programs engage and empower residents in innovative and interactive ways and allow them to choose their own pathway to achieve their individual financial, academic, and health goals. Recent research conducted jointly with Enterprise Community Partners has revealed the strong link between children’s academic success and housing with strong service programs. Operation Pathways is a CORES-certified resident services provider and was the first resident services provider in the country to receive this distinction. CORES certification is awarded to affordable housing service providers based on the strength and quality of their infrastructure, systems, programs, and outcomes. Operation Pathways provides programs and services through four different pathways: Academic Achievement, Financial Stability, Healthier Living, and Aging in Place. Academic Achievement promotes ongoing education and training for children and adults leading to increased employment and scholastic opportunities. Healthier Living promotes activities and lifestyles that lead to physical, psychological, and emotional well-being. Financial Stability provides residents with sound financial practices that lead to increased incomes, decreased expenses, and the building of assets. Through Aging in Place, senior residents are engaged in activities and programs that encourage socialization, increase social support, improve awareness and education, and prevent elder abuse.

“I like coming to the community center because of fun events, like the science fair we had.”

GENESIS, PROPERTY RESIDENT

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Operation Pathways

“We are so grateful to our resident services

EACH OPERATION PATHWAYS SITE is managed by an on-site resident services coordinator who serves as a program manager for the site and a relationship manager for our community partners. The resident services coordinators are trained professionals who bring their own unique creativity and innovation to Operation Pathways’ structured, evidence-based programs. RESIDENT INVOLVEMENT is a hallmark at all levels of Operation Pathways leadership and decision-making. At each property, an Operation Pathways Advisory Council (OPAC) meets regularly to discuss residents’ changing needs and evaluate the effectiveness of Operation Pathways programs and services. Residents are also given opportunities to take on leadership roles and responsibilities and make a difference in their community. By engaging and empowering residents, Operation Pathways seeks to transform affordable housing communities. OPERATION PATHWAYS COMPREHENSIVE PROGRAMMING offers core components that are implemented to meet the needs of the residents at each property. While the demographics of each community vary, we tailor our proven programming to meet local needs. At our senior properties, these components are implemented with the goal of maintaining a high quality of life for seniors as they age-in-place. At our multi-family properties, we offer content for youth and parents to address educational and health needs. Through the work of Operation Pathways, residents are presented with concrete opportunities to advance their future. It is this opportunity-driven focus that is central to the Operation Pathways philosophy. Positive outcomes occur when participants choose pathways to advance and enrich their own lives.

coordinator and the afterschool program which has helped my sons improve in the classroom and at home. We credit NHPF and Operation Pathways for making a positive change in our family’s life.”

PERLA, PROPERTY RESIDENT

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Resident Services

PATHWAY TO ACADEMIC ACHIEVEMENT focuses on the

PATHWAY TO FINANCIAL STABILITY educates residents in sound financial practices to increase income, decrease expenses, and build assets. The financial education program provides instruction related to credit, savings, proper insurance coverage, and investments. With this education, residents learn how to build budgets and save for the future. Operation Pathways also provides opportunities for residents to increase

PATHWAY TO HEALTHIER LIVING promotes activities and lifestyles that lead to physical, psychological, and emotional well- being. Operation Pathways partners with organizations and individuals to develop and implement multi- faceted programs devoted to healthier living, including fitness classes, healthy cooking workshops, smoking cessation programs, and community garden projects. Often, mobile health services come directly to properties to provide

PATHWAY TO AGING IN PLACE engages residents in NHPF’s senior communities by

educational needs of residents. Operation Pathways promotes academic success and lifelong learning as a means to break the cycle of poverty. We partner with organizations that design and implement afterschool and summer programs for school-age children which improve academic success and

providing programs and services that give senior

residents the tools they need to ensure economic security,

prevent illness, improve health, understand their legal rights, and live in a safe environment. Seniors are engaged

through activities and programs that

encourage socialization, increase social support, improve awareness and education, and prevent elder abuse.

produce significant, measurable results.

their employability through workforce

health screenings, vaccinations, and diagnose potentially serious issues.

development, including technology workshops, GED support, resume writing, and interview preparation.

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FOXWOOD MANOR / PENNSYLVANIA

Of our 57 preserved affordable properties, these examples best illustrate our mastery of different development and complex rehab scenarios. Developer Experience Highlights

16 • The NHP Foundation: Affordable Housing Blueprint

ANACOSTIA GARDENS 3600 Ely Place SE Washington, DC 20019 100 units The Anacostia Gardens Tenant Association, Inc. (AGTA) IN Washington, DC exercised its rights under the District’s Tenant Opportunity to Purchase Act (TOPA) and selected NHPF as the developer on the rehabilitation of the building which includes 37 one- bedroom, 49 two-bedroom and 14 three-bedroom units. It is NHPF’s fifth TOPA deal in the District. The planned rehabilitation includes energy improvements, interior unit repair and upgrades,

BAYVIEW TOWERS 300 Tresser Boulevard Stamford, CT 06901 200 units

BELMONT PORTFOLIO 400 Irvine Turner Boulevard Newark, NJ 07108 142 units

Built in 1973, Bayview Towers was in need of substantial, occupied renovation. The nancing included tax-exempt bond permanent debt, seller nancing, Federal LIHTC equity, existing property reserves and Connecticut Housing Contribution Credit contributed by Connecticut Light and Power. The major work done in the full on-site relocation included kitchen and bathroom upgrades, energy ef cient appliances, new flooring, replacing domestic and sanitary plumbing lines, new windows, new electrical panels, new AC units, new roofs, converting a portion of the units to be handicap accessible, exterior concrete repairs and re- enforcements, energy ef cient lighting, and a new look for the exterior of the buildings.

The Belmont portfolio consists of six buildings in Newark, NJ, totaling 142 family units, 100% of which are Section 8. NHPF acquired the portfolio via financing including an FHA 223f loan (placed by Orix/ Red) and equity from NHPF (81%) and Ed Poteat (19%). The buildings were originally built in the early 1900s, significantly renovated in the early 1980s, and include three underutilized parking lots. These assets are currently in significant disrepair. The planned renovation here will require a short-term off-site relocation for all residents. NHPF credits partnership with HUD New York and Newark staff in our effort to take over these properties. The complex financing deal for the Belmont Portfolio also includes significant LIHTC financing as well as tax exempt bonds and a 241a FHA Supplemental loan completed in coordination with New Jersey Housing and Mortgage Finance Agency’s (NJHMFA).

dramatically improving the common areas, and adding

measures to make the building handicap accessible. Additional work includes repairs to exterior sidewalks, windows, light fixtures, security systems, roofing and more. Renovation work will be completed in four phases, with each phase involving the full relocation during construction to other units in the building. Completion is currently anticipated in June 2021. The renovation will also include kitchen and bathroom upgrades, new smoke and carbon monoxide detectors, and HVAC systems and thermostats. In addition to the apartments, there is a playground, on-site parking, a community room and central laundry facility.

Maximizing Rehabilitation; Minimizing Resident Disruption • 17

BENNING HEIGHTS APARTMENTS 4807 Alabama Avenue Washington, DC 20019 148 units In Washington, DC, the Benning Heights Tenants Association (BHA) found that their building was being sold. The market price for the property would likely make rents unaffordable. Using the powers afforded them under the District of Columbia’s TOPA; BHTA partnered with NHPF to have the market- based purchase contract assigned to them and acquire the property. Benning Heights Apartments is a 148-unit all brick, garden-style walkup apartment community. The substantial rehab, which NHPF managed as a full relocation, was completed in 2019, and included complete replacement of all kitchens and bathrooms, HVAC equipment, hot water heaters, windows and flooring. Substantial work was also done to the building exteriors, floor joists were repaired, solar panels and green areas were installed on certain roofs, bio- retention bonds were added for storm water runoff, and eight units were converted into barrier free (ADA) units.

BLUE MOUNTAIN 68 Cheney Street Dorchester, MA 02121 217 units This historically significant property in the Roxbury neighborhood of Boston was acquired by NHPF for $56.2 million. NHPF is providing significant improvements to these apartments, including kitchen and bathroom renovations, system upgrades, energy efficient boilers, new ventilation systems, and exterior repairs and restoration. The renovation will require a full, temporary relocation. MassHousing provided NHPF with $52.2 million in construction to permanent financing for the acquisition and rehabilitation of the 19 historic buildings that comprise the housing community, as well as $12.5 million in permanent financing for land acquisition. The transaction also involved $35.5 million in federal Low-Income Housing and Historic Tax Credit equity, $4.5 million in state Historic Tax Credit equity, and $3 million from anticipated operating revenue. PNC Bank acted as the low-income housing and historic tax credit investor for the transaction.

BOLTON NORTH 1600 West Mount Royal Avenue Baltimore, MD 21217 209 units Bolton North is a 209-unit senior housing high-rise located close to Baltimore’s scenic Inner Harbor. This senior-housing community is situated in the historic and thriving Bolton Hill neighborhood, a community known for its tranquil, tree-lined streets populated by restored mid to late 19th-century three- and four-story townhouses, urban mansions, churches, and public buildings. Bolton North, purchased with our development partner, Urban Atlantic, through the PNC fund in 2014 underwent a moderate rehabilitation, handled as a resident in place relocation . It included four primary scopes of work: windows in the entire building were replaced from the inside; re sprinkler systems were extended into every unit; basic unit work was be done in about a third of the units (e.g. replacing light xtures, cabinets, and appliances); 11 units were converted into barrier-free units.

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CALVIN MOWBRAY PARK & STEPHEN CAMPER PARK 700 Weaver Avenue Cambridge, MD 21613 190 units

CLEME MANOR 5300 Coke Street Houston, TX 77020 284 units

EXCHANGE PLACE TOWER APARTMENTS 44 Center Street Waterbury, CT 06702 150 units

Upon announcing a planned $35 million in streetscape improvement, multifamily construction, single family rehabilitation and renovation of the Community Center for the Greater Fifth Ward Finnegan Park neighborhood, the city of Houston worked closely with NHPF to redevelop Cleme Manor via an on-site resident relocation . Most importantly, NHPF’s ongoing renovations and security enhancements have resulted in a 27% decrease in crime in the area according to The City of Houston. Originally constructed in 1970, Cleme Manor is situated on 12.8 acres east of downtown Houston in the Greater Fifth Ward-Finnegan Park neighborhood. There are a total of 284 residential units in Cleme Manor’s 24-building garden-style community. One of Houston’s most improved areas, Cleme Manor is part of the City’s Tier 1 redevelopment zone, an area which has received targeted city investments. NHPF’s adherence to ESG investment principles has helped Cleme Manor Apartments become an integral part of the revitalization of the community. In 2014, NHPF’s acquisition and rehabilitation of Cleme Manor played a major role in keeping of cials from closing nearby Henderson Elementary, ensuring neighborhood children could attend a school close to home.

The Housing Authority of the City of Cambridge, Maryland (CHA), made the decision to participate in the Rental Assistance Demonstration (RAD) Program administrated by HUD in order to substantially rehabilitate this aging portfolio of 190 units which NHPF is managing as an on-site relocation . HUD created the RAD Program to foster public and private partnerships that are capable of completing renovations on a large scale. As a result, CHA has partnered with The NHP Foundation and a local developer to undertake a comprehensive rehabilitation of the property with LIHTC. Calvin Mowbray Park & Stephen Camper Park was purchased in 2016 and completed a substantial renovation in 2019. The property was built in 1972 and 1973 by the Housing Authority of Cambridge and contains a total of 88 buildings featuring 190 units from one- to ve-bedrooms. The property’s renovated units feature kitchen upgrades, installations of washers and dryers, bathroom upgrades, and much more.

NHPF completed the $13 million purchase of Waterbury, CT, senior affordable property, Exchange Place Tower in the summer of 2020. The original construction of the building was made possible with rental assistance support from the U.S. Department of Housing and Urban Development and its residents continue to benefit from the rental assistance program. NHPF began extensive

renovations on the 150-unit property directly following

acquisition, including remodeling kitchens, bathrooms, new energy efficient windows, accessibility improvements, and installation of fixtures that use less electricity and water slated. Renovation of Exchange Place Tower is projected to be complete in late summer 2021. Exchange Place Tower has facilities that allow for on-site healthcare activities including wellness visits. As part of the renovation, Exchange Place Tower will become more sustainable: Eversource, the regional energy utility is assisting in converting the property from an oil-fired heating and hot water system to a new, highly energy efficient natural gas fired system.

Maximizing Rehabilitation; Minimizing Resident Disruption • 19

FOREST PARK 3708 Garden Oaks Drive New Orleans, LA 70114 284 units

FOXWOOD MANOR 2180 Veterans Highway Levittown, PA 19056 304 units

HARVEST HOMES APARTMENTS 3520–3542 West Fifth Avenue & 318–322 S. St. Louis Avenue Chicago, IL 60624 36 units Created through the NHPF Af liate Program, Harvest Homes Apartments is a newly constructed four-building family apartment complex in the East Gar eld Park neighborhood of Chicago. Harvest Homes is the realization of plan initiated by the People’s Community Development Corporation of Chicago, Inc. (“PCDAC”) and realized in partnership with NHPF as part of a LIHTC partnership. Overseen entirely by NHPF, construction of the 36 new 100% affordable family units in Chicago’s East Gar eld Park neighborhood renders it the largest new residential construction in the neighborhood in the last 15 years. The $14 million development is a result of a joint venture between PCDAC and NHPF that was funded by a variety of both private and public sources, such as LIHTC, the City of Chicago’s Department of Planning and Economic Development, the State of Illinois Department of Commerce and Economic Opportunity, J. P. Morgan Chase Bank, the Chicago Community Loan Fund, Enterprise Community Investments, Inc. and NHPF. City support for the project included $1 million in Tax Increment Financing (TIF) and approximately $1.4 million in low- income housing and donation tax credits that generated $12.7 million in equity for the project.

Due to severe damage caused by Hurricane Katrina, NHPF undertook a substantial rehab of this 280- unit property utilizing Section 42/ LIHTC (100% set-aside at 60% AMI including 71 Project-based Section 8 assistance bonds) which commenced in March 2007. The rehab was phased with the rst buildings placed-in-service in December 2007 and substantial completion achieved on the last apartments in March 2008. During the construction process, which required all residents to relocate , NHPF made its Texas and Louisiana properties available for those in need. The property achieved 90% occupancy in May 2009 and was able to convert its construction loan to permanent debt in September 2009. The property has an on-site Community Center staffed by professionals and offers structured programs for all ages including but not limited to after school assistance, computer training, and health/wellness activities. These programs are free of charge and open to all members of the community, not solely residents of the property. In August 2010, the property was selected by KaBOOM! as the site for one of its community built playgrounds.

The 304-unit property was in good overall condition, but it was in need of occupied, substantial upgrades to extend its useful life. Occupancy prior to the rehab was 97%. The scope of work for the in-place rehab included installing new individual HVAC systems and hot water heaters, replacing any older or unsightly kitchen appliances, cabinets and flooring, replacing all bathroom vanities and xtures, replacement of tubs, toilets and bathroom flooring where needed, completing major drainage repairs, and building a new 600 square foot community center for Resident Services. We also substantially rehabbed 16 units for conversion to ADA accessible. The construction loan closed eight months after we submitted the initial application to PHFA, and the rehab period lasted 16 months, but that included doing signi cant work in addition to the original rehab included in the construction contract (using the contingency funds and cost savings).

20 • The NHP Foundation: Affordable Housing Blueprint

HOLLANDER RIDGE 3000 Rockwood Avenue Baltimore, MD 21237 94 units Working with the Housing

HOLLYBUSH GARDENS 252 Hollybush Gardens Glassboro, NJ 08028 252 units

MARK TWAIN HOTEL 111 W. Division Street Chicago, IL 60610 152 units

Having been built in two phases from 1968 to 1972, this 252- unit property was in need of a substantial renovation. The re nancing plan utilized tax-exempt bond permanent debt, Federal LIHTC equity, and pre-existing property reserves. NHPF created a new 2,100 square foot community center built to house the resident services programs that are run for the benefit of the property’s residents. NHPF began by creating a new 2,100 square foot community center built to house the resident services programs that are run for the bene t of the property’s residents. The major work done in the on-site renovation also included kitchen upgrades, including new cabinets, countertops and appliance upgrades, bathroom upgrades, replacement of all electrical panels and smoke detectors, new HVAC units, the addition of ADA access ramps, new individual hot water heaters to replace central boilers, new waterproo ng and insulation of all crawl spaces, and replacement of all interior lighting with new energy ef cient xtures.

The NHP Foundation acquired and secured nancing to fully renovate Mark Twain, an historic property, to preserve its affordability and reposition it in a fast growing and gentrifying neighborhood of Chicago in May 2016 pursuant to the Chicago’s SRO (Single Room Occupancy) Preservation Ordinance. Mark Twain was built in 1932 as a 5-story SRO hotel with ground foor commercial retail space totaling over 58,000 square feet. The building, located at the corner of Division and Clark Streets in the Gold Coast neighborhood, is above the newly renovated Red Line’s Clark & Division subway station which exits at the property. The comprehensive $53M preservation project was completed in 2020 and required a full relocation of its residents . The property serves its low-income residents with 148 fully renovated accessible small studio units, resident services, and amenities such as a fully restored ground floor parlor used as a Community Room with a new community kitchen, reformatted management of ce space, a new outdoor roof deck, and a new larger elevator. The project was financed by the city of Chicago’s tax-exempt bonds, equity from Low Income Housing and Federal Historic tax credits, 95% Project-Based Vouchers, and the city’s HOME funds.

Authority of Baltimore City, NHPF acquired and undertook a major rehabilitation of Hollander Ridge, a 94-unit, single-family home RAD redevelopment available to families who earn 60% of AMI or less in Baltimore City, Maryland. These homes are in neighborhoods described as areas of high opportunity, with strong and diverse communities, high performing schools, low crime, low rates of poverty and neighborhood amenities including access to grocery stores, medical facilities and community centers. The single-family housing types are representative of the City’s architectural diversity which includes townhomes, single-family detached and semi-detached homes. Since all residents were newly moving in from other housing, no relocation efforts were involved. The acquisition and

redevelopment costs of the Hollander Ridge development totaled $41 million.

Maximizing Rehabilitation; Minimizing Resident Disruption • 21

PARKCHESTER APARTMENTS 2704 Wade Road SE Washington, DC 20020 92 units Parkchester is a newly renovated 94 unit LIHTC property (with one unit used as the leasing of ce) that was originally purchased in 2015 under the District of Columbia’s Tenant Opportunity Purchase Act (TOPA). Parkchester Tenant Association partnered with The NHP Foundation to acquire the building. Originally constructed in 1978, Parkchester Apartments is situated on six acres of well-maintained and landscaped grounds. The substantial rehab, which NHPF has managed as a full off-site resident relocation , included complete replacement of all kitchens and bathrooms, HVAC equipment, windows and flooring. Substantial work was also done to the building exteriors, solar panels and green areas were installed on certain roofs, bio-retention bonds were added for storm water runoff, and ve units were converted into barrier free (ADA) units.

PLAZA BORINQUEN APARTMENTS 471 East 137th Street Bronx, NY 10454 88 units Plaza Borinquen was designed and constructed to fundamentally alter the relationship between affordable

PRINCESS ANNE 0475 Pine Knoll Drive Princess Anne, MD 120 units

This year-15 tax credit property has 120 LIHTC units with 54 unit covered by a Section 8 contract, each featuring two, three or four bedrooms. NHPF acquired the garden-style property in 2018 and committed to providing updated kitchens, baths, major HVAC systems, and in some cases, additional bedrooms to provide increased accessibility. This renovation will provide temporary onsite relocations for all residents. Post-rehabilitation Princesss Anne will be an energy-efficient property in compliance with Enterprise Green Standards, and the property will also benefit from resident services via NHPF’s subsidiary Operation Pathways. Community amenities include a freestanding brick clubhouse with leasing offices, on-site laundry facility, business center and fitness center, along with a large central playground. The clubhouse is used to provide after-school and summer day care and activities for resident’s children. A small additional building houses the maintenance office and shop. The renovation of Princess Anne will be completed in 2022, with 100% of residents being relocated on site during the rehabilitation.

housing residents and their surroundings. NHPF acquired

the 88-unit townhome style, Section 8, affordable rental property in the Mott Haven section of the Bronx, NY to upgrade the property and safeguard its affordability. NHPF’s resident-in-place rehab included replacing public hallways with patios, and a lobby with a courtyard. The majority of the units are three- and four-bedroom duplex and triplex apartments, each of which has its own separate entrance and a private patio. Plaza Borinquen’s combination of pride of ownership, absolute privacy, and public intercourse was one of the rst developments to transform affordable housing into a home. The site is served by Operation Pathways Resident Services.

22 • The NHP Foundation: Affordable Housing Blueprint

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