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
Powered by FlippingBook