NHPF 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

Powered by