NHPF Affordable Housing Blueprint

TAKOMA PLACE APARTMENTS 6676 Georgia Avenue NW Washington, DC 20012 105 units NHPF recently secured nancing from the DC Dept. of Housing and Community Development (“DHCD”), R4 Capital, and R4 Capital Funding for a total of $39.4 million to redevelop and preserve Takoma Place. Constructed in 1953, the Takoma Place Apartments are adjacent to the Walter Reed Army Hospital Campus along a gentrifying corridor in the Nation’s Capital. In 2017, NHPF worked with the Takoma Place Apartments Tenants Association to acquire the property using the District of Columbia’s Tenant Opportunity to Purchase Act (TOPA). NHPF and the Tenants Association partnered to undertake a $31.7 million rehabilitation of the property which required a majority of residents to fully relocate and some to remain on-site . The rehab used LIHTC as well as subsidies provided by DC Government. Financing and funding was also provided by Community Capital, Local Initiatives Support Corporation (LISC) and the Seller. Takoma Place consists of seven four-story apartment buildings. NHPF will increase the overall unit count post-renovation to 106 leasable units from 104 leasable units before renovation.

THE ROUNDTREE RESIDENCES 2515 Alabama Avenue SE Washington, DC 20020 91 units The Roundtree Residences is a ground-up construction 91-unit senior development utilizing Section 42/LIHTC funding. Along with LIHTC equity, the project was nanced with tax-exempt bonds, NIF/Solar Energy grants and seller nancing. Units are only available to seniors making 60% or less of DC’s area median income (AMI), with 20 units set aside for seniors making 50% or less of DC’s AMI. The building is built to Enterprise Green Community standards, and includes a solar array and partial green roof in addition to other energy saving features.

VICTORIA GARDENS 695 Howard Street Spartanburg, SC 29303 80 units The NHP Foundation’s first RAD (Rental Assistance Demonstration) acquisition in South Carolina was secured in partnership with the Spartanburg Housing Authority. The $17.4 million deal will redevelop and preserve the affordable property and was made possible via competitive 9% tax credit financing from the South Carolina State Housing Finance and Development Authority, along with long-term rental subsidy from the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration (RAD) program. The total gut rehabilitation of the 80-unit development began in October 2020 and will be conducted in phases to allow for temporary relocations of all residents, both on and offsite. It will be completed in January 2022 and includes remediation of all hazardous materials, roof and foor replacement, addition of half bathrooms in all 2- and 3-bedroom units, new kitchens featuring Energy Star appliances, new windows, and light fixture ceiling fans as well as the addition of washer and dryer hookups.

24 • The NHP Foundation: Affordable Housing Blueprint

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