WALNUT SQUARE 8501 I-10 Service Road New Orleans, LA 70127 209 units The original structures were demolished and the property rebuilt utilizing Section 42/LIHTC and State of LA Of ce of Community Development/CDBG loan (40% LIHTC, 84 units with 20% / 30% / 60% AMI set-asides including 48 units with Project-based Section 8 assistance) due to severe damage caused by Hurricane Katrina. Notice to proceed was issued in August 2007 and substantial completion was achieved in June 2009 with occupancy beginning in July 2009. The original structures were demolished and the property rebuilt. The property achieved 90% occupancy in December 2009 and was able to convert its construction loan to permanent debt in March 2010. 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. The property also has in excess of 60 units designated as “work force housing” with rents set at the 60% AMI level but no restriction on income.
WASHINGTON DODD APARTMENTS 587 Carroll Street Orange, NJ 07050 300 units Having been built in the early 1960’s, this 300-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. The major work done in the on-site renovation included kitchen upgrades, including new countertops and full appliance upgrades, bathroom upgrades, replacing all electrical panels and smoke detectors, new HVAC units, the addition of disabled access ramps, new individual hot water heaters to replace central boilers, new waterproo ng and insulation of all basements, and replacement of all interior lighting with new energy ef cient xtures.
WOODMONT CROSSING APARTMENTS 2327 Good Hope Road SE Washington, DC 20020 176 units
Woodmont Crossing, in Southeast Washington, DC is a 12-building, 176-unit garden-style LIHTC property that completed a moderate rehabilitation at the end of 2018. The Woodmont Crossing United Tenant Association selected The NHP Foundation in 2017 to partner on the acquisition and rehabilitation as part of the DC Tenant Opportunity to Purchase Act (TOPA) and the acquisition was closed simultaneously with the new LIHTC rehabilitation nancing. The $44.6 million transaction was made possible through a $25.5 million loan from the District of Columbia Housing Finance Agency (DCHFA) nanced through that agency’s rst time participation in U.S. Department of Housing and Urban Development (HUD) Level 1 50/50 Risk Share 542 (c) program. LIHTC Equity nancing of $12.1 million was provided by Royal Bank of Canada (RBC). NHPF acquired the property in 2018 and began a rehabilitation program in which 85% of residents remained in-place , replacing HVAC systems, renovating bathrooms and kitchens, increasing the number of units for residents with disabilities, and some site repairs.
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