Success Stories from the NHPF Affiliate Program
Chicago, Illinois 36 units People’s Community Development Association of Chicago (PCDAC) PCDAC is a not-for-profit subsidiary of People’s Church of the Harvest in the East Garfield Park neighborhood of Chicago. PCDAC and NHPF partnered to build Harvest Homes, a low income rental property on land immediately adjacent to the church. Harvest Homes is the first development project for PCDAC, and NHPF is happy to partner with the organization in ways that add capacity to the organization and equip it to undertake more development on the West Side of Chicago. Harvest Homes, a $14 million project, was constructed with low income housing tax credits as well as subsidies from the City of Chicago and State of Illinois.
Baltimore City, Maryland 94 units Hollander Ridge Working with the Housing Authority of Baltimore City, NHPF acquired and undertook a major rehab of Hollander Ridge, a 94- unit, single-family scattered-site RAD redevelopment available to families who earn 60% of AMI or less in Baltimore City, MD. 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 that include access to grocery stores, medical facilities and community centers. The single-family housing types are part of the City’s architectural and building diversity which includes townhomes, single-family detached and semi-detached homes. The acquisition and development costs total $41 million.
Cambridge, Maryland 190 units Calvin Mowbray Park & Stephen Camper Park The Housing Authority of the City of Cambridge, Maryland (CHA), made the decision to participate in the Rental Assistance Demonstration (RAD) Program that is being administrated by HUD in order to substantially rehabilitate its aging portfolio of 190 units. HUD has acknowledged that it doesn’t have the funding to properly maintain the vast amount of public housing units in the U.S., so it created the RAD Program to foster public and private partnerships that are capable of completing renovations on a large scale. As a result, CHA have partnered with NHPF and a local developer to undertake a comprehensive rehabilitation of the property with low income housing tax credits.
Charlotte, North Carolina 60 units The LaSalle at Lincoln Heights NHPF purchased the 60-unit seniors-only (age 62+), Low Income Housing Tax Credit (LIHTC) property in Charlotte, NC in 2017 from a struggling CDC in order to stabilize and upgrade the property. In 2021, we will move forward with a second-phase, $20 million redevelopment that will include the addition of 58 rental townhomes and duplex units around the property as well as rehabilitation of the existing senior building.
Falls Church, Virginia
A Virginia Community Development Corporation In Northern Virginia, the Falls Church
Housing Corporation (FCHC) found itself at a crossroads. FCHC sought to develop more affordable senior housing, maximizing and leveraging its assets to cover the increase in acquisition and predevelopment costs. With the downturn in the economy and the subsequent loss of outside funding, the project did not come to fruition. Facing severe financial challenges, FCHC established an affiliate relationship with NHPF. FCHC accessed NHPF’s expertise and varied resources in development, asset management, and corporate oversight to turn around their challenged position.
Powered by FlippingBook