NHPF & You:
The Affiliate Program
Sharing Knowledge and Opportunities Across the Not-for-Profit Housing Community IN EARLY 2011, The NHP Foundation (NHPF) launched a new initiative in its ongoing and vital work to preserve affordable housing—The NHPF Affiliate Program. The goal of the Affiliate Program is to find under-resourced mission aligned affordable housing developers/owners, housing authorities, tenant associations, and other municipal and community organizations who lack the resources, manpower, expertise and/or financial statement to renovate existing assets or develop new properties. Once these entities are found, we look to undertake projects in our service areas where we can add value as a joint venture partner. A friendly introduction is all we need to get a project/collaboration going and initiate a productive, mutually-beneficial relationship. The Affiliate Program measures success when our joint venture results in the creation or preservation of an affordable housing development with support from the community. That is how we “add capacity throughout the not-for-profit sector.” Many developers are able to partner with not-for-profits to simply get a project done; few invest in the development’s long-term sustainability the way the Affiliate Program model does. Those who affiliate with NHPF gain a strong financial partner, realize cost savings, and gain the expertise they need to support, and in many cases grow, their operations. The NHPF’s Affiliate Program provides: • Technical and operational assistance to not-for-profit housing organizations to build their capacity and better serve their communities
• Access to pre-development and investment capital for affordable housing
• Opportunities to joint venture with a leading, mission aligned, nationally recognized affordable housing not-for-profit to provide safe, clean housing for low to moderate income families and seniors.
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.
Washington, DC Anacostia Gardens
Benning Heights After years of unaddressed capital needs and deferred maintenance, the 148-unit Benning Heights was to be sold. The market price for the building would likely make rents unaffordable so the Benning Heights Tenants Association (BHTA) chose to exercise the powers afforded them under the District of Columbia’s TOPA program. Partnering with NHPF, BHTA had the market-based purchase contract assigned to them and acquired the building. BHTA and NHPF have undertaken a comprehensive redevelopment of the property with low income housing tax credits as well as subsidies provided by DC Government.
Columbia Heights Village Apartments
Anacostia Gardens Tenant Association chose to purchase and preserve the 100-unit Anacostia Gardens, an unassisted affordable housing property in need of significant rehab. Based on successful previous experience with other District Tenant Opportunity to Purchase Act (TOPA) deals, NHPF was chosen as developer partner. In 2020, NHPF and the Tenants Association will complete funding to undertake a comprehensive $28.3 million rehabilitation upgrade of the property.
CHANGE/All Souls Housing Corporation, which has been developing affordable housing in the District since 1975 worked with Columbia Heights Village Tenants Association when the association chose to exercise its Tenant Opportunity to Purchase (TOPA) rights to purchase property. The decision was then made to partner with NHPF, and the result of this collaboration is affordable, rental units for over 600 residents. Funding for $41 million acquisition was completed in 2018. A future comprehensive rehabilitation of the property is being planned.
The Roundtree Residences Vision of Victory (VOV) was established by Allen Chapel AME as a community development corporation in Southeast Washington, DC. VOV was given full access to Allen Chapel’s undeveloped land to develop 91 units of low-income senior affordable housing. VOV was unable to secure bank financing and a tax credit investor. Joining NHPF’s Affiliate Program changed everything. Through VOV’s affiliation with NHPF, a co-developer entity was formed, bank financing secured, and a tax credit investor joined the team. Now known as The Roundtree Residences, NHPF’S and VOV’s environmentally sensitive project was completed on time, under budget, and has won several awards.
Parkchester In Washington, DC, the Parkchester Tenants Association (PTA) found that their building was being sold despite years of deferred maintenance and other capital needs never addressed by the previous owner. Using the powers afforded them under the District of Columbia’s Tenant Opportunity to Purchase Act (TOPA), PTA partnered with NHPF to have the market-based purchase contract assigned to them and acquire the building. PTA and NHPF undertook a comprehensive rehabilitation of the property with low income housing tax credits as well as subsidies provided by DC Government and U.S. Department of Housing and Urban Development (HUD).
The Strand Residences NHPF, The Warrenton Group (TWG), and the Washington Metropolitan CDC (WMCDC), a faith-based affiliate, collaborated to construct The Strand. It is a mixed-use, mixed-income development featuring and 86-unit midrise building (new construction), new retail space (10,000 SF) and the renovation of an historic theater in Washington, DC’s Deanwood community. The residences will serve District of Columbia households earning between 30% and 80% of Area Median Income (AMI). The $33.2 million project is funded with low income housing tax credits, new markets tax credits (for the community theater) and additional funding from the DC Municipal Government.
More Success Stories from the NHPF Affiliate Program
Our Mission The NHP Foundation is a not-for-profit real estate organization dedicated to preserving and creating sustainable, service-enriched multifamily housing that is both affordable to low and moderate income families and seniors, and beneficial to their communities. Our Portfolio and Services Headquartered in New York City with offices in Washington, DC, and Chicago, IL, The NHP Foundation (NHPF) was launched on January 30, 1989, as a publicly supported 501(c)(3) not-for-profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service- enriched multifamily housing, and single-family homes that are both affordable to low and moderate income families and seniors, and beneficial to their communities. NHPF’s Construction Management Group provides in-house resources dedicated to infrastructure review, infrastructure development and costs management. Through Family- Centered Coaching, NHPF’s subsidiary Operation Pathways engages with, and assists, families experiencing poverty and other hardship, to problem-solve together. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has 56 properties, including nearly 10,000 units, in 15 states and the District of Columbia. We invite interested organizations to learn more about becoming an NHPF Affiliate. Whether you’re developing your first or fourteenth development, the NHPF Affiliate Program can give your organization the extra edge to make your current project your most successful and impactful yet. We invite you to learn more about how the Affiliate Program can benefit you, your development, and your whole community for the better. Jamie A. Smarr, Senior Vice President, Affiliate Program email@example.com / 646.336.4929
Takoma Place Apartments Another NHPF TOPA acquisition, Takoma Place Apartments is located in Brightwood, a gentrifying neighborhood in Northwest DC with little affordable housing options. The property consists of 105 rental units in seven buildings. NHPF was chosen by the Takoma Place Tenant Association to complete the $16 million purchase in 2017.The property is currently undergoing a comprehensive $46.1 million redevelopment that will modernize the building’s systems and all apartment interiors.
Washington, DC 176 units Woodmont Crossing Apartments NHPF acquired Woodmont Crossing Apartments for $44.6 Million in 2018 and renovated the 176-unit property. The purchase was financed with a $25.5 million loan from the DC Housing Finance Agency in its first-ever participation in HUD’s 50/50 Risk Share program. NHPF bought the property in partnership with the Woodmont Crossing United Tenant Association, making it NHPF’s fifth Tenant Opportunity to Purchase Act transaction in Washington, DC Today, Woodmont is a more energy-efficient property with new appliances and updated community space, as well as an ongoing commitment to limit rents to 60% of AMI me for the next 15 years.
122 EAST 42ND STREET, SUITE 4900, NEW YORK, NY 10168 • 646.336.4940 1090 VERMONT AVENUE, NW, SUITE 400, WASHINGTON, DC 20005 • 202.789.5300 180 N. LASALLE, SUITE 3700, CHICAGO, IL 60601 • 312.216.5103 www.nhpfoundation.orgPage 1 Page 2 Page 3 Page 4
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