2024 ANNUAL IMPACT REPORT Building Foundations
Letter from Our President & CEO
Dear Friends,
2024 was a year of remarkable progress and purpose for The NHP Foundation. We began the year breaking ground on Seabrook Square in Austin, TX—our first affordable housing development in the city—bringing 204 newly constructed rental homes to a growing community in need. We closed out the year in Roxbury, MA, with the Ribbon-Cutting of Blue Mountain Apartments, a thoughtful rehabilitation of 19 historic buildings originally constructed between 1910 and 1930. This blend of preserving legacy structures and building new from the ground up represents the essence of NHPF’s mission. We are deeply committed to restoring and preserving the architectural fabric of communities while also expanding housing through strategic new construction in high-need, high opportunity markets. Throughout 2024, we expanded our footprint and deepened our expertise. We acquired the historic Danville House Senior Living Community and New Port Antonio properties—both emblematic of our focus on legacy preservation. At the same time, we entered Colorado with a bold step forward: building new workforce housing in the state’s mountain resort region to meet critical local needs. Our approach is intentional and research-driven. We are concentrating our efforts in markets where we can deliver the greatest impact—economically, efficiently, and with an unwavering standard of design excellence that uplifts every community we serve. As I begin my tenure as President and CEO, I remain committed to ensuring NHPF continues to thrive—for the residents who call our properties home, for our stakeholders and partners, and for our dedicated team. We are navigating a time of uncertainty with potential cuts to HUD, Treasury, and other key federal programs. Yet our resolve remains strong. We are redoubling efforts to make sound, strategic development decisions and to manage our resources wisely. We will continue building the partnerships that are the cornerstone of our success and keep a vigilant eye on the policies and decisions that shape our work. Together, we can continue creating housing that not only shelters but strengthens.
ERIC W. PRICE President & Chief Executive Officer
With gratitude,
Eric Price, President & CEO The NHP Foundation
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2024 Project Highlights
DANVILLE HOUSE In 2024,NHPF acquired the historic Danville House for $13.7 million from HallKeen Management. This acquisition marks NHPF’s fourth venture in Virginia, demonstrating its commitment to expanding affordable housing options in the region. The purchase was funded by assuming an existing HUD/ FHA 223(f) loan and utilizing $8.1 million in corporate bond proceeds from NHPF as an equity contribution. Danville House, located in the heart of the Downtown Danville Historic District, is a 106-unit 100% Section 8 senior community restricted to individuals aged 62 and over. The property consists of two historic buildings: a ten story Neo- Adamesque structure originally constructed as “Hotel Danville” in 1926, and a three-story former city market building dating back to 1890. Both buildings have been adapted for senior housing and are listed on the National Park Service’s National Register of Historic Places.
CURTIS COFIELD II ESTATES This transformative project will deliver 56 much-needed affordable apartments to the vibrant West River community, including 14 supportive housing units. The $20.2 million new construction, situated on vacant land purchased from the City of New Haven, signifies NHPF’s inaugural venture into the city, in partnership with West River SHIP. Sustainability is a cornerstone of the project, with all buildings constructed to Zero Energy Ready Home and Passive House Design standards, promoting energy efficiency and conservation. This new affordable housing caters to low-income households at or below 60% of the Area Median Income (AMI) as well as 100% AMI to address affordable housing for the “Missing-Middle” or middle- income residents; both important State initiatives. Columbus House, which serves people experiencing homelessness or at imminent risk will provide services for the 14 supportive housing units. NHPF’s resident services subsidiary, Operation Pathways, will provide resident services and a Resident Services Coordinator for the property.
SEABROOK SQUARE NHPF’s first development in Austin, TX is Seabrook Square. This new construction project, co-developed with the Austin Housing Finance Corporation (AHFC) and local developer Capital A Housing, is located in the heart of Austin on city owned land. It will provide 204 much-needed units of affordable housing, ranging from studios to 4-bedrooms Seabrook Square will be spread across two separate buildings and on-site parking will be provided in a structured garage with 237 parking spaces. The buildings will have laundry facilities and a property management office on-site. In addition to providing affordable housing in a rapidly growing urban area, Seabrook Square will also feature 3,000 square feet of commercial space for two local small businesses: Raasin in the Sun (a local artist and art incubator space) and Origin Studio House (a minority-owned café). The project will also include a public plaza with murals painted by local artists and a rain garden, as well as a community center for local residents. Construction began in 2024 and is scheduled to be completed in mid-2026.
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The Residents of Our Communities
Operation Pathways (OP), a subsidiary of NHPF, transforms affordable housing by providing onsite resident services across 12 states and the District of Columbia. Serving over 4,500 households and
9,000 residents annually at 32 sites, OP empowers individuals and families with the tools, guidance, and resources needed to achieve their goals and improve their quality of life via vibrant, collaborative communities.
OPERATION PATHWAYS: SUPPORTING RESIDENTS ON THEIR SELF-LED JOURNEYS • Every resident has the power to shape their own future. Together with Resident Services Coordinators (RSCs) offering guidance, resources, and encouragement, they pursue their self-led paths to a better quality of life. • Personalized Support RSCs listen first, working closely with residents through Family-Centered Coaching to help them navigate opportunities, overcome challenges, and take meaningful steps toward their goals. • Resident-Led Success through initiatives supporting financial education, career readiness, health and wellness resources, and youth engagement. • Advisory Councils RSCs amplify resident voices, fostering leadership through councils where neighbors collaborate on local solutions. • Measuring Impact We track progress through resident feedback, participation data, and outcome evaluations, ensuring our support remains effective and meaningful. At Operation Pathways, we don’t lead the journey—we walk beside residents as they build stronger, brighter futures for themselves and their communities.
Academic Achievement Expanding education and career opportunities.
Financial Stability Strengthening
financial habits and long-term security.
Healthier Living Promoting well-being and community connection. Aging in Place Enhancing independence and social engagement for older adults.
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2024 By the Numbers
THE NHP FOUNDATION TODAY
4 Offices: New York, Washington DC,
60 Employees
16 States and the District of Columbia
63 Properties
9,600 Units
25k+ Residents
Chicago, & Baltimore
OPERATION PATHWAYS: OUTCOMES THAT MATTER
200 Summer internship
86% Of residents have had a medical check-up
96% Of residents have health insurance
65% Of residents have a bank account
69% Of residents are registered to vote
7,400 Hours of resident volunteer time since 2020
graduates with 100% opening their first bank account
in the past 12 months
Since 2015, OP has provided financial education to 3,566 residents during America Saves Week.
Since 2015, 1,185 individuals reported saving a combined $310,840. In addition, 168 savings accounts were opened.
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The Value of Partnerships
HOW A STRATEGIC PARTNERSHIP IS OPENING DOORS TO FINANCIAL INCLUSION FOR RESIDENTS OF NHPF COMMUNITIES In 2024, NHPF deepened its commitment to resident well-being through an impactful partnership with Esusu, a leading rent reporting and financial empowerment platform. NHPF and Esusu teamed up in 2022 to bridge the racial wealth gap through the power of rental payment and other financial reporting data. Together, they’re making rent payments count toward building credit—and brighter financial futures—for thousands of residents living in affordable housing communities across the country. Roughly 26 million Americans are considered “credit invisible,” meaning they have no credit history or their credit history is too thin to be scored. Over the past year, more than 3,000 residents across 17 NHPF properties opted into Esusu’s rent reporting program and as a result, 871 residents became credit visible for the first time, with an average starting credit score of 644. On average, participants saw their credit scores increase by 54 points, moving many from subprime to prime lending categories— a shift that can save residents thousands in interest payments over a lifetime. This isn’t just about numbers—it’s about impact. A resident with a subprime credit score might pay over $9,600 in interest on a car loan, compared to just $6,100 for someone with prime credit. That $3,500 difference can mean access to savings, emergency funds, or simply less financial stress. Esusu has also supported NHPF residents in times of crisis, distributing over $214,000 in rent relief, with approved residents receiving an average of $1,500—a critical safety net that helps families stay housed during financial hardship. By embedding financial tools directly into its housing platform, NHPF is proving that affordable housing can be a springboard—not just to stability, but to mobility. The Esusu partnership is a powerful example of how data- driven solutions can foster economic equity, one rent payment at a time.
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Finding Community Through Service: Miss Linda’s Journey
Residents of affordable housing often face feelings of loneliness, especially those who have relocated away from family or trusted support systems in search of affordable living. This challenge is even more pronounced among seniors, many of whom live alone and may also be managing health concerns. However, there is hope. Affordable housing communities that offer onsite resident services are creating opportunities for connection, engagement, and meaningful relationships. Through these programs, residents are finding not just support, but also a sense of belonging that enriches their lives and strengthens their communities. Here is one such example. Miss Linda wasn’t always an active presence in the Ships’ Cove Community Room. She first started attending small workout groups, joining a few activities here and there. But it wasn’t until she got more acquainted with her Resident Services Coordinator (RSC) Caitlyn and began volunteering with Operation Pathways that she truly found her place. Through hours of service—helping at the food bank, organizing holiday meals, assisting with outreach, and participating in National Night Out—Miss Linda not only gave back to her community but also found something invaluable: a sense of family. The bonds formed through these efforts have extended far beyond the walls of Ships’ Cove. Volunteers now check in on one another, spend time together outside of scheduled programs, and encourage more residents to get involved.
But Miss Linda’s journey didn’t stop at Ships’ Cove. The confidence and social connections she built through volunteering have enriched her personal life as well. She finds it easier to strike up conversations with strangers, has a more positive outlook, and feels motivated to engage more in the world around her. Her advice to others? “Put yourself in new situations, find your sense of belonging, and don’t be afraid to seek support if you need it. Therapy has helped me throughout my life.” Miss Linda loves the person she has become and has no plans of slowing down. Through her kindness and commitment, she has not only changed her own life but also strengthened the heart of the Ships’ Cove community—one act of service at a time. Where Miss Linda lives matters. Ships’ Cove, Fall River, Massachusetts
“If it weren’t for Miss Linda and the other volunteers, our sense of community wouldn’t be as strong as it is today,” shares Ships’ Cove RSC Caitlyn Luis.
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Investors in NHPF & Operation Pathways
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