THE NHP FOUNDATION AND ITS AFFILIATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED YEARS ENDED DECEMBER 31, 2017 and 2016
insurance. Management believes that no significant concentration of credit risk exists with respect to these cash and cash equivalent balances at December 31, 2017 and 2016.
NOTE 18 - SUBSEQUENT EVENTS Events that occur after the consolidated statement of financial position date but before the consolidated financial statements were available to be issued must be evaluated for recognition or disclosure. The effects of the subsequent events that provide evidence about conditions that existed at the consolidated statement of financial position date are recognized in the accompanying consolidated financial statements. Subsequent events which provide evidence about conditions that existed after the consolidated statement of financial position date require disclosure in the accompanying notes. Management evaluated the activity of the Organization through June 5, 2018 (the date the consolidated financial statements were available to be issued) and concluded that no subsequent events have occurred that could require recognition in the consolidated financial statements. However, certain subsequent events have occurred that require disclosure as discussed in the following paragraphs: On February 15, 2018, The NHP Foundation acquired Woodmont Crossing Apartments, a 176-unit property located in Washington, D.C. for a purchase price of $44,600,000. The acquisition price was funded through a $25,500,000 loan from the District of Columbia Housing Finance Agency (DCHFA) and equity financing of $12,100,000 from Royal Bank of Canada (RBC).
On February 21, 2018, The NHP Foundation paid off the loan payable to Local Initiative Support Corporation (LISC) in the principal amount of $1,232,328 and interest of $4,108.
On March 21, 2018, The NHP Foundation paid off the loan payable to PNC Bank in the principal amount of $8,789,659 and interest of $29,304.
On May 15, 2018 NHPF acquired Princess Anne, a 120 garden-style, multifamily, affordable rental townhouse located in Princess Anne, Maryland for a purchase price of $8,770,000. The purchase was funded through a loan from a consortium of LIIF, NHPT and Morgan Stanley in the amount of $9,357,500.
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