ACQUISITION / PRESERVATION Exchange Place Tower to Be Preserved as Senior Affordable Housing in Waterbury, CT The NHP Foundation Acquired the Property for Older and Disabled Residents to Renovate and Preserve Affordability
July 29, 2020, New York, NY— In keeping with its mission to preserve affordable housing, national not-for-profit The NHP Foundation (“NHPF”) announced that it has purchased Waterbury, CT, senior affordable property, Exchange Place Tower. The original construction of the building was made possible with rental assistance support from the U.S. Department of Housing and Urban Development and its residents continue to benefit from the rental assistance program. The NHP Foundation will perform extensive renovations on the 150-unit property, including remodeling kitchens, bathrooms, new energy efficient windows, accessibility improvements and installation of fixtures that use less electricity and water. “Quality, service-enriched affordable housing for seniors has always been a priority for NHPF, but never more so than now as our country continues to battle the pandemic and keep its citizens healthfully housed,“ said Richard Burns, President and CEO of NHPF. “Exchange Place has facilities that allow for on-site healthcare activities, like wellness visits. This fits with the need and value The NHP Foundation sees in combining and coordinating affordable housing with healthcare services.” Additionally, as part of the renovation, Exchange Place Tower will become more sustainable. Eversource, the regional energy utility is assisting in converting the property from an oil-fired heating and hot water system to a new, highly energy efficient natural gas fired system. “The NHP Foundation greatly appreciates Eversource’s cooperation and support in greening this property,” added Patrick Fry, Senior Vice President, NHPF. “The conversion to natural gas and improved energy efficiency will lower operating costs and reduce air pollution.” The acquisition and renovation of the property are being financed through a combination of an FHA-insured mortgage loan, a State of Connecticut Department of Housing low interest loan, Waterbury Housing Authority bonds to be repaid by the Property and private investment from the sale of federal low income housing
tax credits allocated by the Connecticut Housing Finance Authority and purchased by PNC Bank. The NHP Foundation acquired the property and is renovating in conjunction with Urban Atlantic. This is the second tax credit renovation project NHPF has done with Urban Atlantic. About Urban Atlantic Founded in 1998, Urban Atlantic is an innovative, entrepreneurial real estate development, acquisition, finance and investment services firm based in the Washington, DC metropolitan area. The company is a nationally recognized leader in affordable, mixed-income and workforce residential housing. In total, it has developed or has under construction 4,616 units of affordable housing in 33 communities, including 765 senior housing units. Today its portfolio under asset management includes 3,281 units of affordable housing in 25 communities, including 765 senior housing units. This experience has afforded Urban Atlantic the deep understanding of affordable housing finance, development and operations needed to create and sustain successful, healthy communities for the residents it serves.
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