Transaction Press Release Archive
Where You Live Matters
For more information on these projects or other NHPF properties please visit www.nhpfoundation.org or follow the organization on Twitter at @nhpfoundation. About The NHP Foundation 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 that is both affordable to low and moderate income families and seniors, and beneficial to their communities. 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 approximately 10,000 units, in 15 states and the District of Columbia.
Acquisition / Preservation The NHP Foundation Acquires Kansas City, MO-Based Cardinal Ridge Apartments
Acquisition / Preservation The Partnership Inc. (TPI) and The NHP Foundation (NHPF) Secure $80M for Renovation of Sunset Bay Apartments, Affordable Housing in Cutler Bay, FL
Funding Leading Affordable Housing Provider Acquires Funding to Construct Affordable Rental Units in New Haven, CT
Funding Amazon Grants Awards City of Falls Church $3.75 million for Affordable Housing Initiatives by Virginia Housing; The NHP Foundation to Manage Program Acquisition / Preservation Affordable Housing Increased in Baltimore City “Areas of Opportunity” National Not-for-Profit Welcomes Residents to Hollander Ridge Scattered Site Rental Housing Acquisition / Preservation The NHP Foundation and Spartanburg Housing Authority Secure $17.4M for Rehabilitation of Victoria Gardens Apartments, Affordable Housing in Spartanburg, SC
Acquisition / Preservation Blue Mountain Apartments, 217 Units of Affordable Housing, to be Preserved in Boston, MA
Funding The State of Texas Joins with the City of Houston, Harris County, and Houston Housing Authority to Fund 149 Units of Supportive Housing in Houston’s Vibrant Midtown Neighborhood
Acquisition / Preservation Exchange Place Tower to Be Preserved as Senior Affordable Housing in Waterbury, CT
Acquisition / Preservation Mayor Lightfoot Joins The NHP Foundation, Community and Preservation Advocates to Reopen Chicago’s Historic Mark Twain Acquisition / Preservation The Partnership Inc. and The NHP Foundation Announce $8.9 Million Acquisition of Pelican Isles Apartments in Sebastian, FL Acquisition / Preservation The NHP Foundation Secures $28.4M for Redevelopment and Preservation of Anacostia Gardens, an Affordable Housing Property in DC’s Ward 8 Acquisition / Preservation Federal Home Loan Bank of Chicago Awards The NHP Foundation $900,000 Through Its Competitive Affordable Housing Program Acquisition / Preservation Edwin Berry Manor Apartments to Be Preserved as Affordable Housing in Chicago’s Up-And-Coming Woodlawn Neighborhood
New Construction Community Groundbreaking Event Celebrated the Start of Construction on The Strand Residences Affordable Housing Project in DC’s Deanwood Neighborhood
New Construction Closing on $38M in Financing for Construction of 86 New Affordable Homes in Washington, DC
Acquisition / Preservation City of Houston Disaster Relief Awards Senior Housing Development $12MM
Acquisition / Preservation Financing Closes on Historic Chicago SRO The Mark Twain Renovations will Preserve 148 Units of Affordable Housing Acquisition / Preservation NHP Foundation Secures $39 Million In Financing for the Redevelopment and Preservation of Takoma Place, an Affordable Housing Property in NW DC
Acquisition / Preservation Jonathan Rose Companies and The NHP Foundation Acquire Shore Hill Housing in Brooklyn, NY
Acquisition / Preservation The Partnership Inc. and The NHP Foundation Announce $4.4 Million Acquisition of Redland Arms Apartments in Florida City, FL
Acquisition / Preservation The NHP Foundation Announces $8.7 Million Acquisition of Princess Anne Townhouses in Maryland 26
Acquisition / Preservation NHPF Purchases Woodmont Crossing Apartments
Ribbon Cutting Ceremony The People’s Community Development Association of Chicago, Inc. and The NHP Foundation Celebrate Completion of Harvest Homes Apartments with Ribbon Cutting Ceremony
Acquisition / Preservation The NHP Foundation-Urban Atlantic Fund Announces Acquisition of Errichetti Connecticut Senior Portfolio
Renovation The NHP Foundation Announces $11.3 Million Renovation to Benning Heights Apartments
Acquisition / Preservation NHPF Announces $7 Million Acquisition of Historic Chicago Hotel Covent
Renovation The NHP Foundation Sponsors $8 Million Renovation to Ships’ Cove Apartments
Acquisition / Preservation The NHP Foundation Announces $11.2 Million In District of Columbia Housing Finance Agency Funding for Washington DC’s Parkchester Apartments
Acquisition / Preservation NHPF Acquires Cambridge’s Calvin Mowbray Park & Stephen Camper Park Apartments
Acquisition / Preservation NHPF Purchases The Pines at Carolina Place Apartments
ACQUISITION / PRESERVATION The NHP Foundation Acquires Kansas City, MO-Based Cardinal Ridge Apartments Deal Represents First Kansas City Opportunity for Leading Not-For-Profit Affordable Housing Provider
New York, NY July 12, 2021 —Continuing its mission to create and preserve affordable housing in 15 states and the District of Columbia, NHPF today announced its acquisition of Cardinal Ridge Apartments in Kansas City, MO. The 160-unit former 9% tax credit deal includes LIHTC, market rate, and public housing units for seniors and families. NHPF and the Housing Authority of Kansas City, Missouri (HAKC), acted in partnership to prevent the property from going to foreclosure. Because the initial 15-year compliance period on the property has expired, the acquisition will ensure the property remains affordable beyond the remainder of its 30-year extended use period and into the foreseeable future. Cardinal Ridge Apartments offer 20 buildings providing a variety of housing options including a senior-dedicated 3-story mid-rise building serviced by an elevator, garden style walkups, and two- and three- story townhouse units. NHPF is currently working to stabilize the asset in preparation to resyndicate the property as a tax-exempt bond and 4% LIHTC transaction. ”At HAKC we look for partners who can move quickly with intent to prevent our city from losing any precious affordable housing,” said Edwin Lowndes, Executive Director at Housing Authority of Kansas City, MO, “ In NHPF, we found a partner who shares this goal and together we were able to enact the purchase and preserve the property’s affordability.”
“This Kansas City property affords NHPF the opportunity to expand our provision of much-needed affordable housing in a stable neighborhood with low crime,” said Mansur Abdul-Malik, VP, Development, NHPF, who continued, “The transaction also expands our Housing Authority relationships and demonstrates our expertise in completing complex financial transactions in record speed.” Due to the impending foreclosure, NHPF performed due diligence, negotiated and structured the deal, and were able to close within 30 days.
ACQUISITION / PRESERVATION The Partnership Inc. (TPI) and The NHP Foundation (NHPF) Secure $80M for Renovation of Sunset Bay Apartments, Affordable Housing in Cutler Bay, FL The Partnership Inc. Brings 5th Opportunity to Leading Affordable Housing Not-for-Profit
June 14, 2021, New York, NY— TPI and NHPF, national not-for- profit providers of affordable housing, announced that they have successfully closed the recapitalization of Sunset Bay Apartments in Cutler Bay, FL. This is the fifth acquisition the two entities have collaborated on, expanding their relationship in support of their mutually shared mission to preserve affordable housing. This is the first joint 4% LIHTC transaction between the two entities. The deal was made possible via a new supplemental FHA 241(a) loan of $13.8M from Merchants Capital, assumed FHA 223(f) loan of $23.5M, and a 4% tax credit investment of $25.4M through Enterprise Community Partners. The property will continue to be professionally managed by TPI Management Services (“TMS”), an affiliate of TPI . “Preserving this much needed affordable housing community in the Miami area and comprehensively upgrading the apartments and all amenities was always the vision of NHPF and TPI who have owned and successfully managed the property for many years,” said Mecky Adnani, Sr. Vice President, Acquisitions, NHPF. “Sunset Bay was built in 2001 and was in need of a significant upgrade, in addition to lifestyle and market changes in the last 20 years, necessitating the need for this extensive renovation.” The 308-unit property features a mix of 1,2, and 3 bedroom units. The rehabilitation will include unit improvements, including new kitchens/baths, flooring, lighting, and HVAC systems. 5% of units will be converted to become ADA-accessible. Building envelope work such as windows, roofs, and stucco repair will protect the buildings against South Florida weather and hurricanes. The community building will be expanded to allow for enhanced resident services and programming. Covid protocols have been put into place to protect residents, property staff, and contractor labor
during the work period which is expected to begin immediately and last approximately 12 months. “Coming out of the pandemic, the country is facing a greater need for affordable housing than at any time in the last decade,” added John Corbett, President & CEO, TPI, “The ability to join forces with NHPF again to ensure affordability of these units in the long term, in an area of rising incomes and rents, aligns perfectly with both of our missions.” In addition to proximity to area schools, a retail mall, shopping center, nature reserve, walking paths, and public library, Sunset Bay also offers many amenities including a swimming pool, playground, fitness center, computer center and well-landscaped grounds. About The Partnership Inc. The Partnership, Inc. (TPI), a 501(c)(3) not-for-profit real estate corporation established in 1994, is committed to excellence in affordable housing through partnerships with investors, for- profit developers, public agencies, and other nonprofits. Based in Riviera Beach, FL, and with properties located in the southern United States, TPI improves the lives of low-, and moderate-income households, including those with special needs, by providing decent, safe and sanitary affordable housing in supportive environments, while adhering to the highest standards of professionalism and business best practices. TPI is especially adept at taking over troubled properties and maximizing the financial performance of those properties, thus enhancing and preserving the economic value of the properties, while improving the living conditions of the residents. For more information, please visit www.gotpi.org .
FUNDING Leading Affordable Housing Provider Acquires Funding to Construct Affordable Rental Units in New Haven, CT Financing from the State of Connecticut will Provide 56 Units
June 10, 2021, New York, NY —The NHP Foundation (NHPF), in collaboration with the City of New Haven and WRSHIP, announces the acquisition of funding to create a townhome development containing 56 rental apartments along with a clubhouse community center, coffee shop/bakery, interior parking, playground, and a community gazebo in a neighborhood with nearby public transportation, grocery and other retail, schools, recreational areas and daycare. The New Haven United Nations International Peace Garden (created in 2011), is adjacent to the new housing and shall remain onsite. The MLK Boulevard/Tyler Street development located in the West River neighborhood and consisting of rental townhomes, is designed to serve households earning 30% AMI, 50% AMI, 60% AMI and also contains market rate rental units to create a mixed- income community. The project has been awarded both 9% tax credits by the Connecticut Housing Finance Authority and additional funding from the Connecticut Department of Housing. And through partnership with the Housing Authority of New Haven (HANH), a portion of the project’s rental townhomes will receive rental subsidies to support formerly homeless families and individuals earning below 30% AMI. WRSHIP, incorporated in 2001, is the New Haven “SHIP” of a national movement of self-help investment plans (SHIPs) active since the 1960s and organized by African-Americans, who pooled resources to undertake development in their communities, not having been able to gain access to capital through traditional banks and financiers. “The project represents the first new housing to be constructed on a vast stretch of land in New Haven that has been vacant for over four decades,” according to Anthony Dawson, president of WRSHIP, and a native of New Haven, “It is also a major step for the inclusion of New Haven’s African American community in major economic endeavors.” The project was made possible via NHPF’s innovative Affiliate Program which provides expertise to mission aligned affordable housing developers/owners, municipal and community organizations in need of resources to renovate existing assets or to develop new properties. “Bringing much needed affordable housing to New Haven in partnership with WRSHIP, a community and faith-based organization advancing the participation of African-Americans in Connecticut development projects, embodies everything the NHPF Affiliate
Program stands for,” said Jamie A. Smarr, NHPF Senior Vice President, Affiliate Program. “The City has focused tremendous energy into reconnecting its downtown with surrounding neighborhoods, said New Haven Mayor Justin Elicker, “Revitalizing the Hill and West River neighborhoods as a mixed-use district combining new homes with retail and entertainment venues, walkable streets, and public spaces, this new development complements the work already being completed. I couldn’t be more excited about what this means for our city.” NHPF’s Resident Services subsidiary, Operation Pathways, will be staffed within the Community Center/Club House. Operation Pathways focuses on youth development, financial self-sufficiency, education and health and wellness. Smarr added, “The on-site Operation Pathways Resident Services Coordinator will work to link all households with the appropriate services already available within the greater New Haven community, in addition to Operation Pathways-led programs offered out of the on-site community center.” The proposed development has been designed to achieve certification with Passive House Design standards for energy efficiency and conservation of resources. It also includes, to the maximum extent possible, solar energy installations for additional energy efficiency. NHPF has developed 13 affordable housing communities via the Affiliate Program, with the New Haven development becoming its first in Connecticut.
ACQUISITION / PRESERVATION Affordable Housing Increased in Baltimore City
“Areas of Opportunity” National Not-for-Profit Welcomes Residents to Hollander Ridge Scattered Site Rental Housing
April 20, 2021, New York, NY— The NHP Foundation (NHPF) announced the completion of rehabilitation work on 94 scattered site single family affordable rental homes in Hollander Ridge, which spans several “neighborhoods of opportunity” in Baltimore City. All completed homes have been leased. To accomplish the goal of redeveloping the 94 units, primary funding for this work came from a HOPE VI grant of approximately $18 million, DHCD funds, tax credits and Housing Authority of Baltimore City (HABC) funds. This transaction received $4 million in funding from the Maryland Department of Housing and Community Development (DHCD) consisting of $2.5 million in Rental Housing Works funding and $1.5 million in Partnership Rental funding. “Financing the Hollander Ridge project would have been impossible without the low-income tax credit program (LIHTC),” added Janet Abrahams, President & CEO, HABC, “It allowed us together with NHPF to leverage these tax credits with other financing to be able to rehabilitate all 94 properties and allow our residents to move into newly renovated homes.” These one to four-bedroom single family homes are in Areas of Opportunity with thriving and diverse communities, high performing schools, low crime, low rates of poverty and with neighborhood amenities including grocery stores, medical facilities and community centers. The flood of foreclosures that began in 2007 added more than a million rental homes to the nation’s rental inventory and turned single family homes into the fastest growing rental category. However, an NLIHC report from 2012 (nlihc.org) estimates that 20% of properties foreclosed upon were affordable rentals, causing evictions, creating hardship and displacing families. The Hollander Ridge rehabilitation stems from a decades-old class action lawsuit filed against the US Department of Housing and Urban Development (“HUD”), the Mayor and City Council of Baltimore, and HABC on behalf of public housing residents who alleged they were intentionally being segregated in high poverty areas. This case was partially resolved in 1996 in a partial consent decree. A trial was held in 2003 in federal court on the portions of the lawsuit not resolved by the partial consent decree. In 2005, the federal court judge issued an opinion holding that HABC and the City were not liable, but that HUD was liable for failing to affirmatively further fair housing. Although HABC was found not to be liable, HABC participated in the settlement with HUD and the plaintiffs, which replaced the partial consent decree and included this rehabilitation program. The current HABC administration fulfilled the promise of completing the rehabilitation program. “The housing at Hollander Ridge extends this promise. This rental housing provides opportunity for significant improvement in academic prospects and social mobility for families who
formerly did not have access, and will result in children with better educations, higher likelihood of attaining higher education and college degrees leading to higher paying jobs and an improved quality of life,” said NHPF Vice President, Mansur Abdul-Malik, the lead developer on Hollander Ridge. “Children in the next ten to fifteen years are really going to show the impact of Hollander Ridge and its effect on the community.” The housing types at Hollander Ridge are representative of Baltimore’s architectural diversity, with house types including townhomes, single-family detached and semi-detached homes. These homes are spread across several neighborhoods of the City and are grouped into six sections based on their geographical location. As part of the Hollander Ridge development, each home underwent renovation to upgrade both the exterior and interior of the buildings, as well as the creation of five units that are 100% accessible and compliant with the American with Disabilities Act. “Scattered site housing as an asset class presents unique challenges and benefits to a developer,” added NHPF President and CEO Richard F. Burns, “This type of housing is more expensive than a multifamily building renovation. However, it is the most equitable form of affordable housing that can be built. There is no concentration of poverty since units are scattered. The affordable units are seamlessly integrated making for a diverse socio-economic community and residents have the ability to enjoy homeownership style amenities.” Those living in Hollander Ridge will also benefit from individualized coaching programs offered by NHPF’s Resident Services subsidiary, Operation Pathways. “A resident services coordinator will coach families in achieving goals they set for themselves,” said Ken White, Executive Director of Operation Pathways continuing, “This strengths-based, resident-centered approach meets residents and families where they are and provides them resources, strategies, and motivation to assist them in defining their own success. As many Hollander Ridge residents will be caring for single-family homes for the first time, the service coordinator will develop resources and provide training and assistance as needed.” Residents thus far have commented that the impact on children is going to be the most notable. Life in single-family housing has been shown to give children more opportunity including diversity, neighborhoods with low crime, and community amenities not always available in apartment living such as parks, playgrounds, and improved academic access. About HABC HABC is the fifth largest public housing authority in the US, providing quality affordable housing for more than 23,000 households. The agency creates diverse and vibrant communities, provides opportunities for self-sufficiency, and builds pathways for strong partnerships. #bmoreHABC.
FUNDING Amazon Grants Awards City of Falls Church $3.75 million for Affordable Housing Initiatives by Virginia Housing; The NHP Foundation to Manage Program
March 11, 2021— The City of Falls Church has been selected by the Virginia Housing Development Authority (VHDA) to receive $3,750,000 in grants for affordable housing initiatives through the Resources Enabling Affordable Community Housing in Virginia (REACH) Virginia Program. The City will receive $3,400,000 for a new affordable housing homeownership program and $350,000 to extend availability of nine committed affordable apartments at the Read Building (402 West Broad Street). “Ensuring affordable access to housing for all is a key priority for the City Council and our community as a whole,” said City of Falls Church Mayor P. David Tarter. “We are delighted that Virginia Housing has awarded this grant, and appreciative to Senator Dick Saslaw (VA-35) for his efforts to bring this important program to the City.” The funding for this important investment is sourced from the state funding commitments made by Governor Northam in 2018, following Amazon’s selection of Arlington County for its second headquarters location. These commitments, totaling $15 million annually for five years, will support affordable housing initiatives in Northern Virginia using the additional revenues generated from Amazon’s headquarters presence in the Commonwealth. “This grant award is a major step forward for the City in creating new affordable homeownership and preserving existing affordable housing,” said Council Member Letty Hardi, who is also the Council liaison to the Housing Commission. “Homeownership has been increasingly out of reach for many, and this is an innovative first step to reverse the trend. We look forward to working with our partners to put these funds to good use for the community.” The new homeownership program will be directly managed by The NHP Foundation (NHPF) via its local CDC Falls Church Housing Corporation with support from the City’s Housing and Human Services Department. The City estimates that with this funding, 18 qualified first-time home buyers will be able to purchase rehabilitated homes through NHPF for approximately $425,000 to $525,000. The program maximizes homeowner affordability and sustainability using Virginia Housing Special Lending Programs and mortgage credit certificates, and local down payment assistance. “This grant enables NHPF to continue evolving housing opportunities from today’s rich array of options to provide paths up and out of poverty for families,” said Mansur Abdul-Malik, Vice President, Development, NHPF. “Furthering our partnership with The City ensures a smooth process for the work needed to leverage this important grant.” While the home acquired could include all property types— single family homes, townhouses, and condominiums—most are
expected to be condominiums. The City estimates that once the program is established, it will take about one year for NHPF to purchase, rehabilitate, and resell the homes. NHPF has a successful track record of managing this type of program. NHPF also currently manages the Winter Hill Apartments in the City of Falls Church. “We are pleased to be working with NHPF in this new program,” said Dana Lewis, Deputy Director of HHS for the City of Falls Church. “We’ve already received several calls from interested homebuyers, so we’re excited to get the program established.” Grant funds will also go toward extending the subsidy on the Workforce Units at the Read Building. The program started in 2006 with an innovative partnership between the City and Jefferson 402 LLC. Nine apartments in the Read Building are reserved for qualified renters, including Falls Church City Public School teachers and staff and City of Falls Church government employees. The City proposes to provide a one-time payment, estimated at $350,000 to the owner to retain affordability of these nine apartments for an additional 10 years to December 31, 2032. These funds would be used to provide for the difference between market rate and the workforce rental rate for the duration of the extended covenant control period. The preservation and creation of affordable housing are key components of the principles of the City’s Comprehensive Plan and Affordable Living Policy. “In the City, there is a gap between what many households can afford and available rental and ownership homes,” said Nancy Vincent, Director of the City’s Housing and Human Services Department. “These grant funds help address the diverse housing needs of the City’s current and future populations.”
ACQUISITION / PRESERVATION The NHP Foundation and Spartanburg Housing Authority Secure $17.4M for Rehabilitation of Victoria Gardens Apartments, Affordable Housing in Spartanburg, SC Property is NHPF’s 1st RAD (Rental Assistance Demonstration) Deal in South Carolina
November 11, 2020, New York, NY— Leading affordable housing provider, The NHP Foundation (“NHPF”) was selected by The Spartanburg Housing Authority to partner and redevelop/preserve Victoria Gardens Apartments in Spartanburg, SC. Competitive 9% tax credit financing was secured from the South Carolina State Housing Finance and Development Authority, along with long-term rental subsidy from the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration (RAD) program. Federal Home Loan Bank of Atlanta also supplied $500,000 in additional funding. “Transferring our positive RAD experience from the DC area to preserve quality affordable housing in Spartanburg provides an important opportunity to put our sound fiscal expertise to work,” said NHPF President and CEO Richard Burns, “The awarding of scarce 9% tax credits is also a tremendous addition to the project’s overall success.” The total gut rehab of the 80-unit development began in October and will be conducted in phases 5 to allow for temporary relocations of all residents. It will be completed in January, 2022 and includes remediation of all hazardous materials, roof and floor replacement, addition of half bathrooms in all 2- and 3-bedroom units, new kitchens featuring Energy Star appliances, new windows and light fixture ceiling fans as well adding washer and dryer hookups. Additionally, the renovation includes new electrical, plumbing and HVAC systems, new hot water heaters, paint and sheetrock and security system upgrades. “The interior repairs will help provide residents with all the comforts and amenities of a new home,” said Mansur Abdul-Malik, Vice President, NHPF, “And external additions such as updated landscaping and irrigation, repaired sidewalks, new walking trail, and new ADA-approved gazebo and playground equipment, ensure an improved overall quality of life experience for families and children.” “The key to a successful renovation such as this is a smooth process of temporary relocation for our residents,” added Shaunté
Evans, CEO, Spartanburg Housing Authority, “By working with a relocation specialist, we have ensured that all residents are staying nearby and children will remain within the same school district.” Evans adds, “We look forward to welcoming our families back into their renovated homes”. Victoria Gardens Apartments, which were built in 1970, has received minor renovations over the years including transitioning to central heating and air conditioning in the early 2000s. About The Spartanburg Housing Authority The Housing Authority of the City of Spartanburg has provided housing assistance for people with low and moderate incomes, since 1939. SHA provides housing assistance for families, elderly, veterans and disabled individuals through a variety of programs including Public Housing and Housing Choice Vouchers. For more information on housing assistance, contact the Spartanburg Housing Authority at 2271 South Pine Street, Spartanburg, SC 29302 or phone 864.598.6000. SHA offices are open Monday through Friday, 8:30 am to 5:00 pm. Visit online at SHASC.org .
ACQUISITION / PRESERVATION Blue Mountain Apartments, 217 Units of Affordable Housing, to be Preserved in Boston, MA The NHP Foundation Acquired the Historically Significant Property in Roxbury
November 5, 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 Blue Mountain Apartments in Boston, MA, for $56.2 million. The organization will provide improvements to the apartments, including kitchen and bathroom renovations, system upgrades, energy efficient boilers, new ventilation systems, and exterior repairs and restoration. MassHousing is providing the NHP Foundation with $52.2 million in construction to permanent financing for the acquisition and rehabilitation of the 19 historic buildings that comprise the housing community, as well as $12.5 million in permanent financing for land acquisition. “The partnership between NHPF and MassHousing allows us to provide affordable units in an increasingly expensive neighborhood, close to the center of the City with good access to public transportation,” said MassHousing Executive Director Chrystal Kornegay. “Preservation of affordable housing with amenities and access helps increase opportunities for families in the area to succeed and prosper.” The transaction also involved $35.5 million in federal Low- Income Housing and Historic Tax Credit equity, $4.5 million in state Historic Tax Credit equity, and $3 million in anticipated operating revenue. PNC Bank acted as the low-income housing and historic tax credit investor for the transaction. “PNC has been involved with Blue Mountain Apartments for several years, after a preservation fund, sponsored by PNC, acquired the property to generate an economic return and prevent the property from converting to market-rate housing,” said Todd Crow, executive vice president for PNC Real Estate. “Through our work with NHPF, we have been able to create an attractive investment for our investors and preserve long-term affordability for local residents, which is the ultimate goal of PNC’s product capability and affordable housing platform.” Additional financing partners included BlueHub Capital (state historic tax credit bridge lender), Massachusetts Historical Commission (allocator of state historic credits), Massachusetts Department of Housing and Community Development (allocator of low income housing tax credits), and U.S. Department of Housing and Urban Development (rental assistance provider). “Preservation of historically significant properties like Blue Mountain provide two-fold benefits,” said Mecky Adnani, senior vice president NHPF. “We preserve the vibrant, historic fabric of this Roxbury neighborhood and ensure that rental housing here stays affordable through at least 2045.” The 217 units at the Blue Mountain Apartments are contained in 19 buildings on scattered sites around the Elm Hill Avenue
neighborhood in Roxbury. The affordable housing community was originally built in the early 1900s and was last substantially rehabilitated in the 1980s. The buildings are included in the Massachusetts Historical Commission’s Historic Places inventory. Renovations began this month and are expected to be completed in 18 months. About MassHousing MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed- income rental housing. MassHousing does not use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth. Since its inception, MassHousing has provided more than $24.3 billion for affordable housing. For more information, follow us on Twitter , Facebook and LinkedIn . About PNC Bank PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com .
FUNDING The State of Texas Joins with the City of Houston, Harris County, and Houston Housing Authority to Fund 149 Units of Supportive Housing in Houston’s Vibrant Midtown Neighborhood
September 1, 2020, New York, NY— The NHP Foundation (“NHPF”), a national not-for-profit provider of affordable housing, announced today that it has received $1.5M annual allocation of 9% credits from the Texas Department of Housing and Community Affairs to construct 149 units of permanent supportive affordable housing in Houston’s hip and vibrant Midtown neighborhood. Additionally, the City of Houston Department of Housing and Community Development has allocated $15 million through their Harvey Multifamily Program, which is funded by the U.S. Department of Housing and Urban Development (HUD) to aid in Houston’s recovery from Hurricane Harvey. The project is also being actively considered for funding by the Harris County Community Services Department. Magnificat Houses, Inc. (Magnificat) is providing the land and is NHPF’s partner in the development. Magnificat is a faith-based nonprofit community where those needing housing, food and mental health programs can grow in stability, productivity and independence. “Though a high-income neighborhood, Midtown still has homeless people on its streets,” said Magnificat Executive Director John Boyles. “Hopefully some of these people, who we see every day can find a welcoming home in this new building.” Crucially, the Houston Housing Authority allocated 149 project- based vouchers which will allow the development to house the most vulnerable chronically homeless people. “Safe and stable permanent housing is the data-proven antidote to homelessness. That is why this vital project, which will holistically focus on transforming lives for the betterment of the entire community, is a priority for the City of Houston,” said Marc Eichenbaum, the Mayor’s Special Assistant for Homeless Initiatives. Ray Miller, the Assistant Director for Multifamily Housing and Public Facilities at the City of Houston Housing and Community Development Department added, “We can think of no better use for disaster relief funds than to provide them for housing dedicated to the chronically homeless.” “Efforts such as this illustrate NHPF’s approach to providing housing; we don’t bring a pre-package design to every city we work in, instead we find out what local leaders see as the most pressing problem and design our projects to address them,” said Neal Drobenare, NHPF’s Senior Vice President, Acquisitions. The property, located at 3300 Caroline Street, will contain 149 rental units, recreational amenities and space for the supportive services this population needs to be successful. The land was purchased by Magnificat Houses as part of its mission to provide welcoming communities to those needing housing, food and mental health programs to grow in stability, productivity and independence.
“This project is part of NHPF’s Affiliate Program which aims to increase the capacity of local non-profit partners. Like all community-based non-profits, Magnificat struggles every year to raise the donations it needs to operate and grow,” added NHPF’s Drobenare. “By leasing the land to us for this project, Magnificat not only meets the land donors’ intent that it serve the community, but the lease payments will provide for a new central office, food service facility, housing and an endowment that allows it to continue serving the neediest population.” “Magnificat has been serving the Midtown community for fifty years and recently started to expand its services to provide Permanent Supportive Housing to the homeless. We have every hope that this project will be a springboard for Magnificat to become one of Houston’s Premier providers of services and housing to the chronically homeless,” said Ed Cordes, Magnificat Board Member. This project will not only build on NHPF’s development capacity but on Magnificat’s programmatic strength. “MHI’s current group housing program provides not only housing but a structured program where residents progressively take on more responsibility for running the home, including becoming house leaders” says Kevin Campbell, MHI’s director of mental health and supportive services. Building on this, 20% of 3300 Caroline’s units will be set aside for formerly homeless people who have gone through transitional housing programs such as Magnificat’s and are willing to become the equivalent of college Resident Advisors. Campbell concluded, “It is hoped that these residents will create a building culture of responsibility and improvement. This is important because although there will be a full menu of services available to residents, they will not be required to participate in them in order to live here.” Of the planned development, Mark Thiele, Senior Vice President, Houston Housing Authority added, “The current uncertainty around housing in our state and our country underscores the need for a development like this that guarantees affordable housing for those experiencing chronic homelessness.” According to Mike Nichols, President and CEO of the Coalition for the Homeless, “Although the number of people experiencing homelessness in Houston has somewhat stabilized the past few years, we expect to see an increase as the economic impacts of COVID are felt over the coming months. We are grateful to be a partner with agencies like Magnificat House and NHP Foundation to implement projects like these that will provide a permanent home for Houstonians who need one.”
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.
ACQUISITION / PRESERVATION Mayor Lightfoot Joins The NHP Foundation, Community and Preservation Advocates to Reopen Chicago’s Historic Mark Twain Renovation Efforts by NHPF Preserve the Historic Hotel as an SRO Featuring 148 Affordable Units for Individuals on CHA’s Waitlist on the City’s Near North Side
March 9, 2020, New York, NY— Mayor Lori E. Lightfoot today joined Chicago Department of Housing (DOH) Commissioner Marisa Novara, Chicago Housing Authority (CHA) Acting CEO James Bebley, Alds. Walter Burnett, Jr. (27) and Harry Osterman (48), Richard Burns, President and CEO, The NHP Foundation, and preservation advocates to celebrate the reopening of the renovated and restored landmark building, The Mark Twain, one of the largest remaining single room occupancy (SRO) affordable housing developments on Chicago’s Near North Side. “This project is a win-win for Chicago, providing the Near North Side nearly 150 affordable apartment units, while also restoring one of the landmarks of this community and one of the largest remaining affordable housing developments in this area,” said Mayor Lori E. Lightfoot. “Our future as a city rests in keeping Chicago affordable, and our goal is keeping buildings like this from being the exception. By investing in places like The Mark Twain, we are keeping our families stable, allowing our residents and businesses to thrive, and ensuring Chicago remains a place where everyone can succeed.” The $54.3 million renovation at 111 W. Division Street consists of 148 apartments, each equipped with rehabilitated private bathrooms and the addition of private kitchenettes. Other enhancements include all new plumbing, mechanical and electrical systems; a rooftop deck, restoration of the vintage facade and lobby and 9,600 square feet of upgraded retail space on the ground floor. Fr. left Ald. Harry Osterman, James Bebley, CHA, Victor Agusta, Bellwether Enterprise, Dick Burns, NHPF, Marisa Novara, DOH, Mayor Lori Lightfoot, Ald. Walter Burnett, Katie Naftzger, FHLBC, Daniel Burke, HUD, Calvin Holmes, CCLF “Single Room Occupancy units are precious, and we are honored to have partnered with The NHP Foundation to preserve 148 units,” Commissioner Novara said. “In a part of town where there’s so little affordable housing, the renovation and restoration of The Mark Twain is a multi-pronged win and something truly worth celebrating.” Rental assistance in the form of project-based vouchers will be provided by the CHA for each of the units at the new Mark Twain, ensuring long-term affordability. Fifty residents who lived at the property before the rehabilitation project began have returned to the renovated and restored building. The remaining apartments will be leased to people from the CHA waitlist. As part of its commitment to addressing the affordable housing challenge, the City’s contribution included issuance of $27.3 million in multi-family housing revenue bonds, a $5 million multi- family loan and $1.3 million in Low Income Housing Tax Credits that generated $12.7 million in equity. NHPF acquired the property in 2016 as part of the City’s SRO Preservation Initiative. The recapitalization and subsequent rehabilitation were made possible by Bellwether Enterprise, Chicago Community Loan Fund
Ald. Harry Osterman, James Bebley, CHA, Victor Agusta, Bellwether Enterprise, Dick Burns, NHPF, Marisa Novara, DOH, Mayor Lori Lightfoot, Ald. Walter Burnett, Katie Naftzger, FHLBC, Daniel Burke, HUD, Calvin Holmes, CCLF
(CCLF), City of Chicago, ComEd, Enterprise Community Investment, The Chicago Housing Authority, HUD, Federal Home Loan Bank of Chicago and NHPF through a combination of Tax Exempt Bonds, an FHA 220 Loan, Equity Investments in Low Income Housing and Historic Tax Credits, a Bridge Loan, Project Based Voucher Section 8 Contract, an Energy Grant, Affordable Housing Grant, and a Sponsor Loan. “We are proud of our relationship with the City of Chicago,” said Richard Burns, President and CEO of NHP. “This ribbon cutting celebrates the culmination of nearly five years of effort from acquisition of the old Mark Twain Hotel to total renovation. If it wasn’t for Chicago’s SRO Preservation Ordinance, this property could easily have been demolished. We are grateful for the opportunity to preserve this building and are excited about another SRO we will begin preserving later this year in Lincoln Park.” Since its passage in 2014, the Single-Room Occupancy Preservation Ordinance has led to the preservation of 11 buildings, consisting of more than 1,400 units of desperately needed affordable housing for some of Chicago’s most vulnerable residents. Designed by architect Harry Glube, the five-story Art Deco building features beige brick and white terra cotta accents. The rehab work was conducted by architect Weese Langley Weese and contractor Linn-Mathes. The building opened as a rooming hotel in the 1930s, with rates as low as seven dollars per week. It has been operated continuously as an SRO since the 1980s. The building, which once served as a much-needed resource for area workers, survived extensive urban renewal and street widening projects that cleared many nearby blocks in the 1960s. As a result, the Mark Twain was listed on the National Register of Historic Places in May 2017.
ACQUISITION / PRESERVATION The Partnership Inc. and The NHP Foundation Announce $8.9 Million Acquisition of Pelican Isles Apartments in Sebastian, FL The Partnership Inc. Brings 4th Opportunity to Leading Affordable Housing Not-for-Profit
January 28, 2020, New York, NY— The Partnership Inc. (“TPI”) and The NHP Foundation (“NHPF”), national not-for-profit providers of affordable housing, announced that they have completed the purchase of Pelican Isles Apartments in Sebastian, FL. This is the fourth purchase completed by the two entities expanding their relationship in support of their mutually shared mission to preserve affordable housing. The deal was made possible via a $7.761 million FHA 223(f) loan by Merchants Capital Corp, and additional equity investment by TPI and NHPF, split 50/50. The tax credit project, originally syndicated in 2005, will enter its extended-use period in 2020. The property will continue to be professionally managed by TPI Management Services (“TMS”), an affiliate of TPI. The 150-apartment property features a mix of 1,2, and 3 bedroom units in 11 residential buildings. “This property, now coming out of its initial 15-year compliance period, will be preserved for the long term by NHPF and TPI as part of our shared mission as not-for-profit owners,” said NHPF President and CEO Richard F. Burns. “An enormous part of that mission is ensuring affordable rental housing options for families and seniors.” Amenities at Pelican Isles include a clubhouse with leasing office, computer room, and exercise room, laundry room, pool and pool house, covered BBQ area, and playground. Onsite resident services will include health care screenings, summer meal program for students, and social activities to foster a sense of community and encourage community pride. “According to the most recent data, Florida faces one of the worst affordable housing crises in the country,” added Hugh Jacobs, Executive Vice President and Chief Operating Officer, The Partnership Inc. “The shortage of affordable housing affects real people. We are pleased that we could partner with NHPF and preserve affordable housing for 150 families in Sebastian, Florida. “Merchants Capital is proud to be the financing partner with two tremendous not for profit investors on this impressive acquisition
that will preserve valuable affordable housing—a mission we are deeply committed to,” said Ben Levine, Senior Vice President of Merchants Capital . About The Partnership Inc. The Partnership, Inc. (TPI), a 501(c)(3) not-for-profit real estate corporation established in 1994, is committed to excellence in affordable housing through partnerships with investors, for- profit developers, public agencies, and other nonprofits. Based in Riviera Beach, FL, and with properties located in the southern United States, TPI improves the lives of low-, and moderate-income households, including those with special needs, by providing decent, safe and sanitary affordable housing in supportive environments, while adhering to the highest standards of professionalism and business best practices. TPI is especially adept at taking over troubled properties and maximizing the financial performance of those properties, thus enhancing and preserving the economic value of the properties, while improving the living conditions of the residents. For more information, please visit www.gotpi.org.
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