NHPF BUILDS Connecticut
The NHP Foundation (NHPF) is a leading provider of affordable housing in 16 states and the District of Columbia. Our roots doing business in the Nutmeg state date to 1998 with the acquisition and renovation of at Bayview Towers in Stamford, our preeminent example of successful redevelopment using Federal Low Income Housing Tax Credits. Since 1998, the organization has continued to invest in affordable housing in Connecticut and has developed excellent relationships at the municipal, county and state level, partnering and collaborating on intricate deals that benefit both residents and the surrounding communities.
NHPF Builds Connecticut.
Our organization currently owns and operates two properties in Connecticut, representing 350 units of affordable housing set aside for families and seniors in Stamford and Waterbury. These properties provide significant investment in the housing stock of their local communities and represent a variety of housing types and architectural styles, from townhouse-style living to traditional apartment towers. NHPF’s endeavors in Connecticut have included innovative investment structures designed to leverage private investment to preserve affordable housing in the Nutmeg state. The result of those efforts—the PNC-Urban Atlantic Fund—preserved three affordable properties in the state while allowing NHPF the opportunity to evaluate those properties for potential redevelopment. The redevelopment of Exchange Place Tower in Waterbury, 150 units of affordable housing for seniors, was the end result of this collaborative process. The PNC-Urban Atlantic Fund’s legacy—affordable housing for the citizens of Connecticut and healthy returns for investors—sets a blueprint for sustainable affordability in the Northeast. We see the path up and out of poverty beginning with multifamily housing enriched with services provided by our subsidiary Operation Pathways—services that families and seniors draw on to expand opportunities for education, financial growth, health, and well-being. Preserving and building upon Connecticut’s valuable stock of affordable housing is NHPF’s animating objective in the state and by working closely with state, county, and city officials. Looking to the future, we are pleased to be working with WRSHIP at MLK Tyler Street Family Housing in New Haven. WRSHIP, incorporated in 2001, is the New Haven “SHIP” of a national movement of self-help investment plans active since the 1960s and organized by African-American communities which pooled their resources to undertake development in their communities. This 56-unit, mixed-use development is scheduled to break ground in 2022.
NHPF BUILDS CONNECTICUT
Bayview Towers 300 Tresser Boulevard, Stamford, CT 06901 / 200 units
Built in 1973, Bayview Towers was in need of substantial, occupied renovation. The financing for this project included tax-exempt bod permanent debt, seller financing, Federal LIHTC equity, existing property reserves, and Connecticut Housing Contribution Credits contributed by Connecticut Light and Power. The major work done during the full on-site
relocation process included kitchen and bathroom upgrades, energy efficient appliances, new flooring, replacement of domestic and sanitary plumbing lines, new windows, new electrical panels, new AC units, new roofs, conversion of a portion of units to be handicap accessible, exterior concrete repairs and reinforcements, energy efficient lighting, and a new look for the exterior of the buildings
Exchange Place Tower 44 Center Street, Waterbury, CT 06702 / 150 units
NHPF completed the $13 million purchase of Waterbury, CT senior affordable property Exchange Place Tower in the summer of 2020. 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. NHPF began extensive renovations on the
150-unit property directly following acquisition, remodeling kitchens and bathrooms, and installing new energy efficient windows, accessibility improvements, and fixtures that use less electricity and water. Renovation of Exchange Place Tower is projected to be completed in the fall of 2021. Exchange Place Tower has facilities that allow for on-site healthcare activities including wellness visits. As part of the renovation, Exchange Place Tower will also 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.
NHPF BUILDS CONNECTICUT
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.
Vision A future where communities flourish because attractive, sustainable housing options and life-enhancing services are ensured for income-challenged Americans.
Values NHPF seeks to promote greater diversity, inclusion, racial equity, and social justice in addition to its long-established mission of providing sustainable, service- enriched affordable housing. NHPF is committed to increasing access to opportunities for historically underrepresented individuals and businesses in the development and operation of affordable housing communities.
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