NHPF BUILDS Texas
Beginning in 1995 with the acquisition of Oakbrook Apartments, The NHP Foundation (NHPF) has long had a presence in the greater Houston area, which it is now seeking to rapidly expand as the booming Houston economy demands more safe, affordable housing for its residents. NHPF, a leading provider of affordable housing in 16 states and the District of Columbia, acquired its second and third properties in the City in 2013 and 2014. Now, NHPF has embarked on a bevy of new construction projects for the neediest citizens of Space City. The acquisition of Pepper Tree Manor and Cleme Manor Apartments in 2013 and 2014 were made possible via the outstanding relationships we have cultivated with the City of Houston and Mayor Sylvester Turner as well as Representative Sheila Jackson Lee, whose district includes the 5th Ward where Cleme Manor is located. NHPF Builds Texas. In partnership with the City of Houston, NHPF completed a substantial redevelopment of Cleme Manor, providing ongoing management and security enhancements that have resulted in a 27% decrease in crime in the area. NHPF’s adherence to ESG investment principles has helped Cleme Manor Apartments become an integral part of the revitalization of the community. 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. Working with the Harris County Housing Authority and the City of Houston Housing and Community Development Department, NHPF has completed three new construction projects which include a mix of valuable senior living, units of permanent supportive housing, and multifamily units. Those projects, Rasmus-Temenos Apartments, The Citadel Apartments, and (completed July 2024) RoseMary’s Place Apartments, were constructed in partnership with local non-profits and stakeholders, ensuring that local communities are integrally involved in the development process from day one. For example, NHPF partnered with Temenos Community Development Corporation on the Rasmus-Temenos Apartments complex. Temenos’ mission is to provide affordable housing opportunities, supportive services, and employment resources to low- to extremely low income persons in the Houston area on their journey to self-sufficiency. Preserving and expanding access to affordable housing in the Houston metro area is just one way that NHPF strives to build and preserve more equitable, resilient communities that people can afford.
Cleme Manor Apartments 5300 Coke Street, Houston, TX 77020 / 284 units
Originally constructed in 1970, Cleme Manor is situated on 12.8 acres east of downtown Houston in the Greater Fifth Ward-Finnegan Park neighborhood. There are a total of 284 residential units (24 single-bedrooms, 112 two-bedrooms, 120 three-bedrooms, 24 four-bedrooms, and 4 five-bedrooms) in Cleme Manor’s 24-building garden style community. The surrounding neighborhood is in the midst of a comprehensive City of Houston redevelopment with over $35 million in streetscape improvements, multifamily housing construction, and single family rehabilitations. Cleme Manor is part of the City’s Tier 1 redevelopment zone, an area which has received targeted city investments.
At the time of its acquisition, Cleme Manor had not undergone a comprehensive rehabilitation in over 20 years, and many of the building elements had reached the end of their useful economic lives. A substantial and comprehensive rehabilitation of the property was required. Construction included demolition down to the studs, disposal of asbestos-containing materials, replacement of all windows, doors, existing interior wiring, kitchen and bathroom cabinets, countertops, fixtures, sinks, toilets, 75% of all tubs, re-piping all waterlines, repair and replacement of sewer vent and sanitary piping, replacement of the property’s existing HVAC system with new equipment meeting modern energy efficiency standards, and a complete renovation of the property’s office, laundry and community service areas. The redeveloped property includes ample space for resident services and new landscaping and exterior recreation areas for children and adults.
$ 40,900,000
TOTAL COST OF REDEVELOPMENT
Secured financing and funding for this project included:
$ 18,542,700
HUD Insured Mortgage Financing Provided by PNC Bank
$ 4,260,000
HOME & CDBG Funded Loans from City of Houston
$ 16,498,350
LIHTC Equity Provided by NAHT (BBVA as Investor)
$ 1,598,950
NHPF, Existing Reserves & Interim Income
$ 13,089,221
TOTAL COST OF ACQUISITION / PRESERVATION
Secured financing and funding for this project included:
$ 9,600,000
Bank of America
$ 3,000,000
City of Houston
$ 489,221
Equity
NHPF BUILDS TEXAS
Citadel On Elgin 3331 Elgin Street, Houston, TX 77004 / 74 units
Houston’s senior citizens have a new place to call home: The Citadel Apartments. This newly-constructed building features 74 sparkling new studio and one-bedroom apartments in a handsome mid-rise building in Houston’s historic Third Ward. The Citadel is located within walking distance of a new light rail stop as well as three separate bus lines, ensuring quick and abundant public transport
for residents of this burgeoning new community. Furthermore, The Citadel is surrounded by community amenities such as grocery stores, parks, health facilities, and several public libraries.
$ 27,665,000
TOTAL DEVELOPMENT COST
Secured financing and funding for this project included:
$ 11,821,000
4% LIHTC Equity
$ 10,250,000
City of Houston Soft Loan
$ 3,255,000
Tax-Exempt Bond Loan
$ 1,497,500
CSH Grant
$ 841,500
Deferred Developer Fee
NHPF BUILDS TEXAS
Rasmus-Temenos Apartments 1703 Gray Street, Houston, TX 77003 / 95 units
Construction on Rasmus-Temenos Apartments, a 95-unit Permanent Supportive Housing building, was completed in late 2023. This six-story elevator-served podium building consists of 95 efficiency apartments, shared space for supportive service programs, and office space for The NHP Foundation’s partner in this development, Temenos Community Development
Corporation. All units include full kitchens and baths. The building meets ICC 700- 2020 National Green Building Standards. The new community space provides a robust permanent supportive services program designed to prevent 95 households from being displaced into homelessness.
$ 34,765,819
TOTAL DEVELOPMENT COST
Secured financing and funding for this project included:
$ 10,264,800
4% LIHTC Equity
$ 14,000,000
City of Houston HOME Reinvestment
$ 8,000,000
City of Houston CDBG Disaster Relief
$ 1,500,000
City of Houston Housing Bond Reinvestment
$ 735,398
Temenos CDC Seller Note
$ 265,621
Deferred Developer Fee
NHPF BUILDS TEXAS
RoseMary’s Place Apartments 3300 Caroline Street, Houston, TX 77004 / 149 units
Upon completion in summer 2024, RoseMary’s Place Apartments in the Midtown neighborhood of Houston will provide 149 units of permanent supportive housing to the most vulnerable residents of the City of Houston. Located on a solid city block bounded by Carolina Avenue, San Jacinto Avenue, Francis Street, and Stuart Street, this innovative apartment complex will create 149 permanent supportive housing units whose occupants will be served by a robust supportive housing service program via The NHP Foundation’s partner organization, Magnificat Houses, Inc.
The four-story elevator served building will consist of efficiency units on floors 2 through 4, while programming and office space will occupy the ground floor. Laundry rooms will be provided. RoseMary’s Place will have extensive common areas as is appropriate for a building with such a robust service program for residents. In addition to offices for property management, there will be two offices for resident service providers, three multipurpose rooms, a warming kitchen, and two separate gathering areas, and a 24-hour staffed entry desk.
$ 46,279,797
TOTAL DEVELOPMENT COST
Secured financing and funding for this project included:
$ 13,554,324
9% LIHTC Equity
$ 18,413,934
City of Houston Disaster Relief Funds
$ 10,248,170
Harris County Disaster Relief Funds
$ 1,700,000
Social Services Reserve
$ 1,653,369
Pre-Paid Commercial Rent
$ 710,000
Sponsor Loan
NHPF BUILDS TEXAS
Seabrook Square 3511–3515 Manor Road, Austin, TX 78723 / 204 units
Construction on NHPF’s first property in Austin, TX, Seabrook Square,will complete in early 2025. These 204 new rental apartment homes will be available to households earning at or below 60% of the Area Median Income (AMI). This significant event marks a crucial step towards addressing the region’s housing
needs and fostering economic diversity within the community. In collaboration with AHFC and local developer Capital A Housing, NHPF closed on $74.5 million in construction financing for Seabrook Square. Of the 204 new rental apartment homes, ten live-work units will be made available to income-qualified Austin artists, chosen by SixSquare, the East Austin cultural district partner of Seabrook Square. Seabrook Square is financed through a diverse funding structure, including a $40 million tax- exempt bond issued by the City of Austin, $3.4 million Citibank construction bridge debt, $32.3 million in 4% LIHTC Equity syndicated by Boston Financial, and $13.5 million in Austin Housing Finance Corporation subordinate debt financing.
$ 74,739,059
TOTAL DEVELOPMENT COST
Secured financing and funding for this project included:
$ 21,632,479
Citi Permanent Loan
$ 32,605,759
4% LIHTC Equity
$ 13,516,414
RHDA Subsidy Loan
$ 729,886
Accrued Interest
$ 780,300
45L Energy Tax Credit Equity
$ 5,474,221
Deferred Developer Fee
NHPF BUILDS TEXAS
Pepper Tree Manor 5950 Antoine Drive, Houston, TX 77091 / 250 units
Situated on 15 acres in Houston, Texas, Peppertree Manor is comprised of 250 one- and two-bedroom units. Constructed in 2006, Pepper Tree provides affordable upscale living for seniors aged 55 and older. Amenities include granite countertops, 9-foot ceilings, crown molding, and energy-efficient features. The community offers a lap pool, a vegetable and flower garden, a comprehensive fitness center, a fully equipped business center, library, clubhouse, and entertainment areas. Pepper Tree Manor income mix includes 125 units at or below 50% AMI and 125 units at or below 60% AMI.
$ 8,182,247
TOTAL COST
Secured financing and funding for this project included:
$ 3,950,000
PNC Bank First Mortgage
$ 380,247
Seller Funds
$ 3,852,000
TDHCA 2nd Mortgage (NSP) Funds
NHPF BUILDS TEXAS
Trustees
Glynna K. Christian Chair Cherie Santos-Wuest Vice Chair Robert H. Abrams Lisa Anastos Ralph F. Boyd, Jr. Richard F. Burns Sarah E. Feinberg Sheldon L. Schreiberg
Charu Singh Grace Torres Adam Weers
Leadership
Richard F. Burns Chief Executive Officer Eric W. Price President Stephen M. Green Executive Vice President & Chief Investment Officer Senior Management Mansur Abdul-Malik Senior Vice President Mecky Adnani Senior Vice President Scott L. Barkan Senior Vice President Neal T. Drobenare Senior Vice President Alla A. Eleon Chief Accounting Officer & Treasurer Carlos A. Gonzales Senior Vice President Fred C. Mitchell Senior Vice President Thomas G. Vaccaro Senior Vice President & Secretary John M. Welsh Senior Vice President Joseph P. Wiedorfer Senior Vice President & Assistant Secretary
CITADEL ON ELGIN, HOUSTON, TEXAS
Mission The NHP Foundation is a not-for-profit real estate organization dedicated to preserving and creating
Vision A future where communities flourish
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.
because attractive, sustainable housing options and life-enhancing services are ensured for income-challenged Americans.
sustainable, service- enriched multifamily housing that is both affordable to low and
moderate income families and seniors, and beneficial to their communities.
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