• 2017 also saw the closing of a very important transaction in Washington, DC, our joint venture with Columbia Heights Village Tenants Association and CHANGE/All Souls Housing Corporation, to acquire the Columbia Heights Village property. Columbia Heights is a rapidly gentrifying neighborhood of the District well served by retail, schools and public transportation. With the completion of this $105M transaction, in which NHPF partnered with the tenants association to exercise their rights under the District’s Tenant Opportunity to Purchase Action (TOPA), the tenants association gained an ownership stake and better control of their destiny in this rental community, which serves 406 low income families.
• This past year NHPF also acquired Takoma Place Apartments through a TOPA deal. The $16 million transaction cost was made possible through a $13.7 million commitment from DHCD (Dept. of Housing and Community Development). Bridge financing was provided by Citibank, LISC (Local Initiatives Support Corporation) and the seller. Located in Brightwood, in NW DC, which is a gentrifying neighborhood with little affordable housing, Takoma Place is across the street from the former Walter Reed Hospital and consists of 105 units in seven buildings. The residence is a Year 15 Low Income Housing Tax Credit LIHTC) property with 95% of units priced for residents earning 60% of AMI (Area Media Income) or less.
NHPF Fiscal Year 2017 Annual Report 17
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