City of Houston Disaster Relief Awards Senior Housing Development $12MM

USA - English

• USA - English

NEW YORK, July 25, 2019 /PRNewswire-PRWeb/ -- The NHP Foundation ("NHPF"), a national not-for-profit provider of affordable housing, announced today that it has received $12MM in funding. The federal Disaster Relief funds were administered by the City of Houston's Department of Housing and Community Development for NHPF's ground-up construction in partnership with Change Happens CDC in Houston's Third Ward.

"These funds are part of the federal disaster relief provided to the City Of Houston to aid in recovery from Hurricane Harvey. This project will, in part, replace housing stock destroyed by that storm," says Tom McCasland, Director of Housing and Community Development for the City of Houston. In addition to the Disaster Relief funds, this project will be financed through 4% and Low Income Housing Tax Credits and tax exempt bonds.

The property, located on Elgin Street at Tierwester Street will contain 73 studio and one-bedroom rental units as well as a planned theater, retail space, health provider space, recreational amenities and a fitness center. The land was purchased by Change Happens CDC, as part of its decades-long effort to end blight and improve the neighborhood. According to NHPF partner, Rev. Leslie Smith II, founder and CEO of Change Happens CDC, those efforts include "buying crack houses and tearing them down for the past 30 years."

Of the planned development, Reverend Smith II continued, "Gentrification is sweeping through the Third Ward displacing generations of African American families. By acting now in partnership with The NHP Foundation, we are able to provide some of the affordable housing needed to prevent that displacement." A recent paper by the Kinder Foundation indicated that 1400 households in the Historic Third Ward making under 80% of the area median income are threatened with displacement over the next few years. NHPF, with partners Change Happens CDC and Trinity East Village CDC plans to build 700 of those 1400 units.

"This senior community is the first part of that larger vision," said Pastor Marilyn White, Trinity East United Methodist Church, "And the first effort of this partnership which realized the potential and the need, and took swift action to make the housing a reality."

Houston Mayor Sylvester Turner has designated the Historic Third Ward a "Complete Community" or priority revitalization area. "This project marks another important milestone in Houston's efforts to create and preserve affordable housing units," Mayor Turner said. "Through its partnerships with the City, Change Happens CDC and Trinity East United Methodist CDC, NHPF is helping preserve the diversity, character and affordability of the Third Ward, fulfilling our goal to make the historically underserved and under resourced neighborhood a 'Complete Community'."

"We appreciate the Mayor's focus on the Historic Third Ward," said Rev Smith. "We also appreciate the support we have received from our state Representative Coleman, who has helped with tax credits."

"The federal funds we've received from our partners at HUD have made it possible for us to focus much needed resources inside the city," added Ray Miller, Commercial and Public Facilities Assistant Director for the City of Houston. "This goes a long way towards preserving affordability as well as the cultural identity of our historic communities."

"It is part of our mission to benefit low income Houstonians, especially in an increasingly affluent neighborhood, where displacement was a real possibility," added Neal Drobenare, Sr. Vice-President, NHPF "We are grateful that the City of Houston's Disaster Relief fund deemed the project worthy."

This project is part of NHPF's Affiliate Program which partners with local organizations including faith-based entities to bring development, finance, asset management, resident services, fund raising and other managerial assistance to them.

About The NHP Foundation
Headquartered in New York City with offices in Washington, DC, and Chicago, IL, The NHP Foundation (NHPF) is celebrating its 30th year 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. NHPF also provides a robust resident services program to nearly 18,000 community residents. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has 52 properties in 15 states and the District of Columbia.

About Change Happens CDC
The Change Happens CDC is committed to making dreams of long-term economic stability come true. Whether one dreams of owning a home, sustaining affordable home-ownership, starting or expanding a business, or acquiring financial management skills, we can help make one's dream a reality. We understand the trends and dynamics that affect and shape the City of Houston. More importantly, we understand our clients' ever-changing needs. Supporting clients through innovative programs and services is the most valuable service we can provide. Our service contributions are felt throughout Houston and surrounding community.

SOURCE NHP Foundation