Funds specified for 11 apartments in new Citadel at Elgin development
NEW YORK, Sept. 8, 2023 /PRNewswire-PRWeb/ -- The NHP Foundation (NHPF) announced today that it will receive $1,497,500.00 in capital grant subsidy funding from CSH earmarked to pay costs incurred for the construction of 11 apartment units of permanent supportive housing at the Citadel at Elgin in Houston which opened earlier this summer and is nearing full occupancy.
"The funds we are receiving from CSH are critical for NHPF to be able to provide much-needed permanent supportive housing intended to improve the lives of those most desperately in need of housing," said John Hoffer, NHPF Vice President and lead developer of the Citadel at Elgin, "It is this kind of effective partnership that keeps affordable housing production vibrant and robust, and we are so grateful for CSH's generous support."
Construction of The Citadel at Elgin also fulfills the dream of Reverend Leslie Smith, Founder and CEO of NHPF's partner, Change Happens, CDC, which had purchased dilapidated housing in the 3rd Ward neighborhood to convert to high quality affordable housing. Working with NHPF and others, this housing was brought to fruition.
The Citadel at Elgin is one of five NHPF affordable apartment communities in Houston. Others include Cleme Manor in the Fifth Ward and Pepper Tree Manor in Spring Branch. Properties under construction include RoseMary's Place Apartments and Temenos Place Apartments in Midtown.
"The Citadel at Elgin represents CSH's commitment to improving the lives of people caught in the cycle of poverty, institutionalization and homelessness, at a time when we are seeing an alarming increase in the number of seniors experiencing homelessness in our country," said Deborah De Santis, President and CEO at CSH. "We are pleased to support NHPF's efforts to increase affordable and supportive housing in Houston so all residents can thrive in their communities."
Other funding required for NHPF to construct and deliver The Citadel from the ground up consisted of, $15.00 million of Citibank construction and permanent debt financing with tax exempt bonds issued by Texas Department of Housing and Community Affairs, $11.82 million of LIHTC equity from Hudson Housing Capital and $10.25 million in federal Disaster Relief funds administered by the City of Houston's Department of Housing and Community Development. Additional funds for the project were secured through 4% and Low-Income Housing Tax Credits and tax-exempt bonds.
About CSH
The Corporation for Supportive Housing (CSH) is the national champion for supportive housing, demonstrating its potential to improve the lives of very vulnerable individuals and families by helping communities create more than 385,000 real homes for people who desperately need them. CSH funding, expertise and advocacy have provided $1 billion in direct loans and grants for supportive housing across the country. Building on 30 years of success developing multiple and cross-sector partnerships, CSH engages broader systems to fully invest in solutions that drive equity, help people thrive, and harness data to generate concrete and sustainable results. By aligning affordable housing with services and other sectors, CSH helps communities move away from crisis, optimize their public resources, and ensure a better future for everyone. Visit us at http://www.csh.org.
About The NHP Foundation
Headquartered in New York City with offices in Washington, DC, Baltimore 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, and single-family homes that are both affordable to low and moderate income families and seniors, and beneficial to their communities. NHPF's Construction Management Group provides in-house resources dedicated to infrastructure review, infrastructure development and cost management. 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 over 10,000 units, in 16 states and the District of Columbia. For more information, please visit http://www.nhpfoundation.org.
Media Contact
Marijane Funess, NHP foundation, 19148303754, [email protected], www.nhpfoundation.org
SOURCE nhp foundation
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