Federal Home Loan Bank of Boston Awards The NHP Foundation a $650,000 Affordable Housing Program Grant

NEW YORK, Dec. 22, 2021 /PRNewswire-PRWeb/ -- The NHP Foundation ("NHPF"), in partnership with Citizens Bank, was awarded a $650,000 competitive Affordable Housing Program (AHP) grant from Federal Home Loan Bank of Boston (FHLBankBoston) to create 56 units of mixed-income housing and commercial space in New Haven. This initiative will be completed through a partnership with the city, West River Self Help Investment Plan (WRSHIP), and the NHPF.

NHPF will use the AHP grant to construct 11 townhouse-style buildings with a focus on family housing. Fourteen units will be affordable to households earning at or below 30% of the area median income (AMI) while 23 units will be affordable to households earning between 31% -50% AMI and seven will be targeted to 51%-60% AMI.

Citizens Bank will provide construction financing and Low Income Housing Tax Credit investment equity.

The grant was part of approximately $19.4 million in grants, loans, and interest-rate subsidies that FHLBank Boston awarded to support 30 affordable housing initiatives in New England and beyond in 2021. These projects, funded in part through the AHP, will create or preserve 1,216 rental and homeownership units for individuals and families earning up to 80% of the area median income.

"The ability to construct new, more resilient more affordable housing including twelve supportive units to serve formerly homeless and/or residents with special needs makes this award particularly urgent at this time," said Dick Burns, President & CEO, NHPF.

Added Jamie Smarr, Sr. Vice President and leader of NHPF's Affiliate Program, "The ability to work with WRSHIP, part of a national movement to promote the participation of racial minorities who have historically been excluded from economic development projects in the city and throughout the country, fits so well with our organization's mission."

The initiative will also include a clubhouse/community center, garage parking, and a playground, and will be designed to Passive House standards with solar panels. A coffee shop and bakery will be operated onsite by the social service provider to teach job skills and operate an employment re-entry program. The site is served by both rail and bus transit. The New Haven United Nations International Peace Garden will remain on the site.

###
About The NHP Foundation
Headquartered in New York City with offices in Washington, DC, Baltimore, MD 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. Since that time NHPF has invested nearly $1.2 billion in the preservation and new construction of affordable housing throughout 16 states and the District of Columbia. The investing of these funds has resulted in economic stability for thousands of seniors, families, and children. Communities have been enriched, school systems have remained intact, local businesses sustained their patrons and residents retained their employment. 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 57 properties, including more than 10,000 units. For more information, please visit http://www.nhpfoundation.org.

Media Contact

marijane funess, The NHP Foundation, 9148303754, [email protected]

SOURCE The NHP Foundation