“The ability to create and preserve more affordable housing for seniors and those with special needs makes this award particularly gratifying,” said Dick Burns, President & CEO, NHPF, “The grant would not have been possible without Enterprise's financial support and guidance.”
NEW YORK (PRWEB) November 17, 2020
The NHP Foundation (“NHPF”) was awarded a $500,000 competitive Affordable Housing Program grant (“AHP Grant”) from Federal Home Loan Bank of Atlanta (FHLB-Atlanta) for the preservation and rehabilitation of the Alexander House low-income senior apartment building in Hagerstown, MD.
NHPF will use The AHP Grant to renovate the historic Alexander House. NHPF plans to install all new windows and clean the exterior façade, replace all mechanical equipment with energy efficient split systems, upgrade the kitchens and bathrooms, convert six units to ADA accessible units, upgrade street front retail into “warm lit” shells, and maintain the affordable housing for decades to come.
The AHP Grant was made possible by its lender partner, Enterprise Community Loan Fund, Inc (Enterprise). Enterprise is a member of the FHLB-Atlanta and therefore able to sponsor NHPF’s application.
Since 1990, FHLB-Atlanta has deployed more than $1.05 billion in funding for more than 165,755 affordable housing units. This investment leverages more than $18.07 billion in affordable housing funding for low and moderate income families.
“The ability to create and preserve more affordable housing for seniors and those with special needs in partnership with Enterprise makes this award particularly gratifying,” said Dick Burns, President & CEO, NHPF, “The grant would not have been possible without their financial support and guidance.”
“Bringing this community asset back to life represents a great opportunity for NHPF,” said Scott Barkan, Vice President at NHPF.
NHPF intends to close the debt and equity financing with its public and private partners in spring 2021 and complete construction in summer 2022.
The Alexander House was built in 1928 as a hotel in the Renaissance Revival style. It was renovated in 1978 to accommodate 95 units for low-income disabled residents and senior residents aged 62 and over. The 10-story building also includes over 20,000 square feet of commercial and community space.
About The NHP Foundation
Headquartered in New York City with offices in Washington, DC, 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 scattered-site communities that are both affordable to low and moderate income families and seniors, and beneficial to their communities. 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 9,664 units, in 15 states and the District of Columbia. For more information, please visit http://www.nhpfoundation.org.