NHPF CEO Dick Burns added. “To us, housing is always more than just a roof, critical place-based services afford residents pathways to more fulfilling, successful lives.”
WASHINGTON (PRWEB) May 18, 2022
The NHP Foundation (NHPF) raised the roof on its tenth affordable housing development in the District today, 17 Mississippi Apartments, with a celebration at Paramount Baptist Church including community members, District housing officials, and an exhibit of local art.
Funding for the development was provided by District of Columbia Housing Finance Agency (DCHFA) with Citi Community Capital, providing $10.3M in tax-exempt bond financing and underwriting $8.8M in 4% Low Income Housing Tax Credits (LIHTC), purchased by WNC & Associates, Inc. DC Department of Housing and Community Development’s Housing Production Trust Fund provided a $9 million loan.
The LIHTC investment was provided by CVS Health as part of its commitment to advance health equity in underserved communities.
“To make a meaningful, positive impact on our communities, we are committed to addressing social determinants of health at the local level,” Jim Bostian, Mid South Market President, Aetna, a CVS Health company said. “Affordable housing is directly linked to good health. By investing in affordable housing in the Washington, DC community, we are meeting the needs of individuals and families by providing them with resources that enable equal opportunity to live healthier lives.”
17 Mississippi Apartments will offer a mix of studios, one bedroom, and three-bedroom apartments to families and individuals with demonstrated need. Nine of the 41 units will provide permanent supportive housing for people who are experiencing homelessness or are in need of mental health support.
Of the service-enriched housing, NHPF CEO Dick Burns added. “To us, housing is always more than just a roof, critical place-based services afford residents pathways to more fulfilling, successful lives.”
Another nine units will have preference for income-qualified artists. As part of the project’s interest in promoting local artists, Keyonna Jones, Executive Director, Congress Heights Arts & Culture Center, displayed artwork from the Center and offered this about the planned development, “The arts community in Southeast is thriving yet many of our local artists have difficulty finding housing they can afford and space to work in. 17 Mississippi will be providing some exceptional opportunities.”
Representing D.C. Mayor Muriel Bowser, Department of Housing and Community Development Interim Director Drew Hubbard added, “the equitable affordable housing development and distribution goals DC has, we know can help expand opportunities for all residents to access important health and economic opportunities. This project pushes us closer to achieving those goals.”
Construction on 17 Mississippi will be completed in early 2023. To view a video of the progress on construction of 17 Mississippi, click here.
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 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 costs 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 56 properties, including nearly 10,000 units, in 16 states and the District of Columbia. For more information, please visit http://www.nhpfoundation.org.