The affordable housing project was made possible by funding from the District of Columbia Housing Finance Agency, the Department of Housing and Community Development, and low-income housing tax credits purchased by UnitedHealthcare
NEW YORK, Oct. 7, 2022 /PRNewswire-PRWeb/ -- The NHP Foundation (NHPF), a leading affordable housing provider, welcomed residents this past month to the newly renovated and preserved Anacostia Gardens Apartments. Redevelopment and preservation funding for the development was made possible by District of Columbia Department of Housing and Community Development (DHCD), which provided a $9,850,000 HPTF gap financing loan, and the DC Housing Finance Agency (DCHFA) who issued tax-exempt bond financing and made accessing 4% Low Income Housing Tax Credits possible.
The project also received the equity from the National Affordable Housing Trust (NAHT) which it in turn raised from its investor, UnitedHealthcare whose $8.08 million low-income housing tax credit investment supports this affordable housing project as part of the company's commitment to advance health equity in underserved communities. In addition, R4 Capital supplied the senior tax-exempt bond debt.
"DCHFA's investment reinforces our leadership's commitment and continued focus on improving health outcomes through investments in quality, beautiful, service-enriched affordable housing," said Christopher E. Donald, Executive Director/CEO, DCHFA.
NHPF acquired the 100-unit Ft. Dupont development in 2016 in partnership with the Anacostia Gardens Tenant Association, Inc. (AGTA) which exercised its rights under the District's Tenant Opportunity to Purchase Act (TOPA) and selected NHPF as the developer on the rehabilitation of the building which includes 37 one-bedroom, 49 two-bedroom and 14 three-bedroom units.
"UnitedHealthcare is committed to addressing social determinants of health at the local level," said Kathlyn Wee, CEO, UnitedHealthcare Community Plan of the District of Columbia. "Our work to support new affordable housing opportunities will drive better health outcomes in the communities we serve."
The Anacostia Gardens rehabilitation included energy improvements, interior unit replacements and upgrades, dramatically improved common areas, and added measures to make the building handicap accessible. Additional work included repairs to exterior sidewalks, all new windows, light fixtures, security systems, roofing, the addition of solar panels and more.
The renovation also featured kitchen and bathroom upgrades, new smoke and carbon monoxide detectors, and HVAC systems and thermostats. In addition to the apartments, there is a playground, on-site parking, a community room, and central laundry facility. The fully renovated community room includes additional recreation and meeting spaces.
"The reopening of Anacostia Gardens marks a milestone in our TOPA work in the District, and the development will also be certified as a 'Green Communities' project," said NHPF President and CEO Richard Burns. "This achievement showcases the best of what can be done in a successful partnership."
Representing D.C. Mayor Muriel Bowser, Department of Housing and Community Development Interim Director Drew Hubbard added, "By investing to preserve affordable units like Anacostia Gardens, we believe that it gives long-time residents an opportunity to benefit from the progress being made in their community and not have to relocate or feel unsettled."
The Ribbon Cutting event included free onsite health screenings courtesy of Mary's Center, a federally qualified health center and local provider of health services.
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 61 properties, including 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, The NHP Foundation, 9148303754, [email protected]
SOURCE The NHP Foundation
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