Acquisition is NHPF's First Low-Income Housing Tax Credit (LIHTC) Deal in Virginia
NEW YORK, Sept. 10, 2024 /PRNewswire-PRWeb/ -- NHPF has acquired the historic Danville House for $13.7 million from HallKeen Management. This acquisition marks NHPF's fourth venture in Virginia, demonstrating its commitment to expanding affordable housing options in the region. The purchase was funded by assuming an existing HUD/FHA 223(f) loan and utilizing $8.1 million in corporate bond proceeds from NHPF as an equity contribution.
Danville House, located in the heart of the Downtown Danville Historic District, is a 106-unit 100% Section 8 senior community restricted to individuals aged 62 and over. The property consists of two historic buildings: a ten-story Neo-Adamesque structure originally constructed as "Hotel Danville" in 1926, and a three-story former city market building dating back to 1890. Both buildings have been adapted for senior housing and are listed on the National Park Service's National Register of Historic Places.
"This acquisition, expanding our footprint in Virginia, aligns with NHPF's mission to provide affordable housing options that benefit communities and support long-term economic and social stability, specifically for vulnerable seniors in the case of Danville House" said NHPF lead developer Polina Bakhteiarov. "NHPF plans significant renovations to improve the quality of life for our residents while maintaining the historical integrity of the structure."
The upcoming rehabilitation will include:
- Installation of new interior finishes and flooring
- Upgrades to kitchens and bathrooms, including new appliances, cabinets, and plumbing fixtures
- Replacement of HVAC systems, water heaters, and electrical panels
- Repair of historic wood windows and replacement of vinyl windows
- Roof replacement and necessary structural updates
- Enhancements for UFAS (Uniform Federal Accessibility Standards) compliance
- Sustainability upgrades aimed at achieving a 30% performance increase over existing based on the Home Energy Rating System (HERS) Index.
The Danville House, with its 99% Section 8 HAP Contract, will continue to serve the senior population in Danville, Virginia, an area known as the "River City" and "City of Churches." The city is noted for its historical significance and strategic location near the North Carolina border.
"NHPF is privileged to have this opportunity to serve the senior community in Danville and continue to work closely with HallKeen Management, a trusted property management partner, to ensure a smooth transition and continued success for the property," said Mecky Adnani, adding that the acquisition of Danville House fulfills NHPF's mission to preserve an affordable housing property, and improve the quality of life of vulnerable very low-income elderly residents by partnering with the City of Danville and the State of Virginia.
NHPF's acquisition of Danville House comes at a time of increased focus on affordable housing development in Southside Virginia, driven by economic investments such as the new Caesars Casino. NHPF anticipates further opportunities to collaborate with local authorities and expand its impact in the region. The renovation is expected to begin in 2026.
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 60 properties in 16 states and the District of Columbia. For more information, please visit http://www.nhpfoundation.org.
Media Contact
marijane funess, www.nhpfoundation.org, 9148303754, [email protected] , www.nhpfoundation.org
SOURCE NHP Foundation
Share this article