Plans look to replace existing building with up to 110 New Affordable Homes
NEW YORK, Nov. 2, 2022 /PRNewswire-PRWeb/ -- NHPF, a national not-for-profit provider of quality affordable housing, announced today that it has closed on the acquisition of Elm Gardens Apartments, a 3-story building with 36 apartments and parking spaces in the Takoma neighborhood of Washington, D.C. The acquisition is made possible via a $7.5M loan from the Low Income Investment Fund (LIIF) funded through the DC Preservation Fund, a joint venture between LIIF and the DC Department of Housing and Community Development (DHCD), and a $2M acquisition/predevelopment loan from the National Housing Trust (NHT).
"Elm Gardens Apartments is a key addition to the community, converting naturally occurring affordable housing (NOAH) at risk of being lost, into LIHTC housing," said Mansur Abdul-Malik, SVP of Development, NHPF, "The development is made possible via the Tenants Opportunity to Purchase Agreement, (TOPA) the District's unique partnership program between developers and tenant associations." Elm Gardens marks NHPF's eighth TOPA deal in the District.
"NHPF plans to demolish the existing structure and replace it with up to 110 units of new construction that will be at least 90% affordable, with an average AMI of no more than 60%," added Michael Simon, lead developer on the property, "This is due to some of the existing residents being over-income for the LIHTC program."
The new building is expected to feature 23 studio, 53 one-bedroom, and 34 two-bedroom residences as well as onsite resident services provided by NHPF subsidiary, Operation Pathways. Additional amenities include an onsite gym, bike parking, mail room, community room with an office for the Tenant Association, community roof deck, and onsite management and leasing offices.
New construction is scheduled to commence in 2024, dependent upon a LIHTC award and soft financing from DHCD through the Housing Production Trust Fund (HPTF).
"The opportunity to deliver 110 new construction apartments, 10% set-aside as permanent supportive housing, is in keeping with NHPF's mission to preserve affordability," said NHPF CEO Richard F. Burns. "Elm Gardens Apartments will offer new options for quality housing in a vibrant community."
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 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 61 properties, including over 10,000 units, in 16 states and the District of Columbia. For more information, please visit http://www.nhpfoundation.org.
marijane funess, The NHP Foundation, 9148303754, [email protected]
SOURCE The NHP Foundation