NEW YORK, Dec. 21, 2020 /PRNewswire-PRWeb/ -- In keeping with its mission to preserve affordable housing, national not-for-profit The NHP Foundation ("NHPF") has acquired Overlook Manor, 63 townhouse units in nine buildings for a moderate rehabilitation. NHPF closed on the purchase of the property with a $10 million acquisition bridge loan provided by the Low-Income Investment Fund (LIIF).
"Closing out 2020 with such an achievement assures many more years of reliable housing for residents, and NHPF is working toward closing a larger refinancing next year that will allow us to do a substantial rehabilitation of the property," said Richard F. Burns, President & CEO of NHPF.
"LIIF continues to support developers such as NHPF to transform naturally occurring affordable housing into long term service-enriched affordable housing, which is in short supply throughout the country," said Holly Denniston-Chase, Deputy Director, Mid-Atlantic Region for the Low Income Investment Fund (LIIF), "Overlook Manor is an especially important project given the many resources and amenities Frederick has to offer Overlook residents."
NHPF will preserve and maintain the affordable property built in 1985, including replacement of most kitchen and bathroom components, HVAC equipment, water heaters, windows, light fixtures and flooring. Substantial work would also be done to the building exteriors, such as replacement of all roofs that haven't been replaced in the last few years, and patching/seal coating of the parking lot. In addition, extensions would be added to the first floor of 3 end units to create barrier free (ADA) units.
"CORES-certified Operation Pathways resident services will be provided at Overlook Manor," said Ken White, Executive Director, Operation Pathways, "Now, during these uncertain times, it is ever more critical to ensure that residents can utilize such programming to progress in their academic, professional and personal lives."
Renovations on Overlook Manor are projected to begin in the 3rd quarter of 2021. The $20 million refinancing is expected to involve an HUD loan, short-term tax exempt bonds and Low-Income Housing Tax Credits.
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 nearly 10,000 units, in 16 states and the District of Columbia. For more information, please visit http://www.nhpfoundation.org.
About LIIF
The Low Income Investment Fund (LIIF) is a national nonprofit community development financial institution with $900 million in assets under management. LIIF's mission is to mobilize capital and partners to achieve opportunity, equity and well-being for people and communities. Since 1984, LIIF has deployed more than $2.7 billion to serve more than two million people in communities across the country. An S&P-rated organization, LIIF innovates financial solutions that create more equitable outcomes for all by building affordable homes, quality educational opportunities, health clinics, healthy food retail and community facilities. In 2020, LIIF refined its mission to focus on mobilizing capital by putting racial equity at the center of investments. As part of this new strategic direction, LIIF and Stewards of Affordable Housing for the Future (SAHF) entered into a joint venture with National Affordable Housing Trust (NAHT). We aligned this partnership around a shared commitment to housing equity, which encompasses building quality, safe affordable housing with an approach that centers resident voice and community choice to achieve our vision for more equitable, opportunity-rich communities. http://www.liifund.org
Media Contact
marijane funess, NHPF, 9148303754, [email protected]
SOURCE NHP Foundation
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