Transaction Press Release Archive
Where You Live Matters
For more information on these projects or other NHPF properties please visit www.nhpfoundation.org or follow the organization on Twitter at @nhpfoundation. 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 that is 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 56 properties, including approximately 10,000 units, in 15 states and the District of Columbia.
ACQUISITION / PRESERVATION The NHP Foundation and Spartanburg Housing Authority Secure $17.4M for Rehabilitation of Victoria Gardens Apartments, Affordable Housing in Spartanburg, SC Property is NHPF’s 1st RAD (Rental Assistance Demonstration) Deal in South Carolina
November 11, 2020, New York, NY— Leading affordable housing provider, The NHP Foundation (“NHPF”) was selected by The Spartanburg Housing Authority to partner and redevelop/preserve Victoria Gardens Apartments in Spartanburg, SC. Competitive 9% tax credit financing was secured from the South Carolina State Housing Finance and Development Authority, along with long-term rental subsidy from the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration (RAD) program. Federal Home Loan Bank of Atlanta also supplied $500,000 in additional funding. “Transferring our positive RAD experience from the DC area to preserve quality affordable housing in Spartanburg provides an important opportunity to put our sound fiscal expertise to work,” said NHPF President and CEO Richard Burns, “The awarding of scarce 9% tax credits is also a tremendous addition to the project’s overall success.” The total gut rehab of the 80-unit development began in October and will be conducted in phases 5 to allow for temporary relocations of all residents. It will be completed in January, 2022 and includes remediation of all hazardous materials, roof and floor replacement, addition of half bathrooms in all 2- and 3-bedroom units, new kitchens featuring Energy Star appliances, new windows and light fixture ceiling fans as well adding washer and dryer hookups. Additionally, the renovation includes new electrical, plumbing and HVAC systems, new hot water heaters, paint and sheetrock and security system upgrades. “The interior repairs will help provide residents with all the comforts and amenities of a new home,” said Mansur Abdul-Malik, Vice President, NHPF, “And external additions such as updated landscaping and irrigation, repaired sidewalks, new walking trail, and new ADA-approved gazebo and playground equipment, ensure an improved overall quality of life experience for families and children.” “The key to a successful renovation such as this is a smooth process of temporary relocation for our residents,” added Shaunté
Evans, CEO, Spartanburg Housing Authority, “By working with a relocation specialist, we have ensured that all residents are staying nearby and children will remain within the same school district.” Evans adds, “We look forward to welcoming our families back into their renovated homes”. Victoria Gardens Apartments, which were built in 1970, has received minor renovations over the years including transitioning to central heating and air conditioning in the early 2000s. About The Spartanburg Housing Authority The Housing Authority of the City of Spartanburg has provided housing assistance for people with low and moderate incomes, since 1939. SHA provides housing assistance for families, elderly, veterans and disabled individuals through a variety of programs including Public Housing and Housing Choice Vouchers. For more information on housing assistance, contact the Spartanburg Housing Authority at 2271 South Pine Street, Spartanburg, SC 29302 or phone 864.598.6000. SHA offices are open Monday through Friday, 8:30 am to 5:00 pm. Visit online at SHASC.org .
ACQUISITION / PRESERVATION Blue Mountain Apartments, 217 Units of Affordable Housing, to be Preserved in Boston, MA The NHP Foundation Acquired the Historically Significant Property in Roxbury
November 5, 2020, New York, NY— In keeping with its mission to preserve affordable housing, national not-for-profit The NHP Foundation (“NHPF”) announced that it has purchased Blue Mountain Apartments in Boston, MA, for $56.2 million. The organization will provide improvements to the apartments, including kitchen and bathroom renovations, system upgrades, energy efficient boilers, new ventilation systems, and exterior repairs and restoration. MassHousing is providing the NHP Foundation with $52.2 million in construction to permanent financing for the acquisition and rehabilitation of the 19 historic buildings that comprise the housing community, as well as $12.5 million in permanent financing for land acquisition. “The partnership between NHPF and MassHousing allows us to provide affordable units in an increasingly expensive neighborhood, close to the center of the City with good access to public transportation,” said MassHousing Executive Director Chrystal Kornegay. “Preservation of affordable housing with amenities and access helps increase opportunities for families in the area to succeed and prosper.” The transaction also involved $35.5 million in federal Low- Income Housing and Historic Tax Credit equity, $4.5 million in state Historic Tax Credit equity, and $3 million in anticipated operating revenue. PNC Bank acted as the low-income housing and historic tax credit investor for the transaction. “PNC has been involved with Blue Mountain Apartments for several years, after a preservation fund, sponsored by PNC, acquired the property to generate an economic return and prevent the property from converting to market-rate housing,” said Todd Crow, executive vice president for PNC Real Estate. “Through our work with NHPF, we have been able to create an attractive investment for our investors and preserve long-term affordability for local residents, which is the ultimate goal of PNC’s product capability and affordable housing platform.” Additional financing partners included BlueHub Capital (state historic tax credit bridge lender), Massachusetts Historical Commission (allocator of state historic credits), Massachusetts Department of Housing and Community Development (allocator of low income housing tax credits), and U.S. Department of Housing and Urban Development (rental assistance provider). “Preservation of historically significant properties like Blue Mountain provide two-fold benefits,” said Mecky Adnani, senior vice president NHPF. “We preserve the vibrant, historic fabric of this Roxbury neighborhood and ensure that rental housing here stays affordable through at least 2045.” The 217 units at the Blue Mountain Apartments are contained in 19 buildings on scattered sites around the Elm Hill Avenue
neighborhood in Roxbury. The affordable housing community was originally built in the early 1900s and was last substantially rehabilitated in the 1980s. The buildings are included in the Massachusetts Historical Commission’s Historic Places inventory. Renovations began this month and are expected to be completed in 18 months. About MassHousing MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed- income rental housing. MassHousing does not use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth. Since its inception, MassHousing has provided more than $24.3 billion for affordable housing. For more information, follow us on Twitter , Facebook and LinkedIn . About PNC Bank PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com .
FUNDING The State of Texas Joins with the City of Houston, Harris County, and Houston Housing Authority to Fund 149 Units of Supportive Housing in Houston’s Vibrant Midtown Neighborhood
September 1, 2020, New York, NY— The NHP Foundation (“NHPF”), a national not-for-profit provider of affordable housing, announced today that it has received $1.5M annual allocation of 9% credits from the Texas Department of Housing and Community Affairs to construct 149 units of permanent supportive affordable housing in Houston’s hip and vibrant Midtown neighborhood. Additionally, the City of Houston Department of Housing and Community Development has allocated $15 million through their Harvey Multifamily Program, which is funded by the U.S. Department of Housing and Urban Development (HUD) to aid in Houston’s recovery from Hurricane Harvey. The project is also being actively considered for funding by the Harris County Community Services Department. Magnificat Houses, Inc. (Magnificat) is providing the land and is NHPF’s partner in the development. Magnificat is a faith-based nonprofit community where those needing housing, food and mental health programs can grow in stability, productivity and independence. “Though a high-income neighborhood, Midtown still has homeless people on its streets,” said Magnificat Executive Director John Boyles. “Hopefully some of these people, who we see every day can find a welcoming home in this new building.” Crucially, the Houston Housing Authority allocated 149 project- based vouchers which will allow the development to house the most vulnerable chronically homeless people. “Safe and stable permanent housing is the data-proven antidote to homelessness. That is why this vital project, which will holistically focus on transforming lives for the betterment of the entire community, is a priority for the City of Houston,” said Marc Eichenbaum, the Mayor’s Special Assistant for Homeless Initiatives. Ray Miller, the Assistant Director for Multifamily Housing and Public Facilities at the City of Houston Housing and Community Development Department added, “We can think of no better use for disaster relief funds than to provide them for housing dedicated to the chronically homeless.” “Efforts such as this illustrate NHPF’s approach to providing housing; we don’t bring a pre-package design to every city we work in, instead we find out what local leaders see as the most pressing problem and design our projects to address them,” said Neal Drobenare, NHPF’s Senior Vice President, Acquisitions. The property, located at 3300 Caroline Street, will contain 149 rental units, recreational amenities and space for the supportive services this population needs to be successful. The land was purchased by Magnificat Houses as part of its mission to provide welcoming communities to those needing housing, food and mental health programs to grow in stability, productivity and independence.
“This project is part of NHPF’s Affiliate Program which aims to increase the capacity of local non-profit partners. Like all community-based non-profits, Magnificat struggles every year to raise the donations it needs to operate and grow,” added NHPF’s Drobenare. “By leasing the land to us for this project, Magnificat not only meets the land donors’ intent that it serve the community, but the lease payments will provide for a new central office, food service facility, housing and an endowment that allows it to continue serving the neediest population.” “Magnificat has been serving the Midtown community for fifty years and recently started to expand its services to provide Permanent Supportive Housing to the homeless. We have every hope that this project will be a springboard for Magnificat to become one of Houston’s Premier providers of services and housing to the chronically homeless,” said Ed Cordes, Magnificat Board Member. This project will not only build on NHPF’s development capacity but on Magnificat’s programmatic strength. “MHI’s current group housing program provides not only housing but a structured program where residents progressively take on more responsibility for running the home, including becoming house leaders” says Kevin Campbell, MHI’s director of mental health and supportive services. Building on this, 20% of 3300 Caroline’s units will be set aside for formerly homeless people who have gone through transitional housing programs such as Magnificat’s and are willing to become the equivalent of college Resident Advisors. Campbell concluded, “It is hoped that these residents will create a building culture of responsibility and improvement. This is important because although there will be a full menu of services available to residents, they will not be required to participate in them in order to live here.” Of the planned development, Mark Thiele, Senior Vice President, Houston Housing Authority added, “The current uncertainty around housing in our state and our country underscores the need for a development like this that guarantees affordable housing for those experiencing chronic homelessness.” According to Mike Nichols, President and CEO of the Coalition for the Homeless, “Although the number of people experiencing homelessness in Houston has somewhat stabilized the past few years, we expect to see an increase as the economic impacts of COVID are felt over the coming months. We are grateful to be a partner with agencies like Magnificat House and NHP Foundation to implement projects like these that will provide a permanent home for Houstonians who need one.”
ACQUISITION / PRESERVATION Exchange Place Tower to Be Preserved as Senior Affordable Housing in Waterbury, CT The NHP Foundation Acquired the Property for Older and Disabled Residents to Renovate and Preserve Affordability
July 29, 2020, New York, NY— In keeping with its mission to preserve affordable housing, national not-for-profit The NHP Foundation (“NHPF”) announced that it has purchased Waterbury, CT, senior affordable property, Exchange Place Tower. The original construction of the building was made possible with rental assistance support from the U.S. Department of Housing and Urban Development and its residents continue to benefit from the rental assistance program. The NHP Foundation will perform extensive renovations on the 150-unit property, including remodeling kitchens, bathrooms, new energy efficient windows, accessibility improvements and installation of fixtures that use less electricity and water. “Quality, service-enriched affordable housing for seniors has always been a priority for NHPF, but never more so than now as our country continues to battle the pandemic and keep its citizens healthfully housed,“ said Richard Burns, President and CEO of NHPF. “Exchange Place has facilities that allow for on-site healthcare activities, like wellness visits. This fits with the need and value The NHP Foundation sees in combining and coordinating affordable housing with healthcare services.” Additionally, as part of the renovation, Exchange Place Tower will become more sustainable. Eversource, the regional energy utility is assisting in converting the property from an oil-fired heating and hot water system to a new, highly energy efficient natural gas fired system. “The NHP Foundation greatly appreciates Eversource’s cooperation and support in greening this property,” added Patrick Fry, Senior Vice President, NHPF. “The conversion to natural gas and improved energy efficiency will lower operating costs and reduce air pollution.” The acquisition and renovation of the property are being financed through a combination of an FHA-insured mortgage loan, a State of Connecticut Department of Housing low interest loan, Waterbury Housing Authority bonds to be repaid by the Property and private investment from the sale of federal low income housing
tax credits allocated by the Connecticut Housing Finance Authority and purchased by PNC Bank. The NHP Foundation acquired the property and is renovating in conjunction with Urban Atlantic. This is the second tax credit renovation project NHPF has done with Urban Atlantic. About Urban Atlantic Founded in 1998, Urban Atlantic is an innovative, entrepreneurial real estate development, acquisition, finance and investment services firm based in the Washington, DC metropolitan area. The company is a nationally recognized leader in affordable, mixed-income and workforce residential housing. In total, it has developed or has under construction 4,616 units of affordable housing in 33 communities, including 765 senior housing units. Today its portfolio under asset management includes 3,281 units of affordable housing in 25 communities, including 765 senior housing units. This experience has afforded Urban Atlantic the deep understanding of affordable housing finance, development and operations needed to create and sustain successful, healthy communities for the residents it serves.
ACQUISITION / PRESERVATION Mayor Lightfoot Joins The NHP Foundation, Community and Preservation Advocates to Reopen Chicago’s Historic Mark Twain Renovation Efforts by NHPF Preserve the Historic Hotel as an SRO Featuring 148 Affordable Units for Individuals on CHA’s Waitlist on the City’s Near North Side
March 9, 2020, New York, NY— Mayor Lori E. Lightfoot today joined Chicago Department of Housing (DOH) Commissioner Marisa Novara, Chicago Housing Authority (CHA) Acting CEO James Bebley, Alds. Walter Burnett, Jr. (27) and Harry Osterman (48), Richard Burns, President and CEO, The NHP Foundation, and preservation advocates to celebrate the reopening of the renovated and restored landmark building, The Mark Twain, one of the largest remaining single room occupancy (SRO) affordable housing developments on Chicago’s Near North Side. “This project is a win-win for Chicago, providing the Near North Side nearly 150 affordable apartment units, while also restoring one of the landmarks of this community and one of the largest remaining affordable housing developments in this area,” said Mayor Lori E. Lightfoot. “Our future as a city rests in keeping Chicago affordable, and our goal is keeping buildings like this from being the exception. By investing in places like The Mark Twain, we are keeping our families stable, allowing our residents and businesses to thrive, and ensuring Chicago remains a place where everyone can succeed.” The $54.3 million renovation at 111 W. Division Street consists of 148 apartments, each equipped with rehabilitated private bathrooms and the addition of private kitchenettes. Other enhancements include all new plumbing, mechanical and electrical systems; a rooftop deck, restoration of the vintage facade and lobby and 9,600 square feet of upgraded retail space on the ground floor. Fr. left Ald. Harry Osterman, James Bebley, CHA, Victor Agusta, Bellwether Enterprise, Dick Burns, NHPF, Marisa Novara, DOH, Mayor Lori Lightfoot, Ald. Walter Burnett, Katie Naftzger, FHLBC, Daniel Burke, HUD, Calvin Holmes, CCLF “Single Room Occupancy units are precious, and we are honored to have partnered with The NHP Foundation to preserve 148 units,” Commissioner Novara said. “In a part of town where there’s so little affordable housing, the renovation and restoration of The Mark Twain is a multi-pronged win and something truly worth celebrating.” Rental assistance in the form of project-based vouchers will be provided by the CHA for each of the units at the new Mark Twain, ensuring long-term affordability. Fifty residents who lived at the property before the rehabilitation project began have returned to the renovated and restored building. The remaining apartments will be leased to people from the CHA waitlist. As part of its commitment to addressing the affordable housing challenge, the City’s contribution included issuance of $27.3 million in multi-family housing revenue bonds, a $5 million multi- family loan and $1.3 million in Low Income Housing Tax Credits that generated $12.7 million in equity. NHPF acquired the property in 2016 as part of the City’s SRO Preservation Initiative. The recapitalization and subsequent rehabilitation were made possible by Bellwether Enterprise, Chicago Community Loan Fund
Ald. Harry Osterman, James Bebley, CHA, Victor Agusta, Bellwether Enterprise, Dick Burns, NHPF, Marisa Novara, DOH, Mayor Lori Lightfoot, Ald. Walter Burnett, Katie Naftzger, FHLBC, Daniel Burke, HUD, Calvin Holmes, CCLF
(CCLF), City of Chicago, ComEd, Enterprise Community Investment, The Chicago Housing Authority, HUD, Federal Home Loan Bank of Chicago and NHPF through a combination of Tax Exempt Bonds, an FHA 220 Loan, Equity Investments in Low Income Housing and Historic Tax Credits, a Bridge Loan, Project Based Voucher Section 8 Contract, an Energy Grant, Affordable Housing Grant, and a Sponsor Loan. “We are proud of our relationship with the City of Chicago,” said Richard Burns, President and CEO of NHP. “This ribbon cutting celebrates the culmination of nearly five years of effort from acquisition of the old Mark Twain Hotel to total renovation. If it wasn’t for Chicago’s SRO Preservation Ordinance, this property could easily have been demolished. We are grateful for the opportunity to preserve this building and are excited about another SRO we will begin preserving later this year in Lincoln Park.” Since its passage in 2014, the Single-Room Occupancy Preservation Ordinance has led to the preservation of 11 buildings, consisting of more than 1,400 units of desperately needed affordable housing for some of Chicago’s most vulnerable residents. Designed by architect Harry Glube, the five-story Art Deco building features beige brick and white terra cotta accents. The rehab work was conducted by architect Weese Langley Weese and contractor Linn-Mathes. The building opened as a rooming hotel in the 1930s, with rates as low as seven dollars per week. It has been operated continuously as an SRO since the 1980s. The building, which once served as a much-needed resource for area workers, survived extensive urban renewal and street widening projects that cleared many nearby blocks in the 1960s. As a result, the Mark Twain was listed on the National Register of Historic Places in May 2017.
ACQUISITION / PRESERVATION The Partnership Inc. and The NHP Foundation Announce $8.9 Million Acquisition of Pelican Isles Apartments in Sebastian, FL The Partnership Inc. Brings 4th Opportunity to Leading Affordable Housing Not-for-Profit
January 28, 2020, New York, NY— The Partnership Inc. (“TPI”) and The NHP Foundation (“NHPF”), national not-for-profit providers of affordable housing, announced that they have completed the purchase of Pelican Isles Apartments in Sebastian, FL. This is the fourth purchase completed by the two entities expanding their relationship in support of their mutually shared mission to preserve affordable housing. The deal was made possible via a $7.761 million FHA 223(f) loan by Merchants Capital Corp, and additional equity investment by TPI and NHPF, split 50/50. The tax credit project, originally syndicated in 2005, will enter its extended-use period in 2020. The property will continue to be professionally managed by TPI Management Services (“TMS”), an affiliate of TPI. The 150-apartment property features a mix of 1,2, and 3 bedroom units in 11 residential buildings. “This property, now coming out of its initial 15-year compliance period, will be preserved for the long term by NHPF and TPI as part of our shared mission as not-for-profit owners,” said NHPF President and CEO Richard F. Burns. “An enormous part of that mission is ensuring affordable rental housing options for families and seniors.” Amenities at Pelican Isles include a clubhouse with leasing office, computer room, and exercise room, laundry room, pool and pool house, covered BBQ area, and playground. Onsite resident services will include health care screenings, summer meal program for students, and social activities to foster a sense of community and encourage community pride. “According to the most recent data, Florida faces one of the worst affordable housing crises in the country,” added Hugh Jacobs, Executive Vice President and Chief Operating Officer, The Partnership Inc. “The shortage of affordable housing affects real people. We are pleased that we could partner with NHPF and preserve affordable housing for 150 families in Sebastian, Florida. “Merchants Capital is proud to be the financing partner with two tremendous not for profit investors on this impressive acquisition
that will preserve valuable affordable housing—a mission we are deeply committed to,” said Ben Levine, Senior Vice President of Merchants Capital . About The Partnership Inc. The Partnership, Inc. (TPI), a 501(c)(3) not-for-profit real estate corporation established in 1994, is committed to excellence in affordable housing through partnerships with investors, for- profit developers, public agencies, and other nonprofits. Based in Riviera Beach, FL, and with properties located in the southern United States, TPI improves the lives of low-, and moderate-income households, including those with special needs, by providing decent, safe and sanitary affordable housing in supportive environments, while adhering to the highest standards of professionalism and business best practices. TPI is especially adept at taking over troubled properties and maximizing the financial performance of those properties, thus enhancing and preserving the economic value of the properties, while improving the living conditions of the residents. For more information, please visit www.gotpi.org.
ACQUISITION / PRESERVATION The NHP Foundation Secures $28.4M for Redevelopment and Preservation of Anacostia Gardens, an Affordable Housing Property in DC’s Ward 8 Property is NHPF’s 5th TOPA Deal in the District
January 21, 2020, New York, NY— Leading affordable housing provider, The NHP Foundation (“NHPF”) has secured financing from District of Columbia Housing Finance Agency (DCHFA) to redevelop and preserve Anacostia Gardens Apartments. NHPF acquired the 100-unit Ft. Dupont development in 2016 in partnership with the Anacostia Gardens Tenant Association, Inc. (AGTA). The Association 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. The planned rehabilitation includes energy improvements, interior unit repair and upgrades, dramatically improving the common areas, and adding measures to make the building handicap accessible. Additional work includes repairs to exterior sidewalks, windows, light fixtures, security systems, roofing, and more. The renovation will include 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. Upon completion, the community room will consist of additional recreation and meeting spaces. “Kicking off the decade with the refinancing of Anacostia Gardens is of major importance to our ongoing TOPA work in the District,” said NHPF President and CEO Richard Burns. “The development is one of our five area TOPA deals and when it’s finished, Anacostia Gardens will be also be a certified ‘Green Communities’ project.” The Department of Housing & Community Development, (DHCD) under the leadership of Polly Donaldson, Executive Director, is
also responsible for bringing the redevelopment to fruition through its financial support totaling $9.85M. Donaldson remarked, “The Anacostia Gardens development is an example of DC Mayor Muriel Bowser’s ongoing commitment to ensuring that District residents maintain their roots in the city.” “The DC Housing Finance Agency recognizes the importance of preserving existing affordable housing in the District. In addition to funding the development of new housing, DCHFA aims to preserve properties like Anacostia Gardens so that the residents who have chosen to live there get to do so in modern, quality affordable apartments,” stated Christopher E. Donald, Interim Executive Director, DCHFA.
ACQUISITION / PRESERVATION Federal Home Loan Bank of Chicago Awards The NHP Foundation $900,000 Through Its Competitive Affordable Housing Program Funds will be Used in Conjunction with Special Needs/Homeless Housing Provided at The Mark Twain
December 10, 2019, New York, NY— National not-for-profit The NHP Foundation (“NHPF”) has been awarded a 2019 competitive Affordable Housing Program (“AHP”) award in the amount of $900,000 towards the preservation of The Mark Twain, a 90- year old mixed use Single Room Occupancy (“SRO”) property the organization acquired in 2016. The award was made possible through NHPF’s partnership with Community Investment Corporation (“CIC”) who is a member of the Federal Home Loan Bank of Chicago. NHPF also partners with The Corporation for Supportive Housing (“CSH”), who provided both predevelopment loan funding and assistance with Chicago’s Coordinated Entry System, which makes it possible for The Mark Twain to provide a portion of the housing to the homeless and to those with special needs. “NHPF and CIC are to be commended for their focus on preserving The Mark Twain as affordable housing for some of Chicago’s most vulnerable people,” said Deb De Santis, President and CEO of CSH. “SRO preservation is vital in Chicago where it plays an important role in safeguarding and providing real housing opportunities, reinforcing community efforts to ensure everyone has a stable home of their own.” For- and not-for-profit developers, units of government, public housing authorities, and tribally designated entities apply for the competitive AHP grants through one of the FHLBank Chicago’s 717 member institutions, which include commercial banks, savings institutions, credit unions, insurance companies, and community development financial institutions in Illinois and Wisconsin. NHPF’s award was predicated on a commitment by the organization to increase Special Needs/Homeless Housing units at the property.
“Partnering with other organizations committed to creating and preserving affordable housing in Chicago makes this award particularly gratifying,” said Dick Burns, President and CEO, NHPF. “We are proud to share this important grant with our member partner, CIC providing 148 units of affordable housing at The Mark Twain.” The NHP Foundation began a massive renovation of The Mark Twain and relocation of residents earlier this year. “We are pleased to be nearing completion of the renovation,” added Mecky Adnani, project lead and Senior Vice President, NHPF, “And we anticipate all of our returning residents to be in their newly redone units by the end of this year.”
ACQUISITION / PRESERVATION Edwin Berry Manor Apartments to Be Preserved as Affordable Housing in Chicago’s Up-And-Coming Woodlawn Neighborhood The NHP Foundation Acquired the Senior Property in the Same Area that will Serve as Home to the Obama Library
November 19, 2019, New York, NY—– In keeping with its mission to preserve affordable housing, national not-for-profit The NHP Foundation (“NHPF”) has acquired the Edwin C. Berry Manor Apartments, a senior, Section 8 property located at 737 E. 69th St. in Chicago. The acquisition was made possible by a financial partnership with Low Income Investment Fund (LIIF). The NHP Foundation will preserve and maintain the 57-unit affordable property built in 1991, making it the fourth property the organization has acquired or built in Chicago in the last five years and the first specifically for seniors. “According to a recent report by the Joint Center for Housing Studies of Harvard University, 37 percent of Chicago households age 65 to 79—or about 220,000--are cost-burdened, compared with 30.8 percent for the nation overall,” said Dick Burns, President and CEO of NHPF. “The acquisition and preservation of Berry Manor represents an opportunity to provide older Chicagoans in need with critical housing and a better quality of life.” Operation Pathways, the Resident Services affiliate of NHPF, will provide onsite services. Edwin C. Berry Manor Apartments is well-located in an up-and- coming neighborhood that is brimming with new investment, due in part to future construction of the Obama Library. Added Mecky Adnani, project lead and Senior Vice President, NHPF, “Building our affordable housing portfolio in Chicago, including this presence in the growing neighborhood of Woodlawn, is part of a strategic effort
to leverage our know-how and that of our great partners to increase the availability of rental units for low to middle income residents.” Financing from the Low Income Investment Fund (LIIF) made the acquisition possible. “The preservation of Edwin C. Berry Manor Apartments represents the best of what private/public partnerships can produce in Chicago,” said Holly Denniston-Chase, LIIF’s Deputy Director of the Mid-Atlantic Region. “NHPF, a long- time LIIF borrower, will ensure that this property remains quality affordable housing dedicated to seniors at this location for the long term.”
NEW CONSTRUCTION Community Groundbreaking Event Celebrated the Start of Construction on The Strand Residences Affordable Housing Project in DC’s Deanwood Neighborhood
August 29, 2019, New York, NY— The NHP Foundation (NHPF), The Warrenton Group (TWG) and the Washington Metropolitan CDC (WMCDC) broke ground yesterday on the construction of the Strand Residences, an affordable housing development with 86 one-and two-bedroom affordable apartments in the Deanwood neighborhood of Washington, DC at 5109 Nannie Helen Burroughs Avenue, Washington, DC. The ceremony included remarks from Mayor Muriel Bowser and Councilmember Vincent Gray, both supported the project for many years. The event, an ice cream social for neighborhood residents and local officials, was held after another local affordable housing groundbreaking at the nearby Providence Place. “Construction of The Strand Residences, in the making for more than a decade, is being financed by DMPED which is investing $15.6M from the District’s New Communities Initiative, DCHFA which allocated $19.5M of tax-exempt bonds, and DCHA which contributed operating subsidies for 28 units through a Local Rent Supplement Program contract (LRSP),” said Mayor Muriel Bowser. “As well, the tax-exempt bonds triggered an allocation of 4% Low- Income Housing Tax Credits that helped attract a $12.3M equity investment from Enterprise Community Partners.” In addition to the 86 apartments, the Residences will feature a large multi-purpose room, exercise room, bike storage room, outdoor patio area for grilling, and on-site resident services provided by NHPF’s affiliate, Operation Pathways. The first floor also includes retail space for a neighborhood non-profit and a community-based retailer. Construction is expected to complete in January 2021. “The Strand Residences boldly underscore NHPF’s mission to provide quality affordable housing that’s ‘more than a roof’,” said NHPF CEO and President Richard Burns. “This service-enriched property will bring about positive change for the community and its residents for years to come.” Added TWG President Warren Williams, “After twelve years of effort by The Warrenton Group, the local ANCs and Lincoln Heights New Communities Resident Council, neither residents nor local businesses were displaced for this project which is critical to preserve a community while still increasing value for Ward 7. Partnerships with local leaders such as Pat Malloy and local resident Councilmember Vince Gray were instrumental in developing the New Community Master Plan its successful materialization. The Strand really is evidence that ‘teamwork makes dreams work.’” The Strand Residences will be built on land that was contaminated by Volatile Organic Compounds (VOCs) and prevented its redevelopment for years. To ensure proper remediation of the brownfield, the Development Team entered the District’s Voluntary Clean-Up.
Dick Burns, CEO NHPF, Warren Williams, CEO Warrenton Group, Pastor Stephen Young, WMCDC, Mayor Muriel Bowser, Councilman Vince Gray, Pat Malloy
“With the Strand, as well as Providence Place development nearby, it is heartening to have these new affordable housing options in our community,” added Pastor Stephen Young of WMCDC. The Residences is next to the Strand Theater, a storied local historic landmark that the Development Team plans to convert into a new restaurant in 2020. PGN Architects is the architect of record. Bowman Consulting provided civil engineering, landscape design, and surveying services. WCS Construction is the general contractor and WCS Property Management will be the property manager. The Development Team is committed to spending at least 35% of the project’s funds on products and services provided by Certified Business Enterprises. WCS Construction is committed to meeting the District’s First Source hiring requirements. Once complete, the Residences will include 71 one-bedroom apartments and 15 two-bedroom units. The 28 LRSP units will be rented to residents who earn less than 30% AMI and will be reserved for residents relocating from the nearby Lincoln Heights and Richardson Dwellings properties. About The Warrenton Group Since its inception in 1997, The Warrenton Group is an innovator in developing quality mixed-income housing and market-use developments, while creating substantial value for the people and the neighborhoods in which it works. About Washington Metropolitan CDC The Washington Metropolitan Community Development Corporation is a community-based, non-profit economic development corporation working primarily in Washington, DC’s Deanwood neighborhood.
NEW CONSTRUCTION Closing on $38M in Financing for Construction of 86 New Affordable Homes in Washington, DC The NHP Foundation, The Warrenton Group, and The Washington Metropolitan Community Development Corporation Partner in New Residential Development
August 5, 2019, New York, NY— The NHP Foundation (NHPF), The Warrenton Group (TWG) and the Washington Metropolitan CDC (WMCDC) and financing partners—Enterprise Community Partners, Citibank, Jones Lang Lasalle, the District of Columbia Office of the Deputy Mayor for Planning and Economic Development (DMPED), the DC Housing Authority (DCHA), and the DC Housing Finance Agency (DCHFA)—closed the financing for the construction of the Strand Residences, an affordable housing development with 86 one-and two-bedroom affordable apartments in the Deanwood neighborhood of Washington, DC. DMPED invested $15.6M of financing from the District’s New Communities Initiative, DCHFA allocated $19.5M of tax-exempt bonds to support the project, and DCHA contributed operating subsidies for 28 units through its Local Rent Supplement Program (LRSP). As well, the tax-exempt bond allocation provided an allocation of 4% Low-Income Housing Tax Credits that helped attract a $12.3M equity investment from Enterprise Community Partners. In addition to the 86 units, the Residences will feature a large multi-purpose room, exercise room and on-site resident services provided by NHPF’s affiliate, Operation Pathways. The first floor includes retail space for a neighborhood non-profit and a community-based retailer. The Residences is next to the Strand Theater, a storied local landmark that the Development Team plans to convert into a new restaurant in 2020. “Through thoughtful investment and sheer can-do attitude, our partnership is pleased to deliver on its promise to the community to provide new high-quality, affordable housing,” said NHPF CEO and President Richard Burns. “This dynamic new development will bring permanently affordable rental units as well as community and retail space to the emerging Deanwood neighborhood. I congratulate our partners on this milestone and look forward to seeing the new building being constructed.” “TWG and the WMCDC have been working on this project for over twelve years. TWG’s company slogan ‘Your Neighborhood, Our Commitment’ was put to the test on this project. Thankfully, the Mayor and the City Council stuck with us as we assembled this project,” said TWG President Warren Williams. “We started dreaming and planning for this project more than 12 years ago and we’re pleased to hit this milestone,” said Pastor Stephen Young of WMCDC. “I look forward to more great things to come in Deanwood.” PGN Architects is the architect of record, WCS Construction is the general contractor, and WCS Property Management will be the property manager. The Development Team is committed to spending at least 35% of the project’s funds on products and services provided by Certified Business Enterprises. WCS Construction is committed to meeting the District’s First Source hiring requirements.
The Residences will be constructed on an assemblage of underutilized land. No residences were displaced for this project and a local restaurant will be relocated into a new facility to ensure it can continue to operate in the neighborhood. The land assemblage was accepted into DC’s Voluntary Clean-Up program to ensure proper remediation of the brownfield that prevented its redevelopment for decades. Once complete, the Residences will include 71 one-bedroom apartments and 15 two-bedroom units. The 28 LRSP units will be rented to residents who earn less than 30% AMI and will be reserved for residents relocating from the nearby Lincoln Heights and Richardson Dwellings properties. “Mayor Bowser is committed to making investments that serve our residents and neighborhoods, and the Strand is the housing and amenities that longtime Deanwood residents deserve,” said Interim Deputy Mayor for Planning and Economic Development John Falcicchio. “We look forward to watching this project go up and getting DC residents moved into new high- quality, affordable homes.” Construction is expected to complete in January 2021. A community celebration of the Residences’ groundbreaking is planned for August 28. Details will follow. About The Warrenton Group Since its inception in 1997, The Warrenton Group is an innovator in developing quality mixed-income housing and market-use developments, while creating substantial value for the people and the neighborhoods in which it works. About Washington Metropolitan CDC The Washington Metropolitan Community Development Corporation is a community-based, non-profit economic development corporation working primarily in Washington, DC’s Deanwood neighborhood.
ACQUISITION / PRESERVATION City of Houston Disaster Relief Awards Senior Housing Development $12MM Effort is One of Only Three 4% Bond Deals to be Funded in the First Disaster Relief Funding Round
July 25, 2019, New York, NY— The NHP Foundation (“NHPF”), a national not-for-profit provider of affordable housing, announced today that it has received $12MM in funding. The federal Disaster Relief funds were administered by the City of Houston’s Department of Housing and Community Development for NHPF’s ground-up construction in partnership with Change Happens CDC in Houston’s Third Ward. “These funds are part of the federal disaster relief provided to the City Of Houston to aid in recovery from Hurricane Harvey. This project will, in part, replace housing stock destroyed by that storm,” says Tom McCasland, Director of Housing and Community Development for the City of Houston. In addition to the Disaster Relief funds, this project will be financed through 4% and Low Income Housing Tax Credits and tax exempt bonds. The property, located on Elgin Street at Tierwester Street will contain 73 studio and one-bedroom rental units as well as a planned theater, retail space, health provider space, recreational amenities and a fitness center. The land was purchased by Change Happens CDC, as part of its decades-long effort to end blight and improve the neighborhood. According to NHPF partner, Reverend Leslie Smith II, founder and CEO of Change Happens CDC, those efforts include “buying crack houses and tearing them down for the past 30 years.” Of the planned development, Reverend Smith II continued, “Gentrification is sweeping through the Third Ward displacing generations of African American families. By acting now in partnership with The NHP Foundation, we are able to provide some of the affordable housing needed to prevent that displacement.” A recent paper by the Kinder Foundation indicated that 1400 households in the Historic Third Ward making under 80% of the area median income are threatened with displacement over the next few years. NHPF, with partners Change Happens CDC and Trinity East Village CDC plans to build 700 of those 1400 units. “This senior community is the first part of that larger vision,” said Pastor Marilyn White, Trinity East United Methodist Church, “And the first effort of this partnership which realized the potential and the need, and took swift action to make the housing a reality.” Houston Mayor Sylvester Turner has designated the Historic
Third Ward a “Complete Community” or priority revitalization area. “This project marks another important milestone in Houston’s efforts to create and preserve affordable housing units,” Mayor Turner said. “Through its partnerships with the City, Change Happens CDC and Trinity East United Methodist CDC, NHPF is helping preserve the diversity, character and affordability of the Third Ward, fulfilling our goal to make the historically underserved and under resourced neighborhood a ‘Complete Community.’” “We appreciate the Mayor’s focus on the Historic Third Ward,” said Reverend Smith. “We also appreciate the support we have received from our state Representative Coleman, who has helped with tax credits.” “The federal funds we’ve received from our partners at HUD have made it possible for us to focus much needed resources inside the city,” added Ray Miller, Commercial and Public Facilities Assistant Director for the City of Houston. “This goes a long way towards preserving affordability as well as the cultural identity of our historic communities.” “It is part of our mission to benefit low income Houstonians, especially in an increasingly affluent neighborhood, where displacement was a real possibility,” added Neal Drobenare, Senior Vice President, NHPF “We are grateful that the City of Houston’s Disaster Relief fund deemed the project worthy.” This project is part of NHPF’s Affiliate Program which partners with local organizations including faith-based entities to bring development, finance, asset management, resident services, fund raising and other managerial assistance to them. About Change Happens CDC The Change Happens CDC is committed to making dreams of long-term economic stability come true. Whether one dreams of owning a home, sustaining affordable home-ownership, starting or expanding a business, or acquiring financial management skills, we can help make one’s dream a reality. We understand the trends and dynamics that affect and shape the City of Houston. More importantly, we understand our clients’ ever-changing needs. Supporting clients through innovative programs and services is the most valuable service we can provide. Our service contributions are felt throughout Houston and surrounding community.
ACQUISITION / PRESERVATION Financing Closes on Historic Chicago SRO The Mark Twain Renovations will Preserve 148 Units of Affordable Housing The NHP Foundation Preservation Effort is Part of $53MM Capital Investment
February 5, 2019, New York, NY— The NHP Foundation (“NHPF”), a national not-for-profit provider of affordable housing, announced today that it has finalized financing to renovate the 90-year old Mark Twain Hotel, a mixed use Single Room Occupancy (“SRO”) property the organization acquired in 2016. The property, located at the intersection of North Clark and West Division Streets, will contain 148 studio apartments and seven retail stores once the year long renovation is complete. The property was purchased by The NHP Foundation in 2016 as part of Chicago’s Single-Room Occupancy and Residential Hotel Preservation Ordinance of 2014, which requires sellers to notify the City of their intention to sell and incentivizes them to work with buyers who agree to maintain such properties as affordable housing. The SRO preservation initiative has preserved 11 buildings consisting of approximately 1,500 units to date. The Mark Twain is located in the 27th Ward whose Alderman, Walter Burnett, Jr., was a champion for this ordinance. Explained Alderman Burnett, “We introduced the ordinance to preserve SRO’s in expensive neighborhoods and ensure that owners would sell to the most qualified owner, not simply the highest bidder. We are seeing the fruits of these labors with projects like The Mark Twain where the property will be beautifully preserved and kept affordable.” The $53MM recapitalization is made possible by the Bellwether Enterprise, Chicago Community Loan Fund (CCLF), City of Chicago, ComEd, Enterprise Community Investment, The Chicago Housing Authority, and NHPF through a combination of Tax Exempt Bonds, an FHA 220 Loan, Tax Credit Equity Investments in Low Income Ho using and Historic Tax Credits, a Bridge Loan, Project Based Voucher Section 8 Contract, an Energy Grant, and a Sponsor Loan. Added Victor E. Agusta, Jr., SVP, Bellwether Enterprise, “Partnering with NHPF and the City of Chicago on this project allows Bellwether Enterprise to continue supporting the preservation of Chicago’s greatest strengths—its diverse housing stock, especially in this neighborhood.” The Mark Twain Hotel was originally built in 1932 as a Residential Hotel. It was added to the National Register of Historic Places in 2017, and is well-located in a mixed use neighborhood that has been experiencing improvements to the immediate area. The building is across from The Sinclair, a new luxury residential tower with a Jewel/Osco supermarket that was completed in 2017. The Red Line station beneath the building underwent a complete $50MM renovation in September 2015, including installation of elevators and escalators, a new entrance at LaSalle & Division, and a new 8,000 square foot mezzanine. Added CCLF Lycrecia L. Parks, Vice President of Portfolio Management, “CCLF’s participation in this project furthers our mission of supporting efforts that benefit low income Chicagoans,
especially in this increasingly affluent neighborhood, where displacement was a real possibility for Mark Twain residents.” NHPF’s renovation plans call for the addition of private kitchenettes, new elevator, new plumbing and electrical work, a roof deck, making the property handicap accessible, and restoration of the building’s vintage facade and common areas. The renovation also calls for a planned upgrade to the building’s approximate 9,000 square foot ground floor retail space with several spaces under contract to deliver fast casual food and sale of goods, including the return of Mr. Gyro’s, a neighborhood favorite. “This marks another important milestone in Chicago’s efforts to create and preserve affordable housing units for its residents,” Chicago Mayor Rahm Emanuel said. “Through its partnerships with the City, the Mark Twain has helped support the diversity, character and affordability of the Near North Side since the 1930s. I want to congratulate NHPF for ensuring this building will fulfill its historic role in the community for many years to come.” Upon completion, the residential units will be income restricted and remain affordable to existing tenants who qualify to return and to future low-income residents. “For our returning residents, their quality of life will greatly improve,” according to Richard Burns, CEO of NHPF. “We will deliver durable apartment homes, new community areas, and in-house resident services; all for the long term.” Residents of The Mark Twain have been temporarily relocated off-site with all costs being covered by ownership. The property’s Resident Services Coordinator remains a resource to residents and is located at NHPF’s other SRO property, The Covent, near Clark & Diversey. The development team includes Weese Langley Weese Architects Ltd., and Linn-Mathes, Inc. Heartland Housing Property Management is the property manager. Construction began immediately after closing and it is expected to be complete by the end of 2019.
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