ACQUISITION / PRESERVATION NHP Foundation Secures $39 Million In Financing for the Redevelopment and Preservation of Takoma Place, an Affordable Housing Property in NW DC
December 6, 2018, New York, NY— Leading affordable housing provider, The NHP Foundation (“NHPF”) has secured financing from the DC Department of Housing and Community Development (“DHCD”), R4 Capital, and R4 Capital Funding for a total of $39.4 million to redevelop and preserve Takoma Place Apartments in the Brightwood neighborhood of Washington, DC. Specifically, R4 Capital Funding provided a permanent loan of $10,800,000, and R4 Capital providing $12,000,000 in LIHTC. In 2017, DHCD provided $13,700,000 in Soft Money. The remaining $2,900,000 was funded via interim income and deferred developer fee. The 104-unit property was purchased in March 2017 in partnership with the Takoma Place Tenant Association via the Tenant Opportunity to Purchase Act (TOPA). The planned redevelopment includes significant upgrades with new kitchens, bathrooms, energy upgrades, windows, appliances, HVAC, new plumbing and electrical, and a new community center. “The redevelopment of Takoma Place underpins NHPF’s commitment to preserving vital affordable housing stock, particularly in DC, where we currently own seven properties,” said NHPF President and CEO, Dick Burns. Takoma Place is one of seven current TOPA deals NHPF has entered into in the District. Construction is anticipated to last 14 months.
“DC Mayor Muriel Bowser is committed to ensuring that long-term District residents maintain their roots in the city; TOPA and gap financing from the Housing Production Trust Fund are two affordable housing tools making that possible,” said Polly Donaldson, Director of DHCD. “DHCD is pleased that thanks to this partnership with NHPF, Takoma Place will preserve affordable housing for residents making less than $70,320 a year (60 percent of the 2018 Median Family Income for a family of four).”
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