NHPF Transaction Press Release Archive

FUNDING Federal Home Loan Bank of Boston Awards The NHP Foundation a $650,000 Affordable Housing Program Grant

New York, NY, December 22, 2021— The NHP Foundation (“NHPF”), in partnership with Citizens Bank, was awarded a $650,000 competitive Affordable Housing Program (AHP) grant from Federal Home Loan Bank of Boston (FHLBankBoston) to create 56 units of mixed-income housing and commercial space in New Haven. This initiative will be completed through a partnership with the city, West River Self Help Investment Plan (WRSHIP), and the NHPF. NHPF will use the AHP grant to construct 11 townhouse- style buildings with a focus on family housing. Fourteen units will be affordable to households earning at or below 30% of the area median income (AMI) while 23 units will be affordable to households earning between 31% -50% AMI and seven will be targeted to 51%-60% AMI. Citizens Bank will provide construction financing and Low Income Housing Tax Credit investment equity. The grant was part of approximately $19.4 million in grants, loans, and interest-rate subsidies that FHLBank Boston awarded to support 30 affordable housing initiatives in New England and beyond in 2021. These projects, funded in part through the AHP, will create

or preserve 1,216 rental and homeownership units for individuals and families earning up to 80% of the area median income. “The ability to construct new, more resilient more affordable housing including twelve supportive units to serve formerly homeless and/or residents with special needs makes this award particularly urgent at this time,” said Dick Burns, President & CEO, NHPF. Added Jamie Smarr, Sr. Vice President and leader of NHPF’s Affiliate Program, “The ability to work with WRSHIP, part of a national movement to promote the participation of racial minorities who have historically been excluded from economic development projects in the city and throughout the country, fits so well with our organization’s mission.” The initiative will also include a clubhouse/community center, garage parking, and a playground, and will be designed to Passive House standards with solar panels. A coffee shop and bakery will be operated onsite by the social service provider to teach job skills and operate an employment re-entry program. The site is served by both rail and bus transit. The New Haven United Nations International Peace Garden will remain on the site.

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