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Below is a sampling of projects completed by SAHF members where scale, financial complexity, and innovation were the driving components. SAHF members undertake acquisitions ranging from individual properties to multistate portfolios. They have extensive experience with HUD and USDA programs, housing bonds, tax credits, 501(c)(3) bonds, Federal Home Loan Bank affordable housing program loans and grants, and a wide array of state and local government funding sources.

Through their work, SAHF members stay on top of policy and marketplace developments nationwide. They come face-to-face almost daily with barriers to preservation, which enables them to discern patterns. Seeing the patterns and having the expertise, they work together to develop policy solutions and financial products that work.

  • NHT/Enterprise Preservation Corporation: Hazel Hill Apartments

    • NHT/Enterprise preserves and revitalizes housing for families and incorporates an array of resident services to help families and seniors improve their lives. The property below won Best Preservation Project by Affordable Housing Finance Magazine in 2007.

      NHT/Enterprise Preserves Affordable Housing in

      FREDERICKSBURG, VA

      Property History

      Hazel PropertyNational Housing Trust/Enterprise saved 147 affordable apartment homes in Fredericksburg, VA. Hazel Hill Apartments, a 100% project-based Section 8 property, was once the picture of a failing HUD assisted property. Built in 1971, the property had twice failed HUD’s property inspections by early 2004. The owner was facing foreclosure, and residents - many of whom had lived in their homes for thirty years - were facing displacement. With housing prices skyrocketing in the city, losing these homes would have been a serious setback for the community.

      However, instead of letting the property deteriorate, NHT/Enterprise acquired the property in July 2004 and secured the financing needed to complete $7 million in property renovations. In addition to making physical improvements, NHT/Enterprise took a comprehensive approach to revitalizing the community by developing a resident services and community safety program. Hazel Hill residents now have decent, safe, and affordable homes and an improved quality of life.

      Financing Plan and Partners

      The involvement of a variety of local, state, and federal partners was key to the successful preservation of Hazel Hill. The federal Department of Housing and Urban Development agreed to renew the property’s Section 8 contract for 20 years. The long-term contract allowed NHT/Enterprise to secure the financing for substantial renovations. The Fredericksburg Economic Development Authority issued more than $8 million in tax-exempt private activity bonds. Enterprise Community Investments, Inc. invested $4.7 million in low-income housing tax credit equity. The Virginia Foundation for Housing and Preservation provided a $75,000 no-interest soft loan.

      A Community Revitalized

      Substantial renovations were completed at Hazel Hill, including new roofs, windows, canopies, central air conditioning, water heaters, carpeting, kitchens, five new laundry rooms, and landscaping. A new community building with a computer lab and multipurpose meeting room was also added.

      Hazel PropertyIn addition to physical improvements, a resident services coordinator was hired to facilitate programs that have improved residents’ quality of life. Children now have access to many enrichment and recreational opportunities. They can work on homework in the computer lab, play on the property’s new playground, or participate in after-school activities. An on-site nurse provides medical assistance that is often needed by the elderly and disabled residents. She also teaches classes on health-related issues, such as nutrition, pre- and post-natal care, and infant and child care development.

      In an effort to further strengthen the Hazel Hill community, NHT/Enterprise agreed to donate $50,000 to the city to fund a community-based policing program. Two police officers monitor Hazel Hill and the surrounding neigh- borhoods and involve residents in solving safety and community concerns.

      NHT Logo
       
      National Housing Trust/Enterprise Preservation Corporation
      1101 30th Street N.W. / Suite 400 / Washington, DC 20007

      Phone: 202-333-8931 / Fax: 202-833-1031
       
      Enterprise Logo
  • NHT/Enterprise Preservation Corporation: Galen Terrace Apartments

    • NHT/Enterprise preserves and revitalizes housing for families, incorporates energy-saving and other green measures.

      NHT/Enterprise Preserves Affordable Housing in

      WASHINGTON, DC

      Property Description

      Galen TerraceThe National Housing Trust/Enterprise Preservation Corporation, in partnership with the Somerset Development Company and the Galen Terrace Tenants Association, rescued and restored 84 affordable homes in the Anacostia neighborhood of Washington, DC. The property was in a downward spiral from poor management, increasing criminal activity, and physical deterioration. NHT/Enterprise helped the tenant association purchase the property while making substantial renovations. Improvements include significant security enhancements and the integration of energy efficient products. These renovations, coupled with new management and resident services, have turned Galen Terrace from a trouble spot into a neighborhood asset.

      Financing Plan

      Galen TerraceNational Housing Trust/Enterprise and Somerset secured more than $12.5 million in support from several partners to finance this project. The Federal Home Loan Bank and Enterprise Community Partners provided predevelopment loans, and Enterprise provided a Green Communities Initiative Grant for planning and construction costs. DC Housing Finance Agency tax-exempt private activity bonds were purchased by MMA Financial and coupled with 4% Low Income Housing Tax Credit investments by Enterprise. HUD approved a 20-year Section 8 contract renewal, and the DC Department of Housing and Community Development awarded $3.25 million in subordinate debt to meet the remaining financing needs.

      Safeguarding Affordable Homes and Resident Health

      The U.S. Attorney’s office had identified Galen Terrace as among the top nuisance properties in the city, reporting significant drug and criminal activity. In consultation with HUD, the US Attorney, residents, and security consultants, we integrated technology, building and site improvements, on-site management, and on-the-ground patrols to bring a real sense of security back to the property. The property renovation includes better lighting, secure key card building entry systems, and surveillance cameras. While achieving this new level of safety, we have also used financial and technical support from Enterprise’s Green Communities Initiative to focus on making the buildings energy efficient, healthy for residents, and environmentally sustainable. The renovation includes low VOC paint, energy star appliances and lighting, efficient heating and cooling systems, new double-paned windows, green label carpeting, and rain barrels to collect and reuse rainwater.

      Resident Ownership Victory

      The Galen Terrace Tenant Association exercised its right to match a 3rd party offer to purchase their property, and selected the National Housing Trust/Enterprise and Somerset as their partners. A newly built community center will include an office, computer center, and space for other resident programs and activities. The residents are receiving a portion of the developer’s fee and ongoing cash flow to fund these programs.

      NHT Logo
      National Housing Trust/Enterprise Preservation Corporation
      1101 30th Street NW, Suite 400, Washington, DC 20007
       
      Phone: 202-333-8931
      Fax: 202-833-1031
      www.nhtinc.org/nhte.asp
      Enterprise Logo
  • Volunteers of America: The Terraces on Tulane

    •        updated August 2010

      The Terraces on Tulane

       


      SAHF member VOLUNTEERS OF AMERICA (VOA) recently rebuilt a property that had been severely damaged in New Orleans as a result of Hurricane Katarina. Forest Towers East was a 199 unit HUD Section 202 property located in New Orleans East that opened in 1979. Owing to massive property damage and the surrounding area remaining vacant with no plans to rebuild after Katrina, VOA embarked on redeveloping a new 199-unit Senior LIHTC project to replace the identical sized HUD 202 project severely damaged by Hurricane Katrina in New Orleans East.


      In order to do this, VOA applied to the Louisiana Housing Finance Agency (LHFA) for GO ZONE Credits in October 2006 and was awarded $3,413,506. VOA decided to build the new development closer to the city limits of New Orleans because there were absolutely no services in New Orleans East after Katrina—police, emergency, and medical services were non-existent. The originally intended property site for the new development was in Terrytown in Jefferson Parish. But owing to “NIMBYism” and opposition by the Parish Council, pointing to a “zoning study”, VOA was forced to return their LIHTC Award to the Louisiana Housing Finance Agency in February 2007. But, the LHFA agreed to re-award the credits if VOA located another site and submitted a full application. VOA located the new site at 3615 Tulane Avenue, New Orleans, LA in the Orleans Parish. They secured the site with purchase option and reapplied to LHFA in July 2007 for the tax credits. VOA was re-awarded the LIHTC reservation of $3,413,506 in September 2007.


      Volunteers of America then worked with HUD New Orleans and HUD Headquarters in parallel with LIHTC application(s) for a Section 318 transfer of the HAP and Use Agreement from the destroyed Forest Towers East property to the new Terraces on Tulane property. A Section 318 transfer would allow 199-units of Project-based Section 8 to be transferred from the physically obsolete / economically infeasible property to the new property. Next to the credit award, this was the most critical piece of the deal. Without the project-based subsidy, even with the $31MM in equity, the economics of the property would not have penciled out.



      The Terraces on Tulane opened in January 2010 and of the original residents, 84 have returned home. There is an on-site fitness center, a full commercial kitchen, a PACE Alternate Delivery Site, and an on-site Medical Center, computer learning center and a beauty parlor.

      Given that The Terraces was a LIHTC property, the financing structure was relatively simple financing that included a construction loan converting to a permanent loan, a deferred developer fee, GP equity, Major League Baseball Players Trust and LIHTC equity among other miscellaneous sources of financing.


      SOURCES:
      • $ 7,000,000 Perm Loan ($26,099,677 Const. Loan Amount)
      • $ 1,828,229 Deferred Developer Fee (53% of Developer Fee)
      • $ 2,444 GP Equity
      • $ 250,000 Grant – MLBPT
      • $ 420,000 Other (Miscellaneous)
      • $31,643,201 LIHTC Equity (NAHT - Syndicator / JPMC – Investor)
      • $41,143,874 Total Sources


      USES:
      • $ 1,320,882 Land Acquisition Costs
      • $29,556,136 Construction Hard Costs
      • $ 1,832,804 Construction Soft Costs / Professional Fees
      • $ 2,678,362 Financing Costs
      • $ 188,690 Tax Credit & Syndication Costs
      • $ 2,132,000 Reserves and Escrow Costs
      • $ 3,435,000 Developer Fee
      • $41,143,874 Total Uses

  • Retirement Housing Foundation: Boston Portfolio

    • RHF preserves affordability for seniors, families in high-cost, Boston market, working around HUD prohibitions against not-for-profits obtaining a return on equity.

      Douglas House and Hamilton Wade

      Douglas HouseIn 1998, the Retirement Housing Foundation (RHF) was approached about acquiring a portfolio of rental properties in the Boston area. The owner could have converted them to market-rate rentals or condominiums but preferred to find a buyer who would keep them within the affordable inventory. Totaling 21 properties, all of them affordable, the portfolio serves families and elderly renters. Despite the daunting scale of the acquisition, RHF welcomed the opportunity to preserve affordability in this high-cost market.

      Hamilton WadeAs of mid-2006, RHF has completed 10 acquisitions. The transaction involving two of the properties — Douglas House and Hamilton Wade — illustrates some of the challenges inherent to the deals. The properties were acquired simultaneously using a $17 million conventional first mortgage and a $2.9 million residual receipt loan, the latter provided by RHF Foundation, Inc., using trust fund monies generated by existing RHF properties.

      Funds beyond the conventional loan were required in order to hold that loan to its required debt service coverage ratio. Rather than make an equity loan, RHF chose to deploy a residual receipt loan for two reasons. First, the housing assistance payments contract at Hamilton Wade included language prohibiting a not-for-profit owner from receiving any cash distributions and setting strict requirements for the use of excess cash flow. Rather than forego a return on its equity, which would have been the case had RHF used an equity loan, the organization obtained HUD’s approval to use excess cash flow to pay down its residual receipt loan. Second, RHF had selected a 10-year term for the conventional loan with the intent of refinancing with tax credits to complete a significant recapitalization at the end of the loan term, and the organization wanted to obviate any risk that HUD would seek to limit the amount of equity distributed upon refinancing. The deal is structured so that the residual receipt loan will be paid off at the end of the 10-year term as part of the refinancing.

      For the conventional loan, RHF used a conduit lender, obtaining a low interest rate and low loan fees. The savings reduced the amount RHF needed to contribute to the deal.



      Boston Portfolio: Properties Acquired by RHF as of Mid-2006

      Click on the links below to learn more about the properties acquired so far by RHF.

      Mason Place (Boston)

      Symphony Plaza West (Boston)

      Douglas House (Brockton)

      Binnall House (Gardner)

      Pine Crest (Orange)

      Symphony Plaza East (Boston)

      The Stearns (Boston)

      Hamilton Wade Apartments (Brockton)

      King James Court (Orange)

      Seabury Heights (Worcester)

      Contact: John von Rusten, Retirement Housing Foundation,

       
       
       
       
      562–257–5100
       
       
  • Preservation of Affordable Housing, Inc.: Torringford West

    • POAH preserves housing for low-income elderly despite existing non-prepayable financing.

      Non-Profit Purchases, Preserves Torringford West Apartments in Torrington

      Preservation of Affordable Housing’s first purchase in CT is pre-emptive effort to preserve affordability of 79 units for elderly community; Prudential loan facility enables financing of 'locked-out' project

      Torrington, C.T.—January 10, 2005—A Torrington apartment complex for low and moderate income elderly has been saved from future conversion to market rent housing thanks to a deal with Preservation of Affordable Housing (POAH). Torringford West Apartments, a 79-unit complex that is the town’s only Section 8 assisted affordable housing complex for senior citizens was purchased last month by the Boston-based non-profit in a $4.2 million deal. The purchase was made possible by a special loan program provided by Prudential Insurance Company, which enabled the non-profit to purchase the property despite existing non-prepayable financing. The existing Connecticut Housing Finance Authority (CHFA) financing restricted the property to continued use as affordable housing through 2013.

      "Generations from now, people will look back and recognize how important it is to preserve properties like Torringford West Apartments now, when the end of the restrictions are seven years way and owners are willing to sell—instead of waiting until owners have the ability to freely convert the housing to condominiums or other market uses," said Amy Anthony, Executive Director of POAH. "Waiting is both risky—and expensive."

      Torringford West Apartments were built in 1983 under the federal Section 8 program, with financing from CHFA, to provide affordable, safe housing for the elderly. Set in a lush setting next to the site of a former drive-in movie theater, the property is an attractive wood clapboard structure that has been impassably maintained. It has been a popular choice for elderly Torrington residents: vacancies at the project over the last ten years have averaged less than .5%.

      "With minimal new affordable rental development in the area and condo conversions increasing, affordable housing units in Torrington are at risk," noted Anthony. "There is an imbalance of lessening supply and increasing demand—and Torringford West is a perfect candidate for conversion to market rate apartments, condominiums or possibly an upscale assisted living development. Such a conversion would displace many long-term residents, leaving them with few affordable alternatives."

      Torringford West Apartments includes 79 of the town’s 300 units of Section 8 assisted housing, and is the only complex reserved for senior citizens. Anthony highlighted that the financing provided by Prudential Insurance Company was critical to the purchase.

      "Prudential shared our view that the property was a very strong asset and because of that also very much at risk of being lost from the affordable housing inventory when the mortgage matures. The Prudential loan facility is very flexible—it allows us to purchase the property now and pay Prudential back when the mortgage matures. This kind of long-term vision and the recognition that a lot of public good can be generated as a result of that vision is a strong and very welcome addition to the affordable housing field," said Anthony.

      The purchase required the approval of CHFA and the Hartford HUD Field Office. POAH currently owns over 3,000 apartments in 7 states. Torringford West is their first purchase in Connecticut.

      "We are excited to be working here in Connecticut. New affordable housing is expensive and very difficult to get built in communities like Torrington, we see a real need for affordable housing preservation."

      About POAH

      Preservation of Affordable Housing, Inc. (POAH) is a national non-profit organization founded by some of the nation’s most seasoned practitioners of housing finance. POAH acquires, financially restructures, physically rehabilitates and manages as a long-term owner subsidized housing developments, particularly “at risk” properties. POAH has also preserved properties in Massachusetts, Rhode Island, Illinois, Maryland, Missouri and Michigan.

  • NHT/Enterprise Preservation Corporation: Meridian Manor

    • NHT/Enterprise preserves housing for very low income families in Washington DC.

      NHT/Enterprise Preserves Affordable Housing in

      WASHINGTON, DC

      Property History

      Meridian Manor Co-opNational Housing Trust/Enterprise, in partner- ship with community-based affordable housing developer Mi Casa, helped tenants acquire a 34-unit apartment building after years of owner neglect and deteriorating conditions. The prop- erty was converted into an affordable leasehold limited equity cooperative. Meridian Manor is now home to residents who endured years of severe housing code violations until they were awarded the building in a lawsuit against the owner. The residents successfully took title of the historic building after forming the Archbishop Rivera y Damas Cooperative in 1994, but were forced to leave the property because they were unable to raise the remaining funds necessary to complete the needed renovations. Led by a determined resident, Leroy Washington, the residents chose to fight for their home despite being displaced and found their way to the non-profit developer Mi Casa. Mi Casa brought its neighbor- hood expertise to the project and sought out NHT/Enterprise for its financing expertise.

      Financing Plan

      Rehabilitating Meridian Manor required NHT/Enterprise to craft a tailored financing plan that included a so- phisticated mix of funding sources. To restore the building, the DC housing finance agency (DCHFA) funded $2.4 million in bonds purchased by Fannie Mae. The bonds are secured by an FHA-insured mortgage under HUD’s Risk Share program. The District of Columbia Department of Housing and Community Development also allocated $1.9 million in Low-Income Housing Tax Credits to the project. A 15-year project-based Sec- tion 8 contract covering all units was secured through HUD’s Multicultural and Tenant Empowerment and Homeownership Program. Funding sources also included Historic Tax Credits and a Community Develop- ment Block Grant loan. Fannie Mae and Enterprise Community Partners provided grants that funded a new playground and computer lab.

      A Cooperative in More than Name Only

      Meridian Manor Co-opMeridian Manor is a leasehold limited equity cooperative; the ownership entity leases the property to the cooperative, which in turn leases apartments to cooperative members. The Coop Board of Directors was a full partner in the development process, and has gained a significant level of expertise in housing finance over the years. The Board continues to be involved in the management of the property, collecting revenue from the laundry facility as well as from 50% of the annual surplus cash. After 15 years, the coop will have first right of refusal to purchase the property.

      Today, all Meridian Manor residents have incomes at or below 50 percent of area median income and about two-thirds of tenants are single mothers. Children have access to many enrichment opportunities overseen by NHT/Enterprise. They can play on the building’s new playground, surf the internet in the computer lab, and participate in after school activities. Adults also have access to many opportuni- ties, including computer, GED, and financial literacy classes.

      NHT Logo National Housing Trust/Enterprise Preservation Corporation
      1101 30th Street, N.W. • Suite 400 • Washington, D.C. 20007
       
       
       
       
      202-333-8931
       
       
      • Fax: 202-833-1031 • www.nhtinc.org/nhte.asp
      Enterprise Logo
  • National Church Residences: Vanderbilt

    • National Church Residences secures HUD regulatory waiver, preserves housing for low-income elderly.

      Vanderbilt Apartments

      In 1970, the Vanderbilt Hotel in Asheville, North Carolina, was converted to affordable rental housing for seniors. At the time, the not-for-profit owner obtained a Sec. 236 loan. Subsequently, a Sec. 241 loan was layered in, then a Flexible Subsidy (Flex. Sub.) loan. Ultimately, project-based Sec. 8 assistance was made available to a portion of the property’s efficiency and one-bedroom units. In 2005, the owner decided to sell. It contacted National Church Residences (NCR), which had already acquired and rehabilitated another of its Asheville- based senior rental properties, the Battery Park Apartments.

      Vanderbilt before renovationsWhen the seller approached NCR, the Vanderbilt suffered from a 54 percent vacancy rate in its unsubsidized efficiency units. NCR recognized that addressing this issue and others would be essential to making the deal work given the organization’s central goal: achieving renewed, extended affordability. Ultimately, in order for NCR to acquire and rehabilitate the Vanderbilt while extending affordability for another 20 years, it needed for the U.S. Department of Housing and Urban Development (HUD) to sign off on NCR’s plans to (1) combine the unassisted efficiencies and (2) pay down a percentage of the Flex. Sub. loan and assume the balance rather than paying the loan in full all at once, as required by regulation.

      Ultimately, NCR kept unchanged the total number of apartments assisted with project- based Sec. 8. Phased repayment of the Flex. Sub. loan was essential to NCR’s goal of maintaining affordable rents for the tenants in unassisted apartments. Had HUD opted against granting NCR’s request for a regulatory waiver, residents of these rental homes would have faced adverse consequences. Ultimately, repayment of the first portion of the Flex. Sub. loan occurred upon transfer of the property and was made possible by a combination of HOME funds and a Trust Fund Loan from the City of Asheville. The remaining balance of the Flex. Sub. loan was subordinated and made subject to project cash flow.

      The project received allocations of federal and state tax credit equity. Planned improvements include extensive interior and exterior building renovations.

      Vanderbilt Apartment Table

       

      Contact: Michelle Norris, National Church Residences,
       
       
       
       
      614–273–3575
       
       
  • Mercy Housing: Lakefront

    • Mercy Housing merger triples its Chicago portfolio, incorporates innovative model for serving formerly homeless individuals.

      Mercy Housing Lakefront

      In January 2006, Mercy Housing merged its Chicago operations with those of Lakefront Supportive Housing, and in so doing acquired 10 existing single-room occupancy (SRO) properties and two properties under development. With the addition of this combined portfolio of 1,220 affordable apartments, Mercy tripled the number of apartments it provides in the Chicago area and brought on board Lakefront’s existing staff in order to benefit from their experience with a unique delivery system known as “blended management.” Blended management combines property management and resident services in a manner that best suits the needs of formerly homeless individuals. Each resident at Lakefront benefits from individual case management in addition to a full array of services.

      The Malden ArmsMercy Housing Lakefront, as the merged organization is called, provides housing and services to some of the most vulnerable individuals in the Chicago area, including homeless women and children, disabled individuals, and people infected with HIV. Rents at individual properties are restricted to those earning anywhere from 30 to 60 percent of the area median income, and typically the units have other restrictions as well.

      Supportive housing isn’t new to Mercy, which owns approximately 1,000 such apartments in California, Colorado, and Washington State. At these properties, Mercy partners with service providers, a different model from that now employed at its Chicago properties. Going forward, Mercy intends to take the blended management model “on the road,” helping to provide supportive housing in many of the cities nationwide that have committed to ending homelessness within the next 10 years.

      Permanent financing on the acquisitions included a combination of grants, loans, and Low Income Housing Tax Credit equity. Some of the properties benefited as well from Affordable Housing Program funds, Illinois Housing Development Agency trust fund and Financial Adjustment Factor monies, HOPWA and McKinney funding, and deferred developer fees. Each property also enjoys some form of operating subsidy, typically McKinney funds.
       

      Wentworth Commons
      Wentworth Commons


      Mercy Lakefront Portfolio: Existing Properties

      Click on the links below to obtain information about each of the existing Lakefront SRO properties acquired by Mercy Housing.

      The Holland Apartments
       The Holland Apartments
  • National Church Residences: Commons at Buckingham a LEED Project

    • National Church Residences Commons at Buckingham Columbus, Ohio LEED PLATINUM

      21% Expected Energy Savings Based on HERS Score
      88% Construction Waste Diverted from Landfill

       

      STRATEGIES AND RESULTS

      National Church Residences Commons at Buckingham ColumbusFor 20+ years, National Church Residences and Berardi + Partners Architects have been partners in the design and construction of affordable housing units. Together, we are proud that the sustainable strategies employed for this building, needed only minor modification from the collective design and construction standards that we have employed during our partnership. In order to achieve the level of LEED platinum, fixture specifications were changed, and a complete building exhaust and return air system was added. Commons at Buckingham is a very special effort, by providing housing for 100 formerly homeless persons, 10 of which are U.S. Veterans.

      EXEMPLARY PERFORMANCE

      The Commons at Buckingham is 100 units on a 0.6 acre site. Ruscilli Construction Company through great effort were able to construct this building on a very small site, and were able to achieve a rate of 88% for all construction waste to be recycled. Additionally, Ruscilli and their sub-contractors were able to donate many tons of 'waste' to a local community college for use in their construction trades training program.

      ... and its a beautiful building!

      PROJECT BASICS

      LEED FactsProject Type: Affordable
      Conditioned Space: 60,791 sq ft
      Units: 100
      Buildings: 1
      Lot Type: Infill
      Construction Type: New Construction

      KEYS TO SUCCESS

      Roof Insulation Value: 38
      Windows: Alum.NexGen
      Lighting: LED
      HVAC Type:PTAC/RooftopReturn

      The Density of this project is what makes the project truly sustainable, 100 units on .6 ac.

      THE LEED FOR HOMES DIFFERENCE

      Construction Waste Management Plan: YES!
      On-Site Performance Tests: YES!
      Custom Durability Planning Checklist: YES!
      Third-Party Verified Documentation: YES!

      About the Project Team

      Developer - National Church Residences
      General Contractor - Ruscilli Construction Company
      Architect - Berardi + Partners, Inc.
      Engineers - Jezernac - Geers and Assoc. Kliengers and Assoc. Prater Engineering
      Landscape Architect - The Edge Group
      Green Rater - Sol Development

      LEED for Homes Provider: AES

      About LEED for Homes

      LEED LogoLEED for Homes is a voluntary, third-party certification program developed by residential experts and experienced builders. LEED promotes the design and construction of high- performance green homes, and encourages the adoption of sustainable practices throughout the building industry.

  • NHP Foundation: St. Luke's Plaza Apartments

    • The NHP Foundation Preserves
      Affordable Housing In Missouri

      St. Luke's Plaza Apartments

      Historic Rehabilitation of Affordable Housing in St. Louis

      St. Luke'sSt. Luke's Plaza, located in the Central West End neighborhood of St. Louis, is comprised of 216 units. St. Luke's Plaze is one of NHPF's most substantial rehabilitation properties. With thousands of people working at nearby hospitals and medical centers, as well as in a variety of corporate and nonprofit settings, there was a need for affordable housing in an area viewed as vibrant, historic and expensive. St. Luke's Plaza, a multi-family property, was built in 1929 and was in need of substantial repairs and renovation.

      Total Cost
      • $24,010,000

      Description
      St. Luke's Plaza property income mix includes 100 units at or below 50% AMI, 105 units at or below 60% AMI, and 11 units at or below 95% AMI

      Financing
      Secured financing and funding for this project included:
      • $4,000,000 Tax-exempt Bonds
      • $5,588,000 Federal Low-Income Housing Tax Credits (LIHTC's)
      • $2,607,000 Federal Historic Tax Credits
      • $2,538,000 State LIHTC's
      • $2,848,000 State Historic Tax Credits
      • $773,000 Existing Property Reserves
      • $841,000 Deferred Developer Fee
      • $4,815,000 Deferred Sale Price

      NHPF's diverse income and rent structure provides housing for a range of households from low- to moderate-income. Notwithstanding income levels, the same level of amenities and access to our services is offered to all residents.

      St. Luke's Plaza is just one example of how NHPF's commitment to affordable housing has helped American families. For more information on NHPF's 22 properties in 10 states, please visit: http://nhpfoundation.org/properties.php.

      ABOUT THE NHP FOUNDATION
      Founded in 1989, The NHP Foundation strives to provide quality affordable multi-family housing and resident services for low- to moderate-income families. Since 1994, NHPF has acquired and preserved 46 properties, totaling approximately 10,000 units, located in 14 states. Today, NHPF's portfolio includes 22 properties, totaling approximately 4,800 apartment units. NHPF also provides service programs to nearly 18,000 community residents in 10 states.

  • NHP Foundation: Walnut Square

    • The NHP Foundation Preserves
      'New' New Orleans Homes

      Walnut Square

      A Hurricane Katrina Recovery Story

      Walnut SquareWalnut Square 209 units, in New Orleans, Louisiana was completely destroyed by Hurricane Katrina in 2006. NHPF undertook new construction, rebuilding on the former site, and making it possible for residents to return home to safe, attractive and affordable homes.

      The Walnut Square property includes an on-site community center that provides residents a business office, full fitness center, computer lab, and an array of education, health, civic education and financial literacy programs. All residents from children through seniors are part of an active, welcoming community committed to healthy lifestyles, personal development and civic participation.

      Total Cost
      • $39,515,049

      Description
      This mixed-income property has 66 market rate units, 59 work force units, 42 units at or below 60% AMI, 21 units at or below 30% AMI, and 21 units at or below 20% AMI.

      Financing
      Secured financing and funding for this project included:
      • $12,848,007 9% Low-Income Tax Credits (LIHTC's)
      • $2,626,810 Bank of America Conventional Loan
      • $19,494,767 Community Development Block Grant (CDBG) Subsidy
      • $600,000 Bush-Clinton Katrina Fund Grant
      • $250,000 NeighborWorks America Grant
      • $95,000 Ford Foundation Program Related Investment
      • $450,000 Louisiana Disaster Recovery Foundation Grant
      • $500,000 Greater New Orleans Foundation Grant
      • $1,650,466 Deferred Developer Fee
      • $1,000,000 TCAP Subsidy

      NHPF's diverse income and rent structure provides housing for a range of households from low- to moderate-income. Notwithstanding income levels, the same level of amenities and access to our services is offered to all residents.

      Walnut Square is just one example of how NHPF's commitment to affordable housing has brought New Orleans residents back home again. For more information on NHPF's 22 properties in 10 states, please visit: http://nhpfoundation.org/properties.php.

      ABOUT THE NHP FOUNDATION
      Founded in 1989, The NHP Foundation strives to provide quality affordable multi-family housing and resident services for low- to moderate-income families. Since 1994, NHPF has acquired and preserved 46 properties, totaling approximately 10,000 units, located in 14 states. Today, NHPF's portfolio includes 22 properties, totaling approximately 4,800 apartment units. NHPF also provides service programs to nearly 18,000 community residents in 10 states.

  • NHP Foundation: Foxwood Manor Apartments

    • The NHP Foundation Preserves
      Affordable Housing in Pennsylvania

      Foxwood Manor Apartments

      Rehabilitating Levittown's Affordable Housing

      Foxwood ManorFoxwood Manor in Levittown, Pennsylvania is a multi-family property built in 1972. While well maintained, it was an aging community in need of a comprehensive makeover. The rehabilitation project includes a full upgrade of the mechanical infrastructure, together with significant interior improvements including new doors and flooring, major updating of kitchens and baths, and new paint and carpeting throughout the complex. In addition, five percent of the apartments are being made accessible to those with disabilities, thus putting them in full compliance with the Americans with Disabilities Act.

      The Foxwood Manor property includes an on-site community center that provides residents a computer lab and an array of education, health, civic education and financial literacy programs. All residents from children through seniors are part of an active, welcoming community committed to healthy lifestyles, personal development and civic participation.

      Total Cost
      • $35,841,00

      Description
      Foxwood Manor has 304 units, totaling 213,000 square feet. It is a low- to moderate-income property that includes 132 units at or below 50% AMI, 96 units at or below 60% AMI, and 76 units at or below 95% AMI.

      Financing
      Secured financing and funding for this project included:
      • $12,700,000 Tax-exempt Bonds
      • $6,906,000 4% Low-Income Housing Tax Credits (LIHTC's)
      • $1,328,000 Existing Property Reserves
      • $1,773,000 Deferred Developer Fee
      • $12,800,000 Deferred Sale Price
      • $334,000 Other Sources

      NHPF's diverse income and rent structure provides housing for a range of households from low- to moderate-income. Notwithstanding income levels, the same level of amenities and access to our services is offered to all residents.

      Foxwood Manor Apartments is just one example of how NHPF's commitment to affordable housing has helped American families. For more information on NHPF's 22 properties in 10 states, please visit: http://nhpfoundation.org/properties.php.

      ABOUT THE NHP FOUNDATION
      Founded in 1989, The NHP Foundation strives to provide quality affordable multi-family housing and resident services for low- to moderate-income families. Since 1994, NHPF has acquired and preserved 46 properties, totaling approximately 10,000 units, located in 14 states. Today, NHPF's portfolio includes 22 properties, totaling approximately 4,800 apartment units. NHPF also provides service programs to nearly 18,000 community residents in 10 states.

© 2008 Stewards of Affordable Housing for the Future | contact@sahfnet.org