ACQUISITION / PRESERVATION / REDEVELOPMENT

Alpha Towers

Originally constructed in 1978, Alpha Towers is situated on 3 acres of well-maintained and landscaped grounds. The 165 unit, 9-story, mid-rise building features efficiently designed one and two bedroom floor plans averaging 601 square feet. Each unit contains a fully equipped kitchen, a private full-length balcony, individually controlled heat, and safety bars and pull cords in the bathrooms. The property also offers an amenities package tailored specifically to seniors, which includes a community meeting room, a library, and a recreational room complete with pool table and exercise equipment. Other property amenities and services include an on-site laundry facility, outside grills, a controlled access entry system, planned social activities, free WIFI, and a new business center with computers.


TOTAL COST
$ 10,804,271

DESCRIPTION
Alpha Towers’ is comprised of 158 one-bedroom units and 7 two-bedroom units. All the Alpha Towers’ resident households are at or below 60% AMI and receive rental subsidies through a project-based Housing Assistance Payment contract with HUD.

FINANCING
The Alpha Towers’ purchase price was $10,804,271. Secured financing and funding for this project included:
$ 6,779,500PNC Bank
$ 4,024,771National Housing Preservation Fund




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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.

This property is just one example of how NHPF’s commitment to affordable housing has helped American families.

ABOUT THE NHP FOUNDATION
Headquartered in New York City with offices in Washington, DC, and Chicago, IL, The NHP Foundation 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. NHPF also provides a robust resident services program to more than 28,000 community residents. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has preserved 85 properties, totaling 14,931 units in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 44 properties, totaling 4,773 apartment units, in 15 states and the District of Columbia.