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
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 78 properties, totaling 13,616 units, located in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 47 properties, totaling 8,063 apartment units, in 15 states and the District of Columbia. NHPF also provides service programs to approximately 20,000 community residents.