ACQUISITION / PRESERVATION / REDEVELOPMENT

Bayview Towers

Bayview Towers, located in downtown Stamford, Connecticut, is composed of 200 units. The property has several larger units, making it a critical affordable housing resource for working families in Fairfield County. The property is located within minutes to bus and rail public transportation and has easy access to Interstate 95. Bayview Towers was completed in 1973 and was in need of substantial repairs and renovation. In 2012, NHPF began a significant renovation, which includes kitchen and bathroom upgrades, energy efficient appliances, new flooring, replacing domestic and sanitary plumbing lines, new windows, new electrical panels, new AC units, new roofs, converting a portion of the units to be handicap accessible, exterior concrete repairs and re-enforcements, energy efficient lighting, and a new look for the exterior of the buildings.


TOTAL COST
$ 36,450,000

DESCRIPTION
Bayview Towers income mix includes 30 units at or below 25% AMI, 151 units at or
below 50% AMI, 9 units at or below 60% AMI, and 10 units at or below 95%AMI.

FINANCING
Secured financing and funding for this project include:
$ 15,550,000Connecticut Housing Finance Authority Tax-Exempt Bonds
$ 10,900,000Deferred Sale Price
$ 7,000,000Federal Low-Income Housing Tax Credit Equity (LIHTC)
$ 1,150,000Existing Property Reserves
$ 800,000Interim Income
$ 550,000Deferred Developer Fee
$ 500,000Connecticut Housing Tax Credit Contribution (HTCC) from Connecticut
Light and Power
$ 62,000Per unit in Hard Construction Costs





FOLLOW OUR COMMUNITY BUILDING

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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 90 properties, totaling 16,000 units in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 49 properties, totaling 8,400 apartment units, in 15 states and the District of Columbia.