ACQUISITION / PRESERVATION / REDEVELOPMENT

Calvin Mowbray Park &
Stephen Camper Park



REDEVELOPMENT
TOTAL COST

$ 32,455,000

DESCRIPTION
With the property in need of massive renovation, NHPF and its partners began a two-year redevelopment project including the installation of kitchen and bathroom upgrades, new energy efficient lighting and HAC, washers and dryers, the repair of driveways and sidewalks, and other improvements.

FINANCING
Secured financing and funding or this redevelopment project included:

$ 12,700,000 HUD 221(d) (4) Mortgage
$ 9,975,000 Federal Low-Income Tax Credits (LIHTC’s)
$ 900,000 Energy Loan
$ 8,880,000 Deferred Sale Price

 


ACQUISITION / PRESERVATION
TOTAL COST

$ 11,000,000      Property was acquired through a 98-year capital lease

DESCRIPTION
Calvin Mowbray Park and Stephen Camper mix includes all units at or below 60% AMI. All of the current households will receive rental subsidy through a project-based housing contract with HUD.





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 83 properties, totaling 14,445 units in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 48 properties, totaling 7,843 apartment units, in 15 states and the District of Columbia.