Alexander House
Service-Enriched Affordable Housing in Hagerstown, Maryland
Prominently located in the center of downtown Hagerstown, Maryland, Alexander House was built in 1928 as a hotel in the Renaissance Revival style. It was renovated in 1978 to accommodate 95 units set aside for low-income disabled residents and elderly residents aged 62 and over. The 10-story property also includes over 30,000 square feet of commercial and community space.
REDEVELOPMENT
Total Cost
| $30,000,000 |
Description
NHPF completed a major renovation Alexander House in summer 2023. NHPF renovated the entire building including replacing all the windows and damaged doors, cabinets, appliances and bathtubs. NHPF historically renovated Alexander House’s exterior by cleaning all the masonry and repairing any damage. NHPF improved the building’s access by converting six units into UFAS compliant apartments, two units into hearing and visually impaired apartments, and reconfigured the laundry room, common areas, and entrances so they are ADA compliant.
Financing
The Alexander House revitalization funding breaks down as follows:
| $12,800,000 | Enterprise Community Loan Fund |
| $275,000 | Owner Equity (Transaction Costs & Immediate Repairs) |
| $6,000,000 | Maryland Department of Housing and Community Development |
| $7,500,000 | AGM FHA Loan |
| $2,700,000 | The NHP Foundation Loan |
| $500,000 | Federal Home Loan Bank |
| $500,000 | Weinberg Foundation |
Total Cost
| $5,975,000 |
Description
Alexander House consists of 68 studio and 27 one-bedroom units. All of the current households receive rental subsidies through a project-based Housing Assistance Payment contract with HUD.
Financing
The Alexander House purchase price was $5,700,000. It was 100% financed by the Enterprise Community Loan Fund. Acquisition and closing costs were covered by NHPF equity and a loan for predevelopment expenses was provided by Falls Church Development Corporation (FCDC). Secured financing and funding for this project include:
| $5,700,000 | Enterprise Community Loan Fund (Purchase Price) |
|---|---|
| $275,000 | Owner Equity (Transaction Costs & Immediate Repairs) |