ACQUISITION / PRESERVATION / REDEVELOPMENT

Flanders West Apartments

Constructed in 1978, the Flanders West Apartments are situated in a rural setting Southington, CT. The 145 units contained in two mid-rise elevator buildings are a mix of studio and one-bedroom apartments. This service-enriched senior property has community rooms in each building. One building’s community room has a fitness center, while the other has a computer lab with library and lounge area. Both community rooms provide resident programming and have small kitchens and adjoining outdoor patios


TOTAL COST
$ 18,625,000

DESCRIPTION
Flanders West is comprised of 51 studio and 94 one-bedroom units. All Flanders West households receive rental subsidies through a project-based Housing Assistance Payment contract with HUD.

FINANCING
The purchase price for the Flanders West Apartments was $18,000,000. Secured financing and funding or this project included:
$ 12,562,500 PNC Bank
$ 6,062,500 National 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 81 properties, totaling 14,259 units in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 40 properties, totaling 6,801 apartment units, in 16 states and the District of Columbia.