ACQUISITION / PRESERVATION / REDEVELOPMENT

Forest Park

Forest Park, a 284-unit community in Algiers, Louisiana, is a multifamily property rebuilt after major damage was sustained during Hurricane Katrina. It is a nineteen-building complex that includes 42 one-bedroom units, 160 two-bedroom units, and 72 three-bedroom units.


TOTAL COST
$ 20,709,238

DESCRIPTION
All units—100% of the households served—are at or below 60% AMI. The property underwent major rehabilitation between 2007 and 2008, including resting and remediation or mold, repair of all hurricane damage, replacement of all roofs, installation of new kitchens, new flooring, and energy-efficient appliances and windows, together with complete upgrading of all electrical systems and plumbing infrastructure.

FINANCING
Secured financing and funding or this project included:
$ 11,122,3499% LIHTC’s
$ 5,450,000 Bank of America Conventional Loan
$ 2,150,123Seller Financing
$ 1,000,000 Ford Foundation
$ 486,765 Deferred Developer Fee
$ 450,000 Louisiana Disaster Recovery Foundation
$ 50,000 PThe NHP Foundation
$ 38,630 Hard Cost Per Unit




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
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.