ACQUISITION / PRESERVATION / REDEVELOPMENT

Lancaster CLub

Lancaster Club, originally constructed in 1978, is situated on 6 acres of well-maintained and landscaped grounds. The 92 unit, one-story cottage-style property features spaciously designed two and three-bedroom apartments. Each unit offers fully equipped kitchens, frost free refrigerator/freezers, garbage disposals and spacious patios. The Property also offers an on-site laundry facility, outside grills, beautiful landscaping, and community activities.


TOTAL COST
$ 4,376,990

DESCRIPTION
Lancaster Club is comprised of 48 two-bedroom units and 44 three-bedroom units. 100% of current households are income eligible for tax-credits (at/under 60% AMI) because all units receive rental subsidy through a project-based Housing Assistance Payment contract with HUD.

FINANCING
The Alpha Towers’ purchase price was $10,804,271. Secured financing and funding for this project included:
$ 2,658,500 PNC Debt
$1,718,490 Owners Equity




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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.