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
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.