ACQUISITION / PRESERVATION / REDEVELOPMENT

Parkchester Apartments

In Washington, DC, the Parkchester Tenants Association (PTA) found that their building was being sold despite years of deferred maintenance and other capital needs never addressed by the previous owner. Using the powers afforded them under the District of Columbia’s Tenant Opportunity Purchase Act (TOPA), PTA is partnering with The NHP Foundation to have the market-based purchase contract assigned to them and acquire the building. Originally constructed in 1978, Parkchester Apartments 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. All units offer fully equipped kitchens, frost free refrigerator/freezers, garbage disposals and spacious patios. The Property also offers an on-site laundry facility, outside grills, and community activities.



REDEVELOPMENT
TOTAL COST

$ 24,286,000

DESCRIPTION
PTA and NHPF are undertaking a comprehensive rehabilitation of the property with low income housing tax credits as well as subsidies provided by DC Government and U.S Department of Housing and Urban Development.

FINANCING
Secured financing and funding for this project included:
$ 9,500,000 Tax Exempt Bonds
$ 8,091,000 Federal Low Income Housing Tax Credits (LIHTC’s)
$ 117,000 Existing Property Reserves
$ 115,000 Interim Income
$ 6,473,000 Subordinate Loan



ACQUISITION / PRESERVATION
TOTAL COST

$ 10,000,000

DESCRIPTION
Parkchester Apartments of 63 single-bedrooms units, 19 two bedroom units, and 12 three-bedroom units. 100% of current households receive rental subsidy through a project-based Housing Assistance Payment contract with HUD.

FINANCING
$ 6,740,000 PNC Bank
$ 2,500,000 LISC
$ 760,000 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 90 properties, totaling 16,000 units in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 49 properties, totaling 8,400 apartment units, in 15 states and the District of Columbia.