ACQUISITION / PRESERVATION / REDEVELOPMENT

The Roundtree Residences

The Roundtree Residences is a 91-unit senior housing development in southeast Washington, DC. Construction began in January, 2012 and was completed in March, 2013. The Roundtree Residences is owned in partnership with Vision of Victory CDC (VOV), which is a part of Allen Chapel AME Church, a pillar of the surrounding community. NHPF served as developer of the property in partnership with VOV and District Development Group, LLC, a local for profit development company.

The property includes a community room, internet café, exercise room, and an onsite medical clinic for residents. NHPF was committed to having this project contribute to local economic development. 65% of construction sub-contracting was with local (Ward 8), small, or disadvantage business and 15% of labor-hours were with local residents. Both of these were well in excess of local requirements.


TOTAL COST
$ 16,265,673

DESCRIPTION
This property is 80% affordable at 60% AMI and 20% affordable at
50% AMI. There are 80 one-bedroom units and 11 two-bedroom units.

PERMANENT FINANCING
$ 5,050,000Tax-Exempt Bond Proceeds (DC Housing Finance Agency NIBP bonds, enhanced by Freddie Mac and processed by PNC)
$ 88,250 LIHTC additional payment for equity closing costs
(Bank of America)
$ 5,131,401 LIHTC Syndication Proceeds (Bank of America)
$ 5,000,000HOME Loan (DC Department of Housing and Community Development)
$ 651,946Neighborhood Investment Fund (Sponsor Loan)
$ 171,610Deferred Development Fee (Sponsors)
$ 169,446Accrued and Deferred Interest (Sponsors and DHCD)

CONSTRUCTION PERIOD ONLY FINANCING

$ 2,388,000Short Term Bond Purchase/Bridge Loan (Bank of America)
$ 5,130,236Letter of Credit (Bank of America)




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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.