ACQUISITION / PRESERVATION / REDEVELOPMENT

Ships’ Cove Apartments

Located at 130 Canal Street in Fall River, MA, Ships’ Cove is a high-rise building located centrally to public transportation as well as many other public and commercial amenities. Its residents enjoy incredible views of historic Battleship Cove. The renovation includes improvements to units, common areas, building systems and the building exterior, as well as accessibility improvements and installation of utility-conserving fixtures. These redevelopment efforts have improved the quality of life for current and future residents and secured Ships’ Cove as an important affordable housing resource in Fall River.


REDEVELOPMENT
TOTAL COST

$ 26,995,000

DESCRIPTION
Of its 201 apartments, 162 Ship’s Cove units are covered by a project-based Section 8 contract. There are 100 1-bedroom units and 101 2-bedroom units. Of the total, 21 units below 30% AMI, 150 units below 50% AMI, 20 units below 60% AMI, and 10 units below 95% AMI.

PERMANENT FINANCING
$ 10,973,000Tax Exempt Loan
$ 8,333,000Low Income Housing Tax Credit Proceeds
$ 6,437,000Deferred Sale Price
$ 1,252,000Acquired Reserves




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.