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
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 85 properties, totaling 14,931 units in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 44 properties, totaling 4,773 apartment units, in 15 states and the District of Columbia.