ACQUISITION / PRESERVATION / REDEVELOPMENT

Coming Soon: Strand Residences

Once complete, the Residences will include 86 affordable apartments (71 one-bedroom and 15 two-bedroom units) to the Deanwood neighborhood. The 28 LRSP units will be rented to residents who earn less than 30% of the area median income and will be reserved for residents relocating from the nearby Lincoln Heights and Richardson Dwellings properties. The development is next to the Strand Theater, a storied local landmark that the development team plans to convert into a new restaurant in 2020.



TOTAL COST
$ $38,265,000


REDEVELOPMENT

NHPF is collaborating on the project with The Warrenton Group and the Washington Metropolitan Community Development Corp (WMCDC) to undertake a $38 million redevelopment project utilizing low income housing tax credits and tax-exempt bonds, as well as subsidies provided by DC Government.

 

PERMANENT FINANCING

$ 15,600,000 District’s New Communities Initiative
$ 12,265,000 4% LIHTC (Enterprise Housing Credit Investments)
$ 8,500,000 Tax-exempt Freddie Mac loan by JLL
$ 1,900,000 Deferred Development Fee

 

CONSTRUCTION PERIOD ONLY FINANCING

$ 11,000,000 Short term tax-exempt bonds (D.C. Housing Agency)

 

 

 







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 94 properties, totaling 16,438 units, located in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 52 properties, totaling 8,815 apartment units, in 15 states and the District of Columbia. NHPF also provides service programs to approximately 28,000 community residents.