ACQUISITION / PRESERVATION / REDEVELOPMENT

Takoma Place Apartments

Constructed in 1953, the Takoma Place Apartments are adjacent to the Walter Reed Army Hospital Campus along a gentrifying corridor in the Nation’s Capital. On 2017, NHPF worked with the Takoma Place Apartments Tenants Association to acquire the property using the District of Columbia’s Tenant Opportunity to Purchase Act (TOPA). Takoma Place consists of seven, four-story apartment buildings. Its garden-style complex is located across the street from the former Walter Reed Medical Center, which is being redeveloped into a 3.1 million square foot mixed use campus.



REDEVELOPMENT
NHPF and the Tenants Association are partnering to undertake a $31.7 million rehabilitation of the property using low income housing tax credits as well as subsidies provided by DC Government.


TOTAL COST
$ 16,550,000

DESCRIPTION
Takoma Place is comprised of 104 residential units. All Takoma Place households receive rental subsidies through a project-based Housing Assistance Payment contract with HUD.

FINANCING
The purchase price for the Takoma Place Apartments was $16,550,000. Secured financing and funding for this project included:
$ 8,500,000Citi Community Capital
$ 7,500,000LISC
$ 550,000Seller Note




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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.