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
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 43 properties, totaling 7,054 apartment units, in 16 states and the District of Columbia. NHPF also provides service programs to approximately 20,000 community residents.