Tax Credit Rehabilitating
of Affordable Housing in
Orange, New Jersey

587 Carroll Street
Orange, NJ 07050


Rental Information,
Amenities, and Floorplans


ACQUISITION / PRESERVATION / REDEVELOPMENT

Washington Dodd Apartments

Washington Dodd Apartments, located in Orange, New Jersey, is comprised of 300 units. Washington Dodd is one of NHPF’s unique properties that provides a welcoming lifestyle in a wooded park-like setting. This property is located within minutes to public transportation and easy access to major highways such as Garden State Parkway and Route 280 making this central location a simple commute.

A multi-family property, Washington Dodd was built in 1964 and was in need of substantial repairs and renovation. In 2010, the property began significant renovations, which includes kitchen and bathroom upgrades, replacing all electrical panels and smoke detectors, installing new HVAC units, adding disabled access ramps, replacing the central boilers with new, individual hot water heaters, adding new waterproofing and insulation to all basements, and replacing of all interior lighting with new energy efficient fixtures.


TOTAL COST
$ 46,702,200

DESCRIPTION
Washington Dodd property income mix includes 111 units at or below 50% AMI, 84 units at or below 60% AMI, 39 units at or below 80% AMI, 65 units at or below 50% AMI, and one unit is used as the rental office.

FINANCING
Secured financing and funding for this project included:
$ 18,540,000Tax-exempt Bonds
$ 6,091,400Federal Low-Income Housing Tax Credits (LIHTC’s)
$ 3,931,400Existing Property Reserves
$ 339,400Property Cash Flow
$ 17,800,000Deferred Sale Price




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 82 properties, totaling 14,379 units in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 41 properties, totaling 6,921 apartment units, in 16 states and the District of Columbia.