the NHP Foundation Preserves
Affordable Housing in New Jersey
Tax Credit Rehabilitating of
Affordable Housing in Orange
, located in Orange, New Jersey, is comprised of 300 units. Washington Dodd is one of NHPF’s unique properties that provides a 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. Washington Dodd,
a multi-family property 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.
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 1 unit is used as the rental office.
Secured financing and funding for this project included:
- $ 15,903,000Tax-exempt Bonds
- $ 5,795,000Federal Low-Income Housing Tax Credits (LIHTC’s)
- $ 3,926,000Existing Property Reserves
- $ 1,787,000Deferred Developer Fee
- $ 17,800,000Deferred Sale Price
- $ 36,667Hard Cost Per Unit
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.
Washington Dodd Apartments
one example of how NHPF’s commitment to
affordable housing has helped American families.
For more information on NHPF's properties, please visit http://nhpfoundation.org/properties.php.