ACQUISITION / PRESERVATION / REDEVELOPMENT

Woodmont Crossing Apartments

Woodmont Crossing, located in Southeast Washington, DC is a 12-building, garden-style property composed of 176 units. Built in 2002, Woodmont was a year-15 property in need of moderate repairs. The Woodmont Crossing United Tenant Association selected the NHP Foundation in 2017 to partner on the acquisition and rehabilitation as part of the DC Tenant Opportunity to Purchase Act (TOPA).

 

NHPF acquired the property in 2018 and began a rehabilitation program that includes replacing HVAC systems, renovating bathrooms and kitchens, increasing the number of units for residents with disabilities, and some site repairs. Renovation is expected to be complete by January 2019.



TOTAL COST
$ 44,648,944

DESCRIPTION
All units at Woodmont Crossing are restricted to 60% AMI.

PERMANENT FINANCING
$ 25,543,000HFA Risk Share Debt
$ 12,124,203 LIHTC
$ 3,117,620 Interim Income
$ 3,864,121 Deferred Developer Fee

 





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 90 properties, totaling 16,000 units in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 49 properties, totaling 8,400 apartment units, in 15 states and the District of Columbia.