ACQUISITION / PRESERVATION / REDEVELOPMENT

Woods at Addison

Woods at Addison apartment community offers beautiful garden-style apartments minutes from shopping, the Washington DC Metro, and a short ride on the Metro’s Blue Line to downtown Washington. The property includes a pool, picnic area, playground, and new entrances with controlled-access entry. The apartments provide on-site management; maintenance is available 24-hours a day. The 225 units each include spacious floor plans, new thermal windows, wall-to-wall carpeting, modern kitchens, private balconies or patios, and large closets. The units contain one, two, or three bedrooms, the last of which features 1.5 bathrooms.


TOTAL COST
$ 20,198,569

DESCRIPTION
The Woods at Addison is comprised of 44 single-bedroom units, 155 two-bedroom units, and 26 three-bedroom/1.5 bath units. At least 69% of current households are income eligible for tax credits (at/under 60% AMI). The majority of these households are working, with over 60% earning between 30% and 60% AMI.

FINANCING
The purchase price for this property was $19,600,000. Secured financing and funding for this project included:
$ 14,140,000PNC Bank
$ 6,058,569 National Housing Preservation Fund




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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 47 properties, totaling 8,063 apartment units, in 15 states and the District of Columbia. NHPF also provides service programs to approximately 20,000 community residents.