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
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.