In Washington, DC the Benning Heights Tenants Association (BHA) found that their building was being sold. The market price for the property would likely make rents unaffordable. Using the powers afforded them under the District of Columbias TOPA, BHTA partnered with NHPF to have the market-based purchase contract assigned to them and acquire the property. Benning Heights Apartments is a 148-unit all brick, garden style walkup apartment community. The property is made up of one-, two- and three-bedroom units, spread over 24, two-story buildings. Amenities t this community include central air conditioning, garbage disposals, on-site laundry facility, playground, on-site security, of-street parking, and convenient public transportation. Benning Heights is located just minutes from DCs public transportation system making it an ideal home for commuters
BHTA found that their building suffered from years of deferred maintenance and other capital needs unaddressed by the previous owner. BHTA and NHPF are undertaking a comprehensive rehabilitation of the property with low income housing tax credits as well as subsidies provided by DC Government.
Secured financing and funding or this redevelopment project included:
|$ 13,230,000||Citibank Tax Exempt Loan|
|$ 10,530,000||LIHTC Equity|
|$ 2,740,908||Mark to Market Note|
|$ 5,012,387||DC DHCD Soft Money|
|$ 300,000||Interim Income|
|$ 416,009||Existing Reserves|
ACQUISITION / PRESERVATION
Benning Heights Apartments is comprised of 54 one-bedroom units, 84 two-bedroom units, and 10 three-bedroom units. The Property is covered 100% by a US Department of Housing and Urban Development (HUD) Housing Assistance Payment Contract that will run for 19 years. The Property also has a HUD owned Mortgage Restructuring Note on it from its redevelopment in 1984.
Secured financing and funding or this project included:
|$ 3,128,829||HUD Mortgage Restructuring Note|
|$ 290,580||DHCD Loan|
|$ 307,869||NHPF Equity|
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 95 properties, totaling 16,495 units, located in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 56 properties, totaling 10,000 apartment units, in 15 states and the District of Columbia. NHPF also provides service programs to approximately 28,000 community residents.