Forest Park, a 284-unit community in Algiers, Louisiana, is a multifamily property rebuilt after major damage was sustained during Hurricane Katrina. It is a nineteen-building complex that includes 42 one-bedroom units, 160 two-bedroom units, and 72 three-bedroom units.
All units100% of the households servedare at or below 60% AMI. The property underwent major rehabilitation between 2007 and 2008, including resting and remediation or mold, repair of all hurricane damage, replacement of all roofs, installation of new kitchens, new flooring, and energy-efficient appliances and windows, together with complete upgrading of all electrical systems and plumbing infrastructure.
Secured financing and funding or this project included:
|$ 11,122,349||9% LIHTCs|
|$ 5,450,000||Bank of America Conventional Loan|
|$ 2,150,123||Seller Financing|
|$ 1,000,000||Ford Foundation|
|$ 486,765||Deferred Developer Fee|
|$ 450,000||Louisiana Disaster Recovery Foundation|
|$ 50,000||The NHP Foundation|
|$ 38,630||Hard Cost Per Unit|
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.