NHPF remains very concerned regarding the overall health and well-being of our 25,000 residents during the Covid-19 crisis. We have been actively working with our third-party management companies in taking steps such as increased cleaning of common areas, limiting resident contact except for emergency situations and, through our resident services program subsidiary Operation Pathways, providing resources for financial assistance, food, medicine, transportation, and needed supplies. In addition, we have placed a moratorium on all evictions for non-payment of rent for the duration of this crisis and are actively engaging our residents who have been financially impacted to discuss payment plans. We fully appreciate the social and emotional tolls the length of this crisis have taken on our residents and we will follow all local and state government directives regarding the reopening of our sites and community centers. The safety and well-being of our residents remains our highest priority.

Forest Park

Affordable Housing in New Orleans, Louisiana

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.

Total Cost

$20,709,238

Description
All units “100% of the households served” are 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.

Financing
Secured financing and funding or this project included:

$11,122,3499% LIHTC’s
$5,450,000Bank of America Conventional Loan
$2,150,123Seller Financing
$1,000,000Ford Foundation
$486,765Deferred Developer Fee
$450,000Louisiana Disaster Recovery Foundation
$50,000The NHP Foundation
$38,630Hard Cost Per Unit