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 information about 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.

Hollybush Gardens

Tax Credit Rehabilitating of Affordable Housing in Glassboro, New Jersey

Hollybush Gardens offers well-priced 1-, 2- and 3-bedroom apartments with private entrances, fully equipped kitchens, plush carpeting, ample storage, off-street parking, and green space with mature trees. In addition, The NHP Foundation’s Operation Pathways coordinates a variety of activities for children, adults and seniors. The convenient property location on the NJ Transit Line is great for commuters, and transportation for seniors helps with necessary errands. Monthly rent includes heat and hot water.

Total Cost

$33,686,800

Description
Hollybush Gardens’ property income mix includes 181 units at or below 50% AMI, 46 units at or below 60% AMI, 25 units at or below 95% AMI.

Financing
Secured financing and funding for this project included:

$5,050,000Tax-Exempt Bond Proceeds (DC Housing Finance Agency NIBP bonds, enhanced by Freddie Mac and processed by PNC)
$14,500,000Tax-exempt Bonds
$7,009,200Federal Low-Income Housing Tax Credits (LIHTC’s)
$2,441,100Existing Property Reserves
$897,700Property Cash Flow
$353,800Energy Rebates
$8,485,000Deferred Sale Price
$45,000Hard Cost Per Unit