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.

Overlook Manor Townhouses

Affordable Housing In Frederick, Maryland

Overlook Manor was was acquired on November 24, 2020 and is planned for a moderate rehabilitation using a HUD-insured mortgage, short-term tax-exempt bonds and Low-Income Housing Tax Credits. The property was built in 1985 and contains 63 townhouse units in 9 buildings (plus an office). The moderate rehab would include replacement of most kitchen and bathroom components, HVAC equipment, water heaters, windows, light fixtures and flooring. Substantial work would also be done to the building exteriors, such as replacement of all roofs that haven’t been replaced in the last few years, and patching/seal coating of the parking lot. In addition, extensions would be added to the first floor of 3 end units to create barrier free (ADA) units.

Financing
Secured financing and funding or this project included:

$224,000Permanent Loan or T-E Bonds
$4,735,000LIHTC Equity
$2,500,000MD CDA Funds
$1,075,000Other Soft Funds (MD CDA)
$100GP Equity
$200,000Deferred Developer Fee
$100,000Interim Income
$224,000HUD Working Capital Reserve
$350,000MD CDA EmPOWER Loan
$20,384,100Total Sources