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.

Parkchester

Multi-Family Affordable Housing in Washington, DC

In Washington, DC, the Parkchester Tenants Association (PTA) found that their building was being sold despite years of deferred maintenance and other capital needs never addressed by the previous owner. Using the powers afforded them under the District of Columbia’s Tenant Opportunity Purchase Act (TOPA), PTA partnered with The NHP Foundation to have the market-based purchase contract assigned to them and acquire the building.

Originally constructed in 1978, Parkchester Apartments is situated on 6 acres of well-maintained and landscaped grounds. The 92 unit, one story cottage-style property features spaciously designed two and three-bedroom apartments. All units offer fully equipped kitchens, frost-free refrigerator/freezers, garbage disposals and spacious patios. The property also offers an on-site laundry facility, outside grills, and community activities.

REDEVELOPMENT
Total Cost

$24,286,000

Description
PTA and NHPF undertook a comprehensive rehabilitation of the property with low income housing tax credits as well as subsidies provided by DC Government and U.S Department of Housing and Urban Development.

Financing
Secured financing and funding for this project included:

$9,500,000Tax Exempt Bonds
$8,091,000Federal Low Income Housing Tax Credits (LIHTC’s)
$117,000Existing Property Reserves
$115,000Interim Income
$6,473,000Subordinate Loan

ACQUISITION / PRESERVATION
T
otal Cost

$10,000,000

Description
Parkchester Apartments of 63 single-bedrooms units, 19 two bedroom units, and 12 three-bedroom units. 100% of current households receive rental subsidy through a project-based Housing Assistance Payment contract with HUD.

Financing
Secured financing and funding for this project included:

$6,740,000PNC Bank
$2,500,000LISC
$760,000Equity