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 Columbias 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.
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.
Secured financing and funding for this project included:
|$ 9,500,000||Tax Exempt Bonds|
|$ 8,091,000||Federal Low Income Housing Tax Credits (LIHTCs)|
|$ 117,000||Existing Property Reserves|
|$ 115,000||Interim Income|
|$ 6,473,000||Subordinate Loan|
ACQUISITION / PRESERVATION
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.
|$ 6,740,000||PNC Bank|
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.