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.

Redland Arms

An Affordable Housing Community in Florida City, Florida

Redland Arms Apartments, located in Florida City, FL is a 10-building 66-unit, garden-style property featuring a mix of 1-, 2-, and 3-bedroom units. Built in 2002, Redland Arms was a year-15 property that is in its extended use period. Amenities at Redland Arms include a clubhouse (with leasing office, computer room, and exercise room), pool and pool house, covered BBQ area, playground, car-washing station, and basketball half court.

The opportunity was presented to NHPF by The Partnership Inc. (TPI), a non-profit affordable housing developer based in Florida, that NHPF has partnered with on multiple deals. NHPF and TPI jointly acquired the property in 2018 as an equal 50/50 partnership.

Total Cost

$4,604,212

Description
All units at Redland Arms are restricted to either 60% AMI or 33% AMI.

Financing

$6,779,500Richmac Funding Bridge Loan
$864,212Total Equity and Cash Advance split 50/50 between NHPF and TPI