Washington Dodd Apartments

Tax Credit Rehabilitating of Affordable Housing in Orange, New Jersey

Washington Dodd Apartments, located in Orange, New Jersey, is comprised of 300 units. Washington Dodd is one of NHPF’s unique properties that provides a welcoming lifestyle in a wooded park-like setting. This property is located within minutes to public transportation and easy access to major highways such as Garden State Parkway and Route 280 making this central location a simple commute.

A multi-family property, Washington Dodd was built in 1964 and was in need of substantial repairs and renovation. In 2010, the property began significant renovations, which includes kitchen and bathroom upgrades, replacing all electrical panels and smoke detectors, installing new HVAC units, adding disabled access ramps, replacing the central boilers with new, individual hot water heaters, adding new waterproofing and insulation to all basements, and replacing of all interior lighting with new energy efficient fixtures.

Total Cost

$46,702,200

Description
Washington Dodd property income mix includes 111 units at or below 50% AMI, 84 units at or below 60% AMI, 39 units at or below 80% AMI, 65 units at or below 50% AMI, and one unit is used as the rental office.

Financing
Secured financing and funding for this project included:

$18,540,000	Tax-exempt Bonds
$6,091,400	Federal Low-Income Housing Tax Credits (LIHTC’s)
$3,931,400	Existing Property Reserves
$339,400	Property Cash Flow
$17,800,000	Deferred Sale Price