Letter from Our CEO and President Eric W. Price
Dear Friends, Partners, and Supporters,
As we embark on a new chapter for NHPF, the affordable housing landscape presents both challenges and opportunities. We remain confident that our 35+ year track record and eminently qualified teams of acquisition, development, construction and asset management specialists will enable us to continue to provide the high-quality affordable housing solutions America’s communities need.
With a new administration in place, we anticipate shifts in priorities and initiatives that will shape the industry. We will gain greater clarity on the direction federal policies will take and how they will impact the work we do at the local level. Our focus remains on ensuring that, regardless of policy changes, NHPF’s mission will remain unchanged.
Key Trends in 2025
We are committed to being strategic and focused in the markets where we operate. Workforce housing continues to gain traction, and we are seeing growing interest in structuring single-family housing within multifamily developments. Our goal is to refine our execution strategies, ensuring that our resources are utilized efficiently to maximize our impact.
From a financial perspective, we are encouraged that interest rates have settled, and developers are no longer facing the level of uncertainty that previously led to conservative underwriting and increased financing gaps. This stability allows us to move forward with confidence in our development pipeline.
Our Priorities Moving Forward
Our primary objective is to complete the projects we have in pre-development and development. This includes expanding on our successes, such as our supportive housing initiatives in Houston. Our recent hiring of an in-house expert in this field positions us well for growth in this area. Additionally, we are pursuing opportunities to replicate our successful models in other markets where they are needed most.
In Chicago, we have actively participated in the development of Single Room Occupancy (SRO) housing, aligning with the city’s focus on preserving affordable options. Similarly, Washington, D.C. has prioritized making affordable housing accessible across all neighborhoods, including high-wealth areas. We are working closely with public agencies to structure deals that align with these priorities and ensure affordability where it is most needed.
A New Chapter for NHPF
As I step into my role as President and CEO, I am committed to refining our acquisition strategy and being more intentional about where we invest our resources. Although we are always keen to expand into new regions when the opportunities fit our strategic vision, we truly recognize the value of “doubling down” in the markets where we have already established a presence. This approach will allow us to build on our expertise and adapt to local priorities in a meaningful way.
For instance, our passive house project in Connecticut has provided valuable lessons, and we will explore similar opportunities in other regions where we operate. Likewise, our single-family rental community, Hollander Ridge has shown us the value and popularity of scattered-site development.
Exciting Developments on the Horizon
This year, we are thrilled to be completing several impactful projects and welcoming residents to new homes. Curtis Cofield II Estates in New Haven, Connecticut, exemplifies our commitment to sustainable and energy-efficient housing. In Houston, we will complete RoseMary’s Place, a supportive housing development that will provide critical services to residents in need. Additionally, in Baltimore, The Terraces at Park Heights represents a transformative, multi-phase development that includes senior housing, multifamily residences, and over 70 affordable single-family homes.
Lessons for the Future
NHPF views the preservation and creation of affordable housing as its North Star and will continue to build on our decades of success by focusing on the right deals in the right places managed by the right people. We remain committed and dedicated to that mission and will adapt to any changes along the way, executing each and every project to the best of our abilities.
Thank you for your continued support. Together, we can build a future where safe, stable, and affordable housing is accessible to all.
Sincerely,
Eric W. Price
President and Chief Executive Officer
The NHP Foundation
