No (Summer) Rest for the Weary!

This past quarter has been filled with exciting acquisition and development news from NHPF from the re-opening of Alexander House in Hagerstown, MD to NHPF’s first transaction in Austin, TX and first deal inked in Colorado. These developments will provide important housing opportunities for residents.

Join hundreds of your peers and colleagues at The NHPF 2023 Symposium: The Future of Affordable Housing: Interconnecting Construction, Demographics, Government, and Innovation, Thursday, October 19 at Union Station in Washington, DC. Always a can’t-miss event, sign up to sponsor, contribute, and attend!

 

NHPF Announces Re-Opening of Alexander House

95 Service-Enriched Apartments in Hagerstown, MD

NHPF rededicated the Alexander House, a low-income senior apartment community, in Hagerstown, MD. The ribbon-cutting featured Hagerstown Mayor Takesha Martinez in celebration of the $30M historic rehabilitation.

NHPF renovated the entire building including replacing all the windows and damaged doors, cabinets, appliances, and bathtubs. NHPF historically renovated Alexander House’s exterior by cleaning all the masonry and repairing any damage. NHPF improved the building’s access by converting six units into UFAS compliant apartments, two units into hearing and visually impaired apartments, and reconfigured the laundry room, common areas, and entrances so they are ADA compliant.

The organization also upgraded the retail space and welcomed two new tenants: Menysa Events (specializes in luxe balloon design and event design décor) and Create a Candle (provides patrons a unique and relaxing experience creating custom candles). NHPF also signed a long-term lease with Authentic Community Theater, Inc. (ACT) for the former television space in the back of the Alexander House building. ACT provides performing arts education to students in grades 1–12 as well as a variety of entertainment options for the community.

According to Robbie Soto, Director, ACT, “This partnership ensures that our a community-based non-profit has room to grow in downtown Hagerstown, promoting the revitalization of the Arts & Entertainment district in conjunction with their performance venue, the ACT Black Box Studio.”

NHPF dramatically improved Alexander House’s energy performance with new energy-efficient, split-system heating and cooling, ducted bathroom exhaust, and fresh air supplies. NHPF replaced all lights with energy efficient lighting, appliances with Energy Star appliances, and plumbing fixtures with water sense faucets. The renovation was awarded the Enterprise Green Communities Certification for its sustainable upgrades.

The rehabilitation was made possible by $12.8M of equity and $9.5M of construction debt from Enterprise Community Capital, $7.5M FHA insured loan from AGM Financial, $6M loan from the State of MD Community Development Administration, $500K from the Federal Home Loan Bank of Atlanta, and $500K of construction debt from the Enterprise Community Loan Fund, Inc.

“Preserving the affordable homes at Alexander House required a shared vision and hard work by many public and private entities brought together by NHPF,” said Ethan Handelman, Deputy Assistant Secretary for the Office of Multifamily Housing, HUD. “The residents in their new service-enriched homes in this historic building are part of the true spirit of community development.“ Operation Pathways, NHPF’s resident services subsidiary, will provide onsite programming for the residents of Alexander House.

“Restoring this beautiful historic community asset, providing vital onsite resident services, and providing affordable retail opportunities to small, local companies represents a great accomplishment for NHPF and our partners,” said Scott Barkan, NHPF Sr. Vice President and Alexander House lead developer.

Alexander House was built in 1928 as a hotel in the Renaissance Revival style. It was renovated in 1978 to accommodate 95 units for low-income disabled residents and senior residents aged 62 and over. The 10-story building also includes over 20,000 square feet of commercial and community space.

 

NHPF 7th Annual Symposium:
Secure your Seat Today

Excitement is building for this year’s Symposium, The Future of Affordable Housing: Interconnecting Construction, Demographics, Government, and Innovation, We hope you can join us there! We are pleased to announce the addition of Cindy Frewen, nationally recognized futurist and architect, who will discuss factors shaping the affordable housing of the future and actions we should all be taking.

Cindy Frewen joins a program that also includes special guest speaker Ethan Handelman, Deputy Assistant Secretary for the Office of Multifamily Housing Programs at HUD, and keynote address from Wemimo Abbey, Co-Founder & Co-CEO of Esusu, the leading financial technology company helping individuals save money and build credit as well as forward-thinking presentations by the following important voices in the future of affordable housing:

Philip Bump, a National Columnist for The Washington Post and author of The Aftermath: The Last Days of the Baby Boom and the Future of Power in America. Bump’s expertise in analyzing and deciphering demographics and their place in future societal and policy decisions is unparalleled.

Roger Krulak, CEO, FullStack Modular, a construction leader and sought after industry expert at the forefront of using modular materials in affordable housing and other building.

Garet Marr, Managing Director, Franklin Street Insurance Services. Any conversation about the future of affordable housing must include how such housing will be insured and protected. Franklin Street’s forecasting and research knowledge defines industry “best practices.”

Donahue Peebles III, Chairman, Legacy Real Estate Development, represents the next generation of affordable housing innovation, advancing projects through the development process via strategic partnerships, management, and community engagement.

Operation Pathways Appeal

At the start of a new school year, Operation Pathways reflects on the culmination of an impactful season of Summer Camps, Summer Internships, and Back to School events. For the residents of NHPF affordable housing communities, summer can be overshadowed by the uncertainty and stress of not being able to afford out-of-school time care and opportunities for emotional, physical, and educational growth.

Operation Pathways ran summer camps across the country and offered the Affordable Housing & Real Estate Summer Internship Program to twenty-one youth across eleven properties.These critical programs cannot be offered without the support of this community. We invite you to donate to Operation Pathways to support this important work.

Joyce Kouami, a sophomore at Montclair State University and resident of Washington-Dodd, an NHPF property in Orange, NJ participated in the internship program this summer. Her final project proposed to bring a small independent theater to her community.  Ms. Kouami shared:

“My experience with the Summer Internship program exposed me to new and different ways to bring positive change to my community through the built environment,” and “I hope to incorporate what I’ve learned into my college education and find ways to use both in my career going forward.”

For 25 years, Operation Pathways has provided customized on-site programs and services in NHPF’s affordable housing communities. Our mission to transform affordable housing communities is not possible without the support of generous donors like yourself.

Your donation will enable us to continue providing critical support to those in need. Whether it’s providing internship programs, rental assistance, or offering education and support services, your support makes a significant difference in the lives of residents. Please consider donating today to support Operation Pathways and the residents of NHPF. With your help, we can continue to make affordable housing a reality for everyone.

NHPF Transaction News

Seabrook Square, Austin, TX
204 New Rental Apartments for Households Earning At or Below 60% AMI
NHPF announced that it has closed on the construction financing of Seabrook Square in Austin, TX. This new construction marks NHPF’s first foray into Austin and is a partnership with Austin Housing Finance Corporation (AHFC) and Capital A Housing. Seabrook Square is financed by a $40M tax-exempt Bond issued by the City of Austin, $3.4M Citibank construction bridge debt, $32.3 million in 4% LIHTC Equity syndicated by Boston Financial, and $13.5M in Austin Housing Finance Corporation subordinate debt financing.

On-site parking will be available along with approximately 3,000 square feet of commercial space that will be the home of Raasin in the Sun (artist incubator) and Origin Studio House (a black-owned café). The development will include a large public plaza, wrapped by 10 live/work units, locally curated murals, passive/active recreation spaces, and community center for residents. Construction is scheduled to commence September 2023.

The project in the East MLK neighborhood focuses on providing maximum affordability for both residents and small, local businesses to foster an inclusive community, and to support the health and well-being of the J.J. Seabrook community through green space, ecosystem services, active transportation linkages, and public art. Out of the 204 units, 10 units will serve as live-work residence-studios for Austin artists. All units will be restricted to 60% MFI or below.

NHPF’s Enters Colorado Affordable Workforce Housing Market with Three Deals in the Mountain Resort Region
Ground-up Construction Aims to Build Nearly 350+ units of Much-needed Affordable Housing

NHPF is expanding its footprint west with development deals in the works in three different mountain resort area towns which present unique opportunities and challenges. The Mountain Resort region of Colorado is home to some of the nation’s top ski and recreational areas, notably Vail and Aspen, yet is notoriously short on housing inventory, particularly workforce housing affordable to the thousands of employees who make up a labor pool including police personnel, teachers, restaurant staffers, and childcare workers.

In an area where close to 50% of all housing is vacation homes, what is available to rent to those on fixed incomes is priced out of reach for most. At the same time, the high altitude and prolonged freezing temperatures present construction cost and labor challenges. Add to the equation the scarcity of available land to build and the current anti-density zoning, and the area finds itself in desperate need of quality housing of all kinds, according to Neal Drobenare, Sr. VP at NHPF and lead developer for the Colorado properties, who added that NHPF is up to the task, having made a name for itself in undertaking and completing difficult housing challenges.

NHPF has committed resources to three affordable housing endeavors now in pre-development to bring a potential total of 350+ rental apartments, townhouses, and duplexes to the region, some of which may end up as homes for sale.

101 Main in Frisco, Colorado
Frisco, a town at the geographical entry point to the resort destinations, has had a long and unfortunate development history, particularly with for-profit entities. This area, well known as a hotbed of vehicular homelessness, is a high-need location with a parcel of land available currently featuring an office building that houses several mental health care providers. In an area that is also known for a high percentage of people in need of mental health services, a perfect storm is brewing. NHPF has agreed to construct 45–50 workforce housing on the site and is exploring providing office space on the ground floor of the new building for these providers and other businesses. NHPF is exploring modular components for the construction and the building will also provide an easement offering direct access to Ten Mile Creek behind the property for all to enjoy.

Galena Street in Frisco, Colorado
The Town of Frisco has also entered into a Development Agreement with NHPF that will enable it to develop workforce housing on another Town-owned site. At 602 Galena, NHPF plans to construct up to 50 units of workforce housing and office space for the Colorado Workforce Office.

Highway 40 Workforce Housing Project in Town of Granby, Colorado
An area that is rapidly growing, the Town of Granby has roughly 30 acres off of its main highway (40) on which to build workforce housing. NHPF has been selected as the master developer by the Town in partnership with Summit Homes Construction, a local developer and homebuilder. Under the agreement, NHPF will construct 258 units of which 100 will be rental apartments, and 158 will be a mix of townhouses, single family homes, and duplexes for sale. The five-phase master community will provide jobs and revenue to the area for many years to come.

NHPF envisions a 2024 start for each project.

 

Our Top Picks for the Third Quarter

Stay on top of issues affecting affordable housing and social justice topics via these interesting choices!

1. Inside Game/Outside Game: Winning Strategies for Saving Urban America by David Rusk This is a must-read if you are in the housing industry (or plan on being in the industry) and passionate about supporting regional housing policies and ensuring all new developments have their fair share of low and moderate income housing. 

2. National Public Housing Museum Who knew? Get your history here in Chicago where the only cultural institution devoted to telling the story of public housing in the United States is located. Its mission is to preserve, promote, and propel the right of all people to a place where they can live and prosper—a place to call home.

3. Demon Copperhead Pulitzer and Women’s Prize-winning Demon Copperhead by Barbara Kingsolver is a solid takedown of America’s structural poverty and drugs crisis.

3. The Heat will Kill you First Acclaimed journalist Jeff Goodell’s investigation exposes “through stellar reporting, artful storytelling and fascinating scientific explanations” an explosive new understanding of heat and the impact that rising temperatures will have on our lives and on our planet.

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About the NHP Foundation
Headquartered in New York City with offices in Washington, DC, and Chicago, IL, The NHP Foundation (NHPF) was launched on January 30, 1989, as a publicly supported 501(c)(3) not-for-profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing, and scattered-site communities that are both affordable to low and moderate income families and seniors, and beneficial to their communities. Through Family-Centered Coaching, NHPF’s subsidiary Operation Pathways engages with, and assists, families experiencing poverty and other hardship, to problem-solve together. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has 57 properties, including nearly 10,000 units, in 16 states and the District of Columbia. For more information, please visit www.nhpfoundation.org.
 
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