NHPF Transaction Press Release Archive

Transaction Press Release Archive

Where You Live Matters

For more information on these projects or other NHPF properties please visit www.nhpfoundation.org or follow the organization on Twitter at @nhpfoundation. 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 that is 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 56 properties, including approximately 10,000 units, in 15 states and the District of Columbia.

Contents

Acquisition / Preservation The NHP Foundation Completes Recapitalization of Apartments in Newark, NJ 

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Funding The NHP Foundation Receives Funding from Mayor’s Office of Housing for NUBA Apartments 

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Acquisition / Preservation The NHP Foundation Completes Acquisition of Parcel 8 in Boston 

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Funding Federal Home Loan Bank of Boston Awards The NHP Foundation a $650,000 Affordable Housing Program Grant  Funding Funding from the State of Texas, City of Houston, Harris County Saves At-Risk Permanent Supportive Housing  Funding Legacy Real Estate Development, Domaine and The NHP Foundation Secure $23M for Construction of 17 Mississippi Avenue Apartments 

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Acquisition / Preservation The NHP Foundation Acquires Kansas City, MO-Based Cardinal Ridge Apartments 

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Acquisition / Preservation The Partnership Inc. (TPI) and The NHP Foundation (NHPF) Secure $80M for Renovation of Sunset Bay Apartments, Affordable Housing in Cutler Bay, FL

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Funding Leading Affordable Housing Provider Acquires Funding to Construct Affordable Rental Units in New Haven, CT

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Funding Amazon Grants Awards City of Falls Church $3.75 million for Affordable Housing Initiatives by Virginia Housing; The NHP Foundation to Manage Program  Acquisition / Preservation Affordable Housing Increased in Baltimore City “Areas of Opportunity” National Not-for-Profit Welcomes Residents to Hollander Ridge Scattered Site Rental Housing Acquisition / Preservation The NHP Foundation and Spartanburg Housing Authority Secure $17.4M for Rehabilitation of Victoria Gardens Apartments, Affordable Housing in Spartanburg, SC 

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Acquisition / Preservation Blue Mountain Apartments, 217 Units of Affordable Housing, to be Preserved in Boston, MA 

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Funding The State of Texas Joins with the City of Houston, Harris County, and Houston Housing Authority to Fund 149 Units of Supportive Housing in Houston’s Vibrant Midtown Neighborhood 

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Acquisition / Preservation Exchange Place Tower to Be Preserved as Senior Affordable Housing in Waterbury, CT 

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Acquisition / Preservation Mayor Lightfoot Joins The NHP Foundation, Community and Preservation Advocates to Reopen Chicago’s Historic Mark Twain  Acquisition / Preservation The Partnership Inc. and The NHP Foundation Announce $8.9 Million Acquisition of Pelican Isles Apartments in Sebastian, FL  Acquisition / Preservation The NHP Foundation Secures $28.4M for Redevelopment and Preservation of Anacostia Gardens, an Affordable Housing Property in DC’s Ward 8  Acquisition / Preservation Federal Home Loan Bank of Chicago Awards The NHP Foundation $900,000 Through Its Competitive Affordable Housing Program  Acquisition / Preservation Edwin Berry Manor Apartments to Be Preserved as Affordable Housing in Chicago’s Up-And-Coming Woodlawn Neighborhood  New Construction Community Groundbreaking Event Celebrated the Start of Construction on The Strand Residences Affordable Housing Project in DC’s Deanwood Neighborhood 

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New Construction Closing on $38M in Financing for Construction of 86 New Affordable Homes in Washington, DC 

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Acquisition / Preservation City of Houston Disaster Relief Awards Senior Housing Development $12MM 

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Acquisition / Preservation Financing Closes on Historic Chicago SRO The Mark Twain Renovations will Preserve 148 Units of Affordable Housing  Acquisition / Preservation NHP Foundation Secures $39 Million In Financing for the Redevelopment and Preservation of Takoma Place, an Affordable Housing Property in NW DC 

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Acquisition / Preservation Jonathan Rose Companies and The NHP Foundation Acquire Shore Hill Housing in Brooklyn, NY 

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Acquisition / Preservation The Partnership Inc. and The NHP Foundation Announce $4.4 Million Acquisition of Redland Arms Apartments in Florida City, FL 

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Acquisition / Preservation The NHP Foundation Announces $8.7 Million Acquisition of Princess Anne Townhouses in Maryland  33

Acquisition / Preservation NHPF Purchases Woodmont Crossing Apartments 

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Ribbon Cutting Ceremony The People’s Community Development Association of Chicago, Inc. and The NHP Foundation Celebrate Completion of Harvest Homes Apartments with Ribbon Cutting Ceremony 

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Acquisition / Preservation The NHP Foundation-Urban Atlantic Fund Announces Acquisition of Errichetti Connecticut Senior Portfolio 

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Renovation The NHP Foundation Announces $11.3 Million Renovation to Benning Heights Apartments 

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Acquisition / Preservation NHPF Announces $7 Million Acquisition of Historic Chicago Hotel Covent 

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Renovation The NHP Foundation Sponsors $8 Million Renovation to Ships’ Cove Apartments 

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Acquisition / Preservation The NHP Foundation Announces $11.2 Million In District of Columbia Housing Finance Agency Funding for Washington DC’s Parkchester Apartments 

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Acquisition / Preservation NHPF Acquires Cambridge’s Calvin Mowbray Park & Stephen Camper Park Apartments 

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Acquisition / Preservation NHPF Purchases The Pines at Carolina Place Apartments 

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ACQUISITION / PRESERVATION The NHP Foundation Completes Recapitalization of Apartments in Newark, NJ Transactions to rehabilitate housing units including Permanent Supportive Housing (PSH)

July 12, 2022 New York, NY— NHPF, a national not-for-profit provider of affordable housing, announced today that it has closed the recapitalization of New Center City and New Irvine Turner Apartments in Newark, NJ. The deal will include 143 Section 8 units with 15 set aside for PSH. NHPF will perform a comprehensive rehab on the six-building property including site and exterior improvements, replacements of mechanical systems, structural repair and reconstruction, renovations to each unit (kitchen upgrades, bathrooms improvements, living space upgrades) and common areas. New community spaces will include a management office, resident services office and amenity spaces including laundry facilities and function room. One building, 80 Court Street, (part of New Center City, pictured below) will be historically preserved. Funding for the $56M recapitalization was made possible by New Jersey Housing Mortgage and Finance Agency (NJHMFA) which allocated the tax exempt bonds, 4% LIHTC and Special Needs Housing Trust Funds; Enterprise Community Partners for LIHTC Syndication; Lument Capital for FHA 223f/241a loans; HUD for Section 8 Chapter 15 renewal; Cedar Rapids Bank & Trust for a tax credit bridge loan; and additional funding from the Federal Home Loan Bank-Affordable Housing Program through the M&T Bank. Case management services for those living in the PSH units will be provided by the Newark YMCA. “It is critical to preserve the current affordable housing stock in Newark to ensure residents can continue living prosperous lives in their community,” said Mecky Adnani, NHPF Sr. Vice President and lead developer, who continued, “The preservation of New

Center City and New Irvine Turner will have significant impact on the neighborhood because it will reposition these buildings, maintain property affordability and increase the quality of life of our residents through a comprehensive rehabilitation that will mitigate the current public health concerns.” Dick Burns, NHPF CEO added “Through the redevelopment of these buildings, residents will live in fully renovated units and have access to various services including educational, health, and financial empowerment. This is the essence of NHPF’s mission - enriching affordable housing with needed services. The New Center City renovations are expected to complete by October, 2022 and New Irvine Turner will complete by July, 2023.

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FUNDING The NHP Foundation Receives Funding from Mayor’s Office of Housing for NUBA Apartments New Construction will Create 60 Units of Mixed Income Housing

New York, NY, February 22, 2021— TThe NHP Foundation (NHPF), a national not-for-profit provider of affordable housing, announced today that it has been awarded $2.5M from the Mayor’s Office of Housing for NUBA Apartments, a new mid-rise building containing 60 units of mixed-income housing and seven live/work units affordable to households with area median incomes between 30% AMI-120% AMI in Nubian Square area of the Roxbury Neighborhood of Boston. NHPF and Urbanica were selected to co-develop Parcel 8 through a competitive RFP process that promotes City goals to affirmatively further fair housing, and efficiently utilize City resources and/or land to increase the supply of housing available to low- and moderate-income households “The City’s award for the combined projects of NUBA Homes and NUBA Apartments will be critical in building a cultural hub of opportunity on the Parcel 8 site in Nubian Square,” said Kamran Zahedi, President of Urbanica, Inc. “Together, these projects will create both rentals led by our development partner The NHP Foundation and homeownership opportunities for low and moderate income households, including specific live and work opportunities for artists.” “This project is a key contributor to the revitalization efforts within the Roxbury neighborhood of Boston as well as contribute to several extensive planning initiatives,” said Mecky Adnani, the

lead developer and a Senior Vice President at NHPF. The other initiatives include the Roxbury Strategic Master Plan, Dudley Vision, the Roxbury Heritage State Master Plan, and most recently, PLAN: Nubian Square. The overall design will include a public park, exhibition space, and live/work artist spaces that will celebrate the historic and cultural values of the site while serving as a Gateway to the Nubian Square neighborhood. Construction will begin in 2023.

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ACQUISITION / PRESERVATION The NHP Foundation Completes Acquisition of Parcel 8 in Boston New Construction will Create 60 Units of Mixed Income Housing

New York, NY, February 2022— The NHP Foundation (NHPF), a national not-for-profit provider of affordable housing, announced today that it has finalized the purchase of Parcel 8 from the City of Boston. NHPF will construct a mid-rise building containing 60 units of mixed income housing at 30% AMI–120% AMI in the Roxbury neighborhood of Boston. The project was financed with a $2.5M award from the Mayor’s Office of Housing. “The City’s award for the combined projects of NUBA Homes and NUBA Apartments will be critical in building a cultural hub of opportunity on the Parcel 8 site in Nubian Square,” said Kamran Zahedi, President of Urbanica, Inc. “Together, these projects will create both rentals led by our development partner The NHP Foundation and homeownership opportunities for low and moderate income households, including specific live and work opportunities for artists. “This project will contribute to the redevelopment efforts within the Roxbury neighborhood of Boston as well as contribute to several extensive planning initiatives,” said Mecky Adnani, the lead developer and a Senior Vice President at NHPF. The other initiatives include the Roxbury Strategic Master Plan, Dudley Vision, the Roxbury Heritage State Master Plan, and most recently, PLAN: Nubian Square.

The overall design will include a public park, exhibition space, and live/work artist spaces that will celebrate the historic and cultural values of the site while serving as a Gateway to the Nubian Square neighborhood. Construction will begin in 2023.

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FUNDING Federal Home Loan Bank of Boston Awards The NHP Foundation a $650,000 Affordable Housing Program Grant

New York, NY, December 22, 2021— The NHP Foundation (“NHPF”), in partnership with Citizens Bank, was awarded a $650,000 competitive Affordable Housing Program (AHP) grant from Federal Home Loan Bank of Boston (FHLBankBoston) to create 56 units of mixed-income housing and commercial space in New Haven. This initiative will be completed through a partnership with the city, West River Self Help Investment Plan (WRSHIP), and the NHPF. NHPF will use the AHP grant to construct 11 townhouse- style buildings with a focus on family housing. Fourteen units will be affordable to households earning at or below 30% of the area median income (AMI) while 23 units will be affordable to households earning between 31% -50% AMI and seven will be targeted to 51%-60% AMI. Citizens Bank will provide construction financing and Low Income Housing Tax Credit investment equity. The grant was part of approximately $19.4 million in grants, loans, and interest-rate subsidies that FHLBank Boston awarded to support 30 affordable housing initiatives in New England and beyond in 2021. These projects, funded in part through the AHP, will create

or preserve 1,216 rental and homeownership units for individuals and families earning up to 80% of the area median income. “The ability to construct new, more resilient more affordable housing including twelve supportive units to serve formerly homeless and/or residents with special needs makes this award particularly urgent at this time,” said Dick Burns, President & CEO, NHPF. Added Jamie Smarr, Sr. Vice President and leader of NHPF’s Affiliate Program, “The ability to work with WRSHIP, part of a national movement to promote the participation of racial minorities who have historically been excluded from economic development projects in the city and throughout the country, fits so well with our organization’s mission.” The initiative will also include a clubhouse/community center, garage parking, and a playground, and will be designed to Passive House standards with solar panels. A coffee shop and bakery will be operated onsite by the social service provider to teach job skills and operate an employment re-entry program. The site is served by both rail and bus transit. The New Haven United Nations International Peace Garden will remain on the site.

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FUNDING Funding from the State of Texas, City of Houston, Harris County Saves At-Risk Permanent Supportive Housing Not-For-Profit Affordable Housing Developer and Service Provider Partner Break Ground to Preserve 95 Rental Apartments

New York, NY, October 28, 2021— The NHP Foundation (“NHPF”), a national not-for-profit provider of affordable housing, and Temenos Community Development Corporation (CDC) its local partner, announced construction has begun today to replace 95 homes serving Houstonians who have experienced homelessness. The Texas Department of Transportation (TxDOT) has required an existing 80-home apartment community known as “Temenos II” to be moved to make way for highway improvements. This new development will ensure that those 80 apartments serving Houston’s most vulnerable citizens will not be lost. At the same time, 15 existing units for people experiencing homelessness will be completely rebuilt as part of the project. The new 95-home community called Temenos Place Apartments, will be Permanent Supportive Housing (PSH) focused on reducing homelessness in Houston. Funding for the project includes: $12.5 million From The City of Houston Housing and Community Development and $11 million in Community Development Block Grant (CDBG ) funding for Disaster Recovery from Harris Country. Both City and County CDBG awards were approved by the Texas General Land Office (GLO). Temenos CDC lent $735,000 to the deal and Key Bank is lending $10 million in construction financing. WNC provided $10.3 million in tax credit equity, tax-exempt bonds were issued by Houston Housing Finance Corporation and 4% tax credits were allocated by Texas Dept of Housing and Community Affairs (TDHCA). Rental subsidies for the 95 units are being provided by the Houston Housing Authority with approximately $600,000 in annual services funding allocated to the project by HUD with the support of the Coalition for the Homeless. Temenos CDC, a mission-based provider of affordable housing opportunities, supportive services, and employment resources to people of low- to extremely low income, counts in its portfolio Temenos I (43 apartments), Temenos II (80 apartments) and Temenos III (15 apartments). According to Neal Drobenare, Sr. Vice President, NHPF and project executive, “Due to conditions unforeseen by Temenos, they and the Houston community were at risk of losing 80 PSH apartments via the eminent domain action.” This rebuilding ensures that the 80 rental apartments demolished as part of the TxDOT action will be restored for individuals experiencing homelessness. The replacement facility for Temenos II will be rebuilt within one mile of the current structure in Midtown on the site of Temenos III. The 15 PSH rental homes located there will be rebuilt as part

of this project, bringing the count to 95 in the new project. “This plan allows residents of Temenos ll to have full efficiency rental apartments instead of the Single Room Occupancy (SRO) ones that they are in now,” according to Pastors Rudy and Juanita Rasmus, founders of the Temenos development who work closely with residents, adding thanks to TxDOT which has also allowed ample time for resident relocations. “We are grateful to all of our funding sources for helping us take this offsetting action preventing the devastating loss of PSH for persons experiencing homelessness,” says Temenos CDC CEO Eva Thibaudeau. “And to NHPF for partnering with us. As a not-for-profit, NHPF is mission aligned with us and they bring the development expertise and financial capacity that we as a small local nonprofit don’t have.” Added Drobenare, “Eva brings a wealth of knowledge about the needs of those experiencing homelessness and provision of services in Houston. We will be relying on her and her team to bring that expertise as we create new housing that residents and the City can be proud of.” The project is anticipated to be completed a year from now. Ray Miller, the Assistant Director for Multifamily Housing and Public Facilities at the City of Houston Housing and Community Development Department who participated in the negotiations with TxDOT noted, “The City and the County made it clear to TxDOT that they need to give the developers the time they need to build a new structure before demolishing Temenos II, as well as providing adequate compensation for the eminent domain process. TxDOT has complied, so all the residents of Temenos II will move directly into the new building.”

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FUNDING Legacy Real Estate Development, Domaine and The NHP Foundation Secure $23M for Construction of 17 Mississippi Avenue Apartments Joint venture will create 41 new affordable apartments in DC’s Congress Heights Neighborhood

New York, NY, August 17, 2021— Legacy Real Estate Development, Domaine and The NHP Foundation (“NHPF”), national not-for-profit providers of affordable housing, announced that they have received funding for the construction of 41 rental apartments at 17 Mississippi Avenue in the Congress Heights. area in DC’s Ward 8. Funding for the development was provided by District of Columbia Housing Finance Agency (DCHFA), Citi Community Capital, and the DC Department of Housing and Community Development’s Housing Production Trust Fund. DCHFA provided $10.3M in tax-exempt bond financing and underwrote $8.8M in 4% Low Income Housing Tax Credits (LIHTC), provided by WNC & Associates, Inc. DC Department of Housing and Community Development’s Housing Production Trust Fund provided a $9.1M loan and Citi Community Capital provided $4.43M in debt financing. The apartment community is being built for residents earning at or below 50% of median income and will feature 16 efficiency, 12 one-bedroom and 13 three-bedroom apartments, nine of which will be permanent supportive housing (PSH). There are also nine units designated for artists. “The resources brought together by this partnership ensure that residents at 17 Mississippi will enjoy affordable rental living and many amenities in a sought-after neighborhood,” said Tim Pryor, Vice President, Acquisitions, NHPF, “We are grateful to the funders for enabling this important construction.” Planned amenities at 17 Mississippi Avenue include on site management, a community room, artist studio and bicycle storage. “Working with a like-minded organization such as NHPF, which also has tremendous familiarity with the District, allows all of us to continue to reach the important goals of the industry, namely, bridging the enormous affordable housing divide,” said Donahue Peebles, Founder and CEO of Legacy Real Estate Development. “We are proud to be part of the solution to this ongoing need.” Construction began August 9, 2021.

About Legacy Real Estate Development Legacy Real Estate Development, LLC (“Legacy”) is a CBE/ SBE certified privately held commercial real estate investment and development company specializing in residential, hospitality, and mixed-use commercial properties. Founded by R. Donahue Peebles III, Legacy aspires to reach nationwide recognition as a top investor in potential development deals, both large and small- scale. Headquartered in Washington, D.C., Legacy is focusing in our nation’s capital area searching for potential investments and an opportunity for growth. About Domaine Founded by Lloyd H B Grosklags, Domaine is the culmination of nearly a decade of real estate investment and development experience. Prior to founding Domaine, Lloyd headed asset management for West End Capital Group, a $550M private-equity fund focused on heavy value-add multi-family acquisitions and redevelopments. Areas of expertise include Asset Management: Heavy Value-Add, Affordable, & Market Rate, Portfolio Management: Investor and Lender Relations, Capital Procurement, & Strategic Partner Identification and Development: Ground-Up Market Rate, For-Sale, & Affordable (LIHTC)

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ACQUISITION / PRESERVATION The NHP Foundation Acquires Kansas City, MO-Based Cardinal Ridge Apartments Deal Represents First Kansas City Opportunity for Leading Not-For-Profit Affordable Housing Provider

New York, NY, July 12, 2021 —Continuing its mission to create and preserve affordable housing in 15 states and the District of Columbia, NHPF today announced its acquisition of Cardinal Ridge Apartments in Kansas City, MO. The 160-unit former 9% tax credit deal includes LIHTC, market rate, and public housing units for seniors and families. NHPF and the Housing Authority of Kansas City, Missouri (HAKC), acted in partnership to prevent the property from going to foreclosure. Because the initial 15-year compliance period on the property has expired, the acquisition will ensure the property remains affordable beyond the remainder of its 30-year extended use period and into the foreseeable future. Cardinal Ridge Apartments offer 20 buildings providing a variety of housing options including a senior-dedicated 3-story mid-rise building serviced by an elevator, garden style walkups, and two- and three- story townhouse units. NHPF is currently working to stabilize the asset in preparation to resyndicate the property as a tax-exempt bond and 4% LIHTC transaction. ”At HAKC we look for partners who can move quickly with intent to prevent our city from losing any precious affordable housing,” said Edwin Lowndes, Executive Director at Housing Authority of Kansas City, MO, “ In NHPF, we found a partner who shares this goal and together we were able to enact the purchase and preserve the property’s affordability.”

“This Kansas City property affords NHPF the opportunity to expand our provision of much-needed affordable housing in a stable neighborhood with low crime,” said Mansur Abdul-Malik, VP, Development, NHPF, who continued, “The transaction also expands our Housing Authority relationships and demonstrates our expertise in completing complex financial transactions in record speed.” Due to the impending foreclosure, NHPF performed due diligence, negotiated and structured the deal, and were able to close within 30 days.

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ACQUISITION / PRESERVATION The Partnership Inc. (TPI) and The NHP Foundation (NHPF) Secure $80M for Renovation of Sunset Bay Apartments, Affordable Housing in Cutler Bay, FL The Partnership Inc. Brings 5th Opportunity to Leading Affordable Housing Not-for-Profit

June 16, 2021, New York, NY— TPI and NHPF, national not-for- profit providers of affordable housing, announced that they have successfully closed the recapitalization of Sunset Bay Apartments in Cutler Bay, FL. This is the fifth acquisition the two entities have collaborated on, expanding their relationship in support of their mutually shared mission to preserve affordable housing. This is the first joint 4% LIHTC transaction between the two entities. The deal was made possible via a new supplemental FHA 241(a) loan of $13.8M from Merchants Capital, assumed FHA 223(f) loan of $23.5M, and a 4% tax credit investment of $25.4M through Enterprise Community Partners. The property will continue to be professionally managed by TPI Management Services (“TMS”), an affiliate of TPI . “Preserving this much needed affordable housing community in the Miami area and comprehensively upgrading the apartments and all amenities was always the vision of NHPF and TPI who have owned and successfully managed the property for many years,” said Mecky Adnani, Sr. Vice President, Acquisitions, NHPF. “Sunset Bay was built in 2001 and was in need of a significant upgrade, in addition to lifestyle and market changes in the last 20 years, necessitating the need for this extensive renovation.” The 308-unit property features a mix of 1,2, and 3 bedroom units. The rehabilitation will include unit improvements, including new kitchens/baths, flooring, lighting, and HVAC systems. 5% of units will be converted to become ADA-accessible. Building envelope work such as windows, roofs, and stucco repair will protect the buildings against South Florida weather and hurricanes. The community building will be expanded to allow for enhanced resident services and programming. Covid protocols have been put into place to protect residents, property staff, and contractor labor

during the work period which is expected to begin immediately and last approximately 12 months. “Coming out of the pandemic, the country is facing a greater need for affordable housing than at any time in the last decade,” added John Corbett, President & CEO, TPI, “The ability to join forces with NHPF again to ensure affordability of these units in the long term, in an area of rising incomes and rents, aligns perfectly with both of our missions.” In addition to proximity to area schools, a retail mall, shopping center, nature reserve, walking paths, and public library, Sunset Bay also offers many amenities including a swimming pool, playground, fitness center, computer center and well-landscaped grounds. About The Partnership Inc. The Partnership, Inc. (TPI), a 501(c)(3) not-for-profit real estate corporation established in 1994, is committed to excellence in affordable housing through partnerships with investors, for- profit developers, public agencies, and other nonprofits. Based in Riviera Beach, FL, and with properties located in the southern United States, TPI improves the lives of low-, and moderate-income households, including those with special needs, by providing decent, safe and sanitary affordable housing in supportive environments, while adhering to the highest standards of professionalism and business best practices. TPI is especially adept at taking over troubled properties and maximizing the financial performance of those properties, thus enhancing and preserving the economic value of the properties, while improving the living conditions of the residents. For more information, please visit www.gotpi.org .

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FUNDING Leading Affordable Housing Provider Acquires Funding to Construct Affordable Rental Units in New Haven, CT Financing from the State of Connecticut will Provide 56 Units

June 11, 2021, New York, NY —The NHP Foundation (NHPF), in collaboration with the City of New Haven and WRSHIP, announces the acquisition of funding to create a townhome development containing 56 rental apartments along with a clubhouse community center, coffee shop/bakery, interior parking, playground, and a community gazebo in a neighborhood with nearby public transportation, grocery and other retail, schools, recreational areas and daycare. The New Haven United Nations International Peace Garden (created in 2011), is adjacent to the new housing and shall remain onsite. The MLK Boulevard/Tyler Street development located in the West River neighborhood and consisting of rental townhomes, is designed to serve households earning 30% AMI, 50% AMI, 60% AMI and also contains market rate rental units to create a mixed- income community. The project has been awarded both 9% tax credits by the Connecticut Housing Finance Authority and additional funding from the Connecticut Department of Housing. And through partnership with the Housing Authority of New Haven (HANH), a portion of the project’s rental townhomes will receive rental subsidies to support formerly homeless families and individuals earning below 30% AMI. WRSHIP, incorporated in 2001, is the New Haven “SHIP” of a national movement of self-help investment plans (SHIPs) active since the 1960s and organized by African-Americans, who pooled resources to undertake development in their communities, not having been able to gain access to capital through traditional banks and financiers. “The project represents the first new housing to be constructed on a vast stretch of land in New Haven that has been vacant for over four decades,” according to Anthony Dawson, president of WRSHIP, and a native of New Haven, “It is also a major step for the inclusion of New Haven’s African American community in major economic endeavors.” The project was made possible via NHPF’s innovative Affiliate Program which provides expertise to mission aligned affordable housing developers/owners, municipal and community organizations in need of resources to renovate existing assets or to develop new properties. “Bringing much needed affordable housing to New Haven in partnership with WRSHIP, a community and faith-based organization advancing the participation of African-Americans in Connecticut development projects, embodies everything the NHPF Affiliate

Program stands for,” said Jamie A. Smarr, NHPF Senior Vice President, Affiliate Program. “The City has focused tremendous energy into reconnecting its downtown with surrounding neighborhoods, said New Haven Mayor Justin Elicker, “Revitalizing the Hill and West River neighborhoods as a mixed-use district combining new homes with retail and entertainment venues, walkable streets, and public spaces, this new development complements the work already being completed. I couldn’t be more excited about what this means for our city.” NHPF’s Resident Services subsidiary, Operation Pathways, will be staffed within the Community Center/Club House. Operation Pathways focuses on youth development, financial self-sufficiency, education and health and wellness. Smarr added, “The on-site Operation Pathways Resident Services Coordinator will work to link all households with the appropriate services already available within the greater New Haven community, in addition to Operation Pathways-led programs offered out of the on-site community center.” The proposed development has been designed to achieve certification with Passive House Design standards for energy efficiency and conservation of resources. It also includes, to the maximum extent possible, solar energy installations for additional energy efficiency. NHPF has developed 13 affordable housing communities via the Affiliate Program, with the New Haven development becoming its first in Connecticut.

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ACQUISITION / PRESERVATION Affordable Housing Increased in Baltimore City

“Areas of Opportunity” National Not-for-Profit Welcomes Residents to Hollander Ridge Scattered Site Rental Housing

April 20, 2021, New York, NY— The NHP Foundation (NHPF) announced the completion of rehabilitation work on 94 scattered site single family affordable rental homes in Hollander Ridge, which spans several “neighborhoods of opportunity” in Baltimore City. All completed homes have been leased. To accomplish the goal of redeveloping the 94 units, primary funding for this work came from a HOPE VI grant of approximately $18 million, DHCD funds, tax credits and Housing Authority of Baltimore City (HABC) funds. This transaction received $4 million in funding from the Maryland Department of Housing and Community Development (DHCD) consisting of $2.5 million in Rental Housing Works funding and $1.5 million in Partnership Rental funding. “Financing the Hollander Ridge project would have been impossible without the low-income tax credit program (LIHTC),” added Janet Abrahams, President & CEO, HABC, “It allowed us together with NHPF to leverage these tax credits with other financing to be able to rehabilitate all 94 properties and allow our residents to move into newly renovated homes.” These one to four-bedroom single family homes are in Areas of Opportunity with thriving and diverse communities, high performing schools, low crime, low rates of poverty and with neighborhood amenities including grocery stores, medical facilities and community centers. The flood of foreclosures that began in 2007 added more than a million rental homes to the nation’s rental inventory and turned single family homes into the fastest growing rental category. However, an NLIHC report from 2012 (nlihc.org) estimates that 20% of properties foreclosed upon were affordable rentals, causing evictions, creating hardship and displacing families. The Hollander Ridge rehabilitation stems from a decades-old class action lawsuit filed against the US Department of Housing and Urban Development (“HUD”), the Mayor and City Council of Baltimore, and HABC on behalf of public housing residents who alleged they were intentionally being segregated in high poverty areas. This case was partially resolved in 1996 in a partial consent decree. A trial was held in 2003 in federal court on the portions of the lawsuit not resolved by the partial consent decree. In 2005, the federal court judge issued an opinion holding that HABC and the City were not liable, but that HUD was liable for failing to affirmatively further fair housing. Although HABC was found not to be liable, HABC participated in the settlement with HUD and the plaintiffs, which replaced the partial consent decree and included this rehabilitation program. The current HABC administration fulfilled the promise of completing the rehabilitation program. “The housing at Hollander Ridge extends this promise. This rental housing provides opportunity for significant improvement in academic prospects and social mobility for families who

formerly did not have access, and will result in children with better educations, higher likelihood of attaining higher education and college degrees leading to higher paying jobs and an improved quality of life,” said NHPF Vice President, Mansur Abdul-Malik, the lead developer on Hollander Ridge. “Children in the next ten to fifteen years are really going to show the impact of Hollander Ridge and its effect on the community.” The housing types at Hollander Ridge are representative of Baltimore’s architectural diversity, with house types including townhomes, single-family detached and semi-detached homes. These homes are spread across several neighborhoods of the City and are grouped into six sections based on their geographical location. As part of the Hollander Ridge development, each home underwent renovation to upgrade both the exterior and interior of the buildings, as well as the creation of five units that are 100% accessible and compliant with the American with Disabilities Act. “Scattered site housing as an asset class presents unique challenges and benefits to a developer,” added NHPF President and CEO Richard F. Burns, “This type of housing is more expensive than a multifamily building renovation. However, it is the most equitable form of affordable housing that can be built. There is no concentration of poverty since units are scattered. The affordable units are seamlessly integrated making for a diverse socio-economic community and residents have the ability to enjoy homeownership style amenities.” Those living in Hollander Ridge will also benefit from individualized coaching programs offered by NHPF’s Resident Services subsidiary, Operation Pathways. “A resident services coordinator will coach families in achieving goals they set for themselves,” said Ken White, Executive Director of Operation Pathways continuing, “This strengths-based, resident-centered approach meets residents and families where they are and provides them resources, strategies, and motivation to assist them in defining their own success. As many Hollander Ridge residents will be caring for single-family homes for the first time, the service coordinator will develop resources and provide training and assistance as needed.” Residents thus far have commented that the impact on children is going to be the most notable. Life in single-family housing has been shown to give children more opportunity including diversity, neighborhoods with low crime, and community amenities not always available in apartment living such as parks, playgrounds, and improved academic access. About HABC HABC is the fifth largest public housing authority in the US, providing quality affordable housing for more than 23,000 households. The agency creates diverse and vibrant communities, provides opportunities for self-sufficiency, and builds pathways for strong partnerships. #bmoreHABC.

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FUNDING Amazon Grants Awards City of Falls Church $3.75 million for Affordable Housing Initiatives by Virginia Housing; The NHP Foundation to Manage Program

March 11, 2021— The City of Falls Church has been selected by the Virginia Housing Development Authority (VHDA) to receive $3,750,000 in grants for affordable housing initiatives through the Resources Enabling Affordable Community Housing in Virginia (REACH) Virginia Program. The City will receive $3,400,000 for a new affordable housing homeownership program and $350,000 to extend availability of nine committed affordable apartments at the Read Building (402 West Broad Street). “Ensuring affordable access to housing for all is a key priority for the City Council and our community as a whole,” said City of Falls Church Mayor P. David Tarter. “We are delighted that Virginia Housing has awarded this grant, and appreciative to Senator Dick Saslaw (VA-35) for his efforts to bring this important program to the City.” The funding for this important investment is sourced from the state funding commitments made by Governor Northam in 2018, following Amazon’s selection of Arlington County for its second headquarters location. These commitments, totaling $15 million annually for five years, will support affordable housing initiatives in Northern Virginia using the additional revenues generated from Amazon’s headquarters presence in the Commonwealth. “This grant award is a major step forward for the City in creating new affordable homeownership and preserving existing affordable housing,” said Council Member Letty Hardi, who is also the Council liaison to the Housing Commission. “Homeownership has been increasingly out of reach for many, and this is an innovative first step to reverse the trend. We look forward to working with our partners to put these funds to good use for the community.” The new homeownership program will be directly managed by The NHP Foundation (NHPF) via its local CDC Falls Church Housing Corporation with support from the City’s Housing and Human Services Department. The City estimates that with this funding, 18 qualified first-time home buyers will be able to purchase rehabilitated homes through NHPF for approximately $425,000 to $525,000. The program maximizes homeowner affordability and sustainability using Virginia Housing Special Lending Programs and mortgage credit certificates, and local down payment assistance. “This grant enables NHPF to continue evolving housing opportunities from today’s rich array of options to provide paths up and out of poverty for families,” said Mansur Abdul-Malik, Vice President, Development, NHPF. “Furthering our partnership with The City ensures a smooth process for the work needed to leverage this important grant.” While the home acquired could include all property types— single family homes, townhouses, and condominiums—most are

expected to be condominiums. The City estimates that once the program is established, it will take about one year for NHPF to purchase, rehabilitate, and resell the homes. NHPF has a successful track record of managing this type of program. NHPF also currently manages the Winter Hill Apartments in the City of Falls Church. “We are pleased to be working with NHPF in this new program,” said Dana Lewis, Deputy Director of HHS for the City of Falls Church. “We’ve already received several calls from interested homebuyers, so we’re excited to get the program established.” Grant funds will also go toward extending the subsidy on the Workforce Units at the Read Building. The program started in 2006 with an innovative partnership between the City and Jefferson 402 LLC. Nine apartments in the Read Building are reserved for qualified renters, including Falls Church City Public School teachers and staff and City of Falls Church government employees. The City proposes to provide a one-time payment, estimated at $350,000 to the owner to retain affordability of these nine apartments for an additional 10 years to December 31, 2032. These funds would be used to provide for the difference between market rate and the workforce rental rate for the duration of the extended covenant control period. The preservation and creation of affordable housing are key components of the principles of the City’s Comprehensive Plan and Affordable Living Policy. “In the City, there is a gap between what many households can afford and available rental and ownership homes,” said Nancy Vincent, Director of the City’s Housing and Human Services Department. “These grant funds help address the diverse housing needs of the City’s current and future populations.”

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ACQUISITION / PRESERVATION The NHP Foundation and Spartanburg Housing Authority Secure $17.4M for Rehabilitation of Victoria Gardens Apartments, Affordable Housing in Spartanburg, SC Property is NHPF’s 1st RAD (Rental Assistance Demonstration) Deal in South Carolina

November 11, 2020, New York, NY— Leading affordable housing provider, The NHP Foundation (“NHPF”) was selected by The Spartanburg Housing Authority to partner and redevelop/preserve Victoria Gardens Apartments in Spartanburg, SC. Competitive 9% tax credit financing was secured from the South Carolina State Housing Finance and Development Authority, along with long-term rental subsidy from the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration (RAD) program. Federal Home Loan Bank of Atlanta also supplied $500,000 in additional funding. “Transferring our positive RAD experience from the DC area to preserve quality affordable housing in Spartanburg provides an important opportunity to put our sound fiscal expertise to work,” said NHPF President and CEO Richard Burns, “The awarding of scarce 9% tax credits is also a tremendous addition to the project’s overall success.” The total gut rehab of the 80-unit development began in October and will be conducted in phases 5 to allow for temporary relocations of all residents. It will be completed in January, 2022 and includes remediation of all hazardous materials, roof and floor replacement, addition of half bathrooms in all 2- and 3-bedroom units, new kitchens featuring Energy Star appliances, new windows and light fixture ceiling fans as well adding washer and dryer hookups. Additionally, the renovation includes new electrical, plumbing and HVAC systems, new hot water heaters, paint and sheetrock and security system upgrades. “The interior repairs will help provide residents with all the comforts and amenities of a new home,” said Mansur Abdul-Malik, Vice President, NHPF, “And external additions such as updated landscaping and irrigation, repaired sidewalks, new walking trail, and new ADA-approved gazebo and playground equipment, ensure an improved overall quality of life experience for families and children.” “The key to a successful renovation such as this is a smooth process of temporary relocation for our residents,” added Shaunté

Evans, CEO, Spartanburg Housing Authority, “By working with a relocation specialist, we have ensured that all residents are staying nearby and children will remain within the same school district.” Evans adds, “We look forward to welcoming our families back into their renovated homes”. Victoria Gardens Apartments, which were built in 1970, has received minor renovations over the years including transitioning to central heating and air conditioning in the early 2000s. About The Spartanburg Housing Authority The Housing Authority of the City of Spartanburg has provided housing assistance for people with low and moderate incomes, since 1939. SHA provides housing assistance for families, elderly, veterans and disabled individuals through a variety of programs including Public Housing and Housing Choice Vouchers. For more information on housing assistance, contact the Spartanburg Housing Authority at 2271 South Pine Street, Spartanburg, SC 29302 or phone 864.598.6000. SHA offices are open Monday through Friday, 8:30 am to 5:00 pm. Visit online at SHASC.org .

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ACQUISITION / PRESERVATION Blue Mountain Apartments, 217 Units of Affordable Housing, to be Preserved in Boston, MA The NHP Foundation Acquired the Historically Significant Property in Roxbury

November 5, 2020, New York, NY— In keeping with its mission to preserve affordable housing, national not-for-profit The NHP Foundation (“NHPF”) announced that it has purchased Blue Mountain Apartments in Boston, MA, for $56.2 million. The organization will provide improvements to the apartments, including kitchen and bathroom renovations, system upgrades, energy efficient boilers, new ventilation systems, and exterior repairs and restoration. MassHousing is providing the NHP Foundation with $52.2 million in construction to permanent financing for the acquisition and rehabilitation of the 19 historic buildings that comprise the housing community, as well as $12.5 million in permanent financing for land acquisition. “The partnership between NHPF and MassHousing allows us to provide affordable units in an increasingly expensive neighborhood, close to the center of the City with good access to public transportation,” said MassHousing Executive Director Chrystal Kornegay. “Preservation of affordable housing with amenities and access helps increase opportunities for families in the area to succeed and prosper.” The transaction also involved $35.5 million in federal Low- Income Housing and Historic Tax Credit equity, $4.5 million in state Historic Tax Credit equity, and $3 million in anticipated operating revenue. PNC Bank acted as the low-income housing and historic tax credit investor for the transaction. “PNC has been involved with Blue Mountain Apartments for several years, after a preservation fund, sponsored by PNC, acquired the property to generate an economic return and prevent the property from converting to market-rate housing,” said Todd Crow, executive vice president for PNC Real Estate. “Through our work with NHPF, we have been able to create an attractive investment for our investors and preserve long-term affordability for local residents, which is the ultimate goal of PNC’s product capability and affordable housing platform.” Additional financing partners included BlueHub Capital (state historic tax credit bridge lender), Massachusetts Historical Commission (allocator of state historic credits), Massachusetts Department of Housing and Community Development (allocator of low income housing tax credits), and U.S. Department of Housing and Urban Development (rental assistance provider). “Preservation of historically significant properties like Blue Mountain provide two-fold benefits,” said Mecky Adnani, senior vice president NHPF. “We preserve the vibrant, historic fabric of this Roxbury neighborhood and ensure that rental housing here stays affordable through at least 2045.” The 217 units at the Blue Mountain Apartments are contained in 19 buildings on scattered sites around the Elm Hill Avenue

neighborhood in Roxbury. The affordable housing community was originally built in the early 1900s and was last substantially rehabilitated in the 1980s. The buildings are included in the Massachusetts Historical Commission’s Historic Places inventory. Renovations began this month and are expected to be completed in 18 months. About MassHousing MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed- income rental housing. MassHousing does not use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth. Since its inception, MassHousing has provided more than $24.3 billion for affordable housing. For more information, follow us on Twitter , Facebook and LinkedIn . About PNC Bank PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com .

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