NHP Foundation Secures $49M for Redevelopment, Preservation of Congress Heights Community
The NHP Foundation has secured $48.9 million in redevelopment funds for Ridgecrest Village Apartments in the Congress Heights neighborhood of Washington, DC.
The deal includes $13.9 million in tax exempt bonds financed by JP Morgan Chase and the DC Housing Finance Agency, $16.8 million in federal funding and DC Low Income Housing Tax Credits, $16.13 million in Housing Production Trust Funds from the DC Department of Housing and Community Development,and $2 million in interim net operating income and deferred fees from NHPF.
The organization will redevelop 140 of 272 units at Ridgecrest, which it acquired in February 2019 in partnership with the Ridgecrest Tenant Association as part of the Tenant Opportunity to Purchase Act. As part of the partnership, NHPF is committed to keeping rents low for current residents and providing the Ridgecrest TA with a minority ownership stake in the property.
“At a time when NOAH (naturally occurring affordable housing) is increasingly scarce, the redevelopment and preservation of Ridgecrest represents an important opportunity for the District,” said Dick Burns, CEO of NHPF. “We are taking an aging property, built in the 1950s, and replacing and updating it so that it can continue to operate sustainably, and far more efficiently, for at least the next 15 to 20 years.”
The property will include a mix of incomes ranging from 30% to 80 % AMI. No residents will be displaced. Current over-income residents will be allowed to remain, but when they eventually decide to move out, they will be replaced by residents who are at or below 80% AMI.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.