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NHPF Acquires 17-Building Section 8 Complex in Roxbury
The NHP Foundation (NHPF), a national affordable housing provider, has acquired New Port Antonio, a historic Section 8 property located in the Warren Street neighborhood of Roxbury, MA. This acquisition marks one of the largest transactions in NHPF’s history.
New Port Antonio Apartments comprises 227 urban residential apartment homes spread across 13 different locations and 17 building footprints within a half-mile radius. These were constructed between 1899 and 1930, these buildings add significant historic value to the community.
The acquisition was financed through the assumption of an existing $39-million MassHousing loan. Additional funding was made possible by $19 million in NHPF Corporate Bonds as well as a $28-million joint loan from BlueHub Loan Fund and the Low Income Investment Fund.
“New Port Antonio provides quality housing affordability for 227 low and moderate-income households in Roxbury,” said MassHousing CEO Chrystal Kornegay. “The NHP Foundation shares MassHousing’s mission of confronting housing challenges faced by our residents, and we were pleased to be part of this transaction that allowed NHPF to take ownership of this important housing resource and to be the new steward for the people who live there.”
- ◦Sale/Acquisition
