Acquisition marks one of the largest transactions in not-for-profit developer's history

NEW YORK, July 16, 2024 /PRNewswire-PRWeb/ -- NHPF, a national provider of quality affordable housing, announced today the successful acquisition of 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 thirteen different locations and seventeen building footprints within a half-mile radius. Constructed between 1899 and 1930, these buildings add significant historic value to the community.
The acquisition was financed through the assumption of an existing $39M MassHousing loan.
"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."
Additional funding was made possible by $19M in NHPF Corporate Bonds as well as a $28M joint loan from BlueHub Loan Fund and the Low Income Investment Fund (LIIF).
Remarking on the deal, Karen Kelleher, President of BlueHub Loan Fund said, "As a frequent investor in NHPF's ambitious affordable housing solutions, we appreciate the vision behind the New Port Antonio redevelopment. BlueHub has a long history of investing in our home neighborhood of Roxbury and we're so pleased to see more quality housing acquired by a leading nonprofit developer that emphasizes community building."

"LIIF is honored to be part of this investment in the New Port Antonio affordable housing development," said Geoffrey Shepard, Senior Loan Officer, Mid-Atlantic Region at Low Income Investment Fund (LIIF). "This project aligns with our mission and goal around racial equity in lending – and our organization is pleased to provide the capital to help continue NHPF's vital work in historically excluded communities of Massachusetts."
A substantial renovation is planned to begin within three years, utilizing 4% Low-Income Housing Tax Credits (LIHTC). The renovations to the 100% rent-subsidized apartment community are expected to be completed by 2029.
"Acquiring New Port Antonio represents a significant milestone for NHPF, allowing us to preserve and enhance affordable housing in the historic Roxbury neighborhood where we have also restored another affordable housing property, Blue Mountain," said Mecky Adnani, NHPF. "We are grateful to our partners and committed to maintaining legacy in the area while providing quality homes for families."
About The NHP Foundation
Headquartered in New York City with offices in Washington, DC, Baltimore 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 single-family homes that are both affordable to low and moderate income families and seniors, and beneficial to their communities. NHPF's Construction Management Group provides in-house resources dedicated to infrastructure review, infrastructure development and cost management. 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 59 properties in 16 states and the District of Columbia. For more information, please visit http://www.nhpfoundation.org.

Media Contact

marijane funess, nhpf, 9148303754, mfuness@nhpfoundation.org, www.nhpfoundation.org

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SOURCE nhpf