the NHP Foundation Preserves
Affordable Housing in LOUISIANA
Forest Park, 284 units in Algiers is a multi-family property re-built after major damage from Hurricane Katrina. It is a nineteen-building complex that includes 42 one-bedroom units, 160 two-bedroom units and 72 three-bedroom units.
Total cost
$ 20,709,238
Description
All units—100% of the households served—are at or below 60% AMI. The property underwent major rehabilitation between 2007 and 2008, including resting and remediation for mold, repair of all hurricane damage, replacement of all roofs, installation of new kitchens, new flooring, and energy-efficient appliances and windows, together with complete upgrading of all electrical systems and plumbing infrastructure.
Financing
Secured financing and funding for this project included:
- $ 11,122,3499% LIHTC’s
- $ 5,450,00Bank of America Conventional Loan
- $ 2,150,123Seller Financing
- $ 1,000,000Ford Foundation
- $ 486,765Deferred Developer Fee
- $ 450,000Louisiana Disaster Recovery Foundation
- $ 50,000The NHP Foundation
- $ 38,630Hard Cost Per Unit
NHPF’s diverse income and rent structure provides housing for a range of households from low- to moderate-income. Notwithstanding income levels, the same level of amenities and access to our services is offered to all residents.
Forest Park Apartmentsis just one example of how NHPF’s
commitment to affordable housing has helped
American families.
For more information on NHPF’s 23 properties in 11 states and the District of Columbia, please visit:
http://nhpfoundation.org/properties.php.
ABOUT THE NHP FOUNDATION
Founded in 1989, The NHP Foundation strives to provide quality affordable multi-family housing and resident services for low- to moderate-income families. Since 1994, NHPF has acquired and preserved 51 properties, totaling approximately 10,000 units, located in 17 states and the District of Columbia. Today, NHPF’s portfolio includes 23 properties, totaling approximately 4,300 apartment units, in 11 states and the District of Columbia. NHPF also provides service programs to nearly 18,000 community residents.
