the NHP Foundation Preserves
Affordable Housing in PENNSYLVANIA
Foxwood Manor in Levittown, Pennsylvania is a multi-family property built in 1972. While well maintained, it was an aging community in need of a comprehensive makeover. The rehabilitation project includes a full upgrade of the mechanical infrastructure, together with significant interior improvements including new doors and flooring, major updating of kitchens and baths, and new paint and carpeting throughout the complex. In addition, five percent of the apartments are being made accessible to those with disabilities, thus putting them in full compliance with the Americans with Disabilities Act.
The Foxwood Manor property includes an on-site community center that provides residents a computer lab and an array of education, health, civic education and financial literacy programs. All residents from children through seniors are part of an active, welcoming community committed to healthy lifestyles, personal development and civic participation.
Total cost
$ 35,841,000
Description
Foxwood Manor has 304 units, totaling 213,000 square feet. It is a low- to moderate-income property that includes 132 units at or below 50% AMI, 96 units at or below 60% AMI, and 76 units at or below 95% AMI.
Financing
Secured financing and funding for this project included:
- $ 12,700,000Tax-exempt Bonds
- $ 6,906,0004% Low-Income Housing Tax Credits (LIHTC’s)
- $ 1,328,000Existing Property Reserves
- $ 1,773,000Deferred Developer Fee
- $ 12,800,000Deferred Sale Price
- $ 334,000Other Sources
- $ 31,965Hard 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.
Foxwood Manor Apartments is 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.
