the NHP Foundation Preserves
Affordable Housing in New Jersey
Washington Dodd, located in Orange, New Jersey is comprised of 300 units. Washington Dodd is one of NHPF’s unique properties that provides a lifestyle in a wooded park-like setting. This property is located within minutes to public transportation and easy access to major highways such as Garden State Parkway and Route 280 making this central location a simple commute. Washington Dodd, a multi-family property was built in 1964 and was in need of substantial repairs and renovation.
Total cost
$ 45,211,000
Description
Washington Dodd property income mix includes 111 units at or below 50% AMI, 84 units at or below 60% AMI, 39 units at or below 80% AMI, 65 units at or below 50% AMI, and 1 unit is used as the rental office.
Financing
Secured financing and funding for this project included:
- $ 15,903,000Tax-exempt Bonds
- $ 5,795,000Federal Low-Income Housing Tax Credits (LIHTC’s)
- $ 3,926,000Existing Property Reserves
- $ 1,787,000Deferred Developer Fee
- $ 17,800,000Deferred Sale Price
- $ 36,667Hard 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.
Washington Dodd 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.
