ACQUISITION / PRESERVATION / REDEVELOPMENT

Woodmont Crossing Apartments

Woodmont Crossing, located in Southeast Washington, DC is a 12-building, garden-style property composed of 176 units. Built in 2002, Woodmont was a year-15 property in need of moderate repairs. The Woodmont Crossing United Tenant Association selected the NHP Foundation in 2017 to partner on the acquisition and rehabilitation as part of the DC Tenant Opportunity to Purchase Act (TOPA).

 

NHPF acquired the property in 2018 and began a rehabilitation program that includes replacing HVAC systems, renovating bathrooms and kitchens, increasing the number of units for residents with disabilities, and some site repairs. Renovation is expected to be complete by January 2019.



TOTAL COST
$ 44,648,944

DESCRIPTION
All units at Woodmont Crossing are restricted to 60% AMI.

PERMANENT FINANCING
$ 25,543,000HFA Risk Share Debt
$ 12,124,203 LIHTC
$ 3,117,620 Interim Income
$ 3,864,121 Deferred Developer Fee

 





FOLLOW OUR COMMUNITY BUILDING

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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.

This property is just one example of how NHPF’s commitment to affordable housing has helped American families.

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 95 properties, totaling 16,495 units, located in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 51 properties, totaling 8,769 apartment units, in 15 states and the District of Columbia. NHPF also provides service programs to approximately 28,000 community residents.