NHP Foundation Raises $11M for Parkchester Apartments
The property offers subsidized one-, two- and three-bedroom units for low-income families in Washington, D.C.
by Csilla Borsos
Washington—The NHP Foundation (NHPF), a non-profit real estate corporation, has raised $11.2 million in rehabilitation funding for Parkchester Apartments. The amount was raised through a financial partnership with the District of Columbia Housing Finance Agency (DCHFA) and Citi Community Capital. The arrangement also covered a second mortgage of $6.4 million from the DCHFA and tax credit equity from PNC Bank. The property’s 94 units will be developed and rehabilitated by NHPF.
Consisting of four garden-style buildings, Parkchester Apartments is centrally located at 2704 Wade Road SE, in the Barry Farm neighborhood, within walking distance from shopping opportunities, public transportation and a newly constructed recreation center. According to Yardi Matrix, the one-, two- and three-bedroom property features 20 parking spaces and three laundry facilities.
NHPF aims to preserve affordable housing for Washington, D.C. residents and has committed to set aside 100 percent of the apartments for renters that earn less than 60 percent of the area’s median income. A HUD Housing Assistance Payment contract, in effect through 2034, covers the units and subsidizes the rent of the families earning 50 percent or less of the area’s median income.
Image courtesy of Yardi Matrix