A nonprofit will grow its affordable housing portfolio by preserving affordable units near Anacostia in southeast D.C.
The NHP Foundation (NHPF) has acquired Woodmont Crossing, a 176-unit apartment complex for low-income residents, and will invest $42,000 per unit to renovate and upgrade the kitchens and bathrooms in every apartment.
Once the renovations are complete, the two- and three-bedroom units will be reserved for households earning up to 60 percent of the area median income, with 5 percent of the units being totally accessible for those with disabilities.
This is will the first time since 2002 that Woodmont Crossing, a complex on Good Hope Road in Southeast, will have been renovated.
NHPF partnered with the Woodmont Crossing United Tenants Association to purchase the building under the city’s Tenant Opportunity to Purchase Act, commonly known as TOPA. The D.C. Housing Finance Agency financed the purchase.
Of the $44.6 million transaction, DCHFA provided $25.5 million in financing, while Royal Bank of Canada provided another $12.1 million.
NHPF is a national nonprofit dedicated to preserving and creating affordable multifamily housing. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has 46 properties, including 7,969 units, in 15 states and the District of Columbia.
“We were selected by the tenants because of willingness to jointly create a vision of the future of Woodmont Crossing, our mission of providing service enriched housing, and our track record of getting developments done,” said Neal Drobenare, NHPF’s senior vice president of acquisitions.
Woodmont Crossing will be NHPF’s fifth TOPA project in the District.
“We had a tight deadline on this project and DCHFA and RBC got us closed in six months from start to closing,” Drobenare said. “As a TOPA purchase, if we had not closed on time, the property would have gone back to the original contract purchaser.”
The NHP Foundation’s four previous TOPA projects in the D.C. area are Takoma Place, Parkchester, Benning Heights and Anacostia Gardens.
“In NHPF we found a partner who understands our community and what is needed to provide long term benefits to our residents,” said Chaiko Lewis, president of the Woodmont Crossing United Tenants Association. “NHPF will maintain our rents and perform in-place renovations that work with our schedules.”