The NHP Foundation (NHPF) has purchased Exchange Place Tower, an affordable housing property for seniors in Waterbury, Conn.
The original construction of the building was made possible with rental assistance support from the Department of Housing and Urban Development, and its residents continue to benefit from a rental assistance program, according to NHPF.
The nonprofit will perform extensive renovations on the 150-unit property, including remodeling kitchens and bathrooms, installing energy-efficient windows and fixtures, and making accessibility improvements.
“Quality service-enriched affordable housing for seniors has always been a priority for NHPF but never more so than now as our country continues to battle the pandemic and keep its citizens healthfully housed,“ says Richard Burns, president and CEO of NHPF. “Exchange Place has facilities that allow for on-site health care activities like wellness visits. This fits with the need and value The NHP Foundation sees in combining and coordinating affordable housing with health care services.”
Additionally, as part of the renovation, Exchange Place Tower will become more sustainable. Eversource, the regional energy utility, is assisting in converting the property from an oil-fired heating and hot water system to a new energy-efficient natural gas-fired system.
The total development cost is about $25.5 million, according to the organization.The acquisition and renovation of the property are being financed through a combination of a Federal Housing Administration-insured mortgage loan, a Connecticut Department of Housing low-interest loan, Waterbury Housing Authority bonds to be repaid by the property, and an investment from the sale of federal low-income housing tax credits allocated by the Connecticut Housing Finance Authority and purchased by PNC Bank.
NHPF officials said they acquired the property and are renovating it in conjunction with Urban Atlantic. This is the second tax credit renovation project NHPF has done with Urban Atlantic.
Headquartered in New York City with offices in Chicago and Washington, D.C., NHPF is nonprofit real estate corporation dedicated to preserving and creating sustainable, service-enriched multifamily and scattered-site communities. It has 57 properties, including 9,664 units, in 15 states and the District of Columbia.