A substantial rehabilitation of New Port Antonio is planned by new owner The NHP Foundation.
A substantial rehabilitation of New Port Antonio is planned by new owner The NHP Foundation.

The NHP Foundation (NHPF) has completed one of the largest transactions in the organization’s history—the acquisition of a historic Section 8 property in Roxbury, Massachusetts.

New Port Antonio Apartments comprises 227 apartment homes spread across 13 different locations and 17 building footprints within a half-mile radius. Constructed between 1899 and 1930, these buildings add significant historic value to the community.

The acquisition was financed through the assumption of an existing $39 million MassHousing loan.

“New Port Antonio provides quality housing affordability for 227 low- and moderate-income households in Roxbury,” said MassHousing CEO Chrystal Kornegay. “The NHP Foundation shares MassHousing’s mission of confronting housing challenges faced by our residents, and we were pleased to be part of this transaction that allowed NHPF to take ownership of this important housing resource and to be the new steward for the people who live there.”

Additional funding was made possible by $19 million in NHPF corporate bonds as well as a $28 million joint loan from BlueHub Loan Fund and the Low Income Investment Fund.

A substantial renovation is planned to begin within three years, utilizing 4% low-income housing tax credits. The renovations to the 100% rent-subsidized apartment community are expected to be completed by 2029.

“Acquiring New Port Antonio represents a significant milestone for NHPF, allowing us to preserve and enhance affordable housing in the historic Roxbury neighborhood, where we have also restored another affordable housing property, Blue Mountain," said Mecky Adnani, senior vice president of acquisitions at NHPF. "We are grateful to our partners and committed to maintaining legacy in the area while providing quality homes for families."

Headquartered in New York City with offices in Baltimore, Chicago, and Washington, D.C., the nonprofit has 59 properties in 16 states and the District of Columbia.