The NHP Foundation (NHPF) has secured more than $39 million financing to redevelop and preserve Takoma Place Apartments in the Brightwood neighborhood of Washington, D.C.
R4 Capital Funding is providing a permanent loan of $10.8 million, and R4 Capital is providing $12 million in low-income housing tax credit equity. In 2017, the D.C. Department of Housing and Community Development (DHCD) provided $13.7 million in soft money. The remaining $2.9 million needed for the project came from interim income and deferred developer fees, according to NHPF.
The 104-unit property was purchased in March 2017 in partnership with the Takoma Place Tenant Association via the Tenant Opportunity to Purchase Act (TOPA). The planned redevelopment includes significant upgrades with new kitchens, bathrooms, energy upgrades, windows, appliances, HVAC, plumbing, and electrical systems, and a new community center.
“The redevelopment of Takoma Place underpins NHPF’s commitment to preserving vital affordable housing stock, particularly in D.C., where we currently own seven properties,” said Dick Burns, president and CEO of NHPF, a leading nonprofit affordable housing developer and owner. Through various partnerships, NHPF has 49 properties, with more than 8,000 units, in 15 states and the District of Columbia.
Takoma Place is one of seven TOPA deals NHPF has entered into in the District. Construction is anticipated to last 14 months.
"Mayor Muriel Bowser is committed to ensuring that long-term District residents maintain their roots in the city; TOPA and gap financing from the Housing Production Trust Fund are two affordable housing tools making that possible,” said Polly Donaldson, director of DHCD. “DHCD is pleased that thanks to this partnership with NHPF, Takoma Place will preserve affordable housing for residents making less than $70,320 a year [60% of the 2018 median family income for a family of four].”
