- TRAINING & ENGAGEMENT
- ANNUAL MEETING
- HAND PSA
On the heels of its inaugural symposium & fundraiser, NHP Foundation (NHPF) has quite a bit to celebrate! Held on October 17th in Washington, DC, the event was titled, “An Afternoon of Learning, An Evening of Recognition.” NHPF recognized Senators Orrin Hatch (R) UT and Maria Cantwell (D) WA with Trailblazer Awards, for their efforts to support national affordable housing policy. Additionally, Emily Cadik (Director of Public Policy at Enterprise Community Partners) and Todd Crow (Executive Vice President & Manager of Tax Credit Capital, PNC Real Estate) were honored with 2017 Affordable Housing Advocacy and Visionary Awards respectively. NHPF raised a grand total of $370,000 to go toward its Fund for New Development, which supports the acquisition, pre-development, development and service-enriched affordable housing properties in communities around the country. The program also featured an academic study by the UVA Batten School for Public Policy “Pay-for-Success” Lab and a panel discussion.
We recently spoke with Stephen Green, the organization’s Chief Operating Officer & Chief Investment Officer, to catch up on all things NHPF:
HAND: What recent accomplishments is your organization extraordinarily proud of?
NHPF: [The] completion of three renovation projects and initial acquisition of five projects including two in partnership with DC tenant organizations.
HAND: Have you run into any challenges over the last several months? How did you and your team overcome them?
NHPF: Certainly the biggest challenge has been managing the changes in the tax credit markets that have come as a result of the talk of tax reform while participating in advocating for the retention of the PAB program. We have also looked at diversifying in order to be less dependent on the 4% bond program.
HAND: What are you and your staff looking forward to over the next year?
NHPF: We are looking forward to closing on several bond transactions, as well as increasing our provision resident services at several properties and planning year two of our extraordinary Symposium and Fundraiser which we just sponsored this past October where we honored Senators Hatch and Cantwell for their bipartisan efforts on behalf of the LIHTC as well as leaders in the affordable housing industry.
HAND: What lesson(s) have you learned this year that you hope to apply to your work moving forward?
NHPF: We learned the value of engaging with those inside and outside the industry via events, written materials and sponsorships to continue to promote the importance of affordable housing, and the importance of sharing these and other learnings with the next generation of those involved in all aspects of creation and development of affordable housing.
HAND: What do you enjoy most about your work and why?
NHPF: I enjoy both the challenges of doing this work as well as the rewards of being part of providing people with better housing and greater opportunities.
HAND: If you could describe NHPF’s work in one word, what would it be?
NHPF: Committed! We completed a wonderful video demonstrating NHPF’s work in the industry through our complete renovation of Cleme Manor in Houston, which really sums up our work and it’s titled “Delivering on our Commitment” – you can see it here.
Pizza, anyone? On October 12, 2017, HAND treated its member Alexandria Housing Development Corporation (AHDC) to lunch at Pizza Paradiso in Alexandria, VA. AHDC was the winner of our promotion that gave the first 25 members to renew their membership a chance to win a lunch with HAND staff. The gathering was an excellent opportunity for HAND to catch up with the AHDC staff and learn about its latest projects.
Led by Executive Director Jonathan Frederick, AHDC was incorporated in 2004. Its mission is to “develop and preserve quality housing that is affordable and support our residents to thrive as members of the Alexandria community.”
In addition to welcoming new staff this year, the organization continues to advocate for affordable housing in the city of Alexandria (including a recent letter to the editor in Alexandria Times). Their team has also been hard at work on new development. Of note, The Bloom is a partnership between AHDC and the Carpenter’s Shelter (CS) designed to provide CS with a new shelter facility topped by 97 units of AHDC-managed affordable housing. Slated to open in 2019, the building will also feature a community room, three outdoor terraces, a 1,600 square foot production garden and a playground. 10 units will be reserved as permanent supportive housing units for former CS residents, with wrap-around services provided.
HAND staff looks forward to continuing to engage with AHDC and all of our members over the coming weeks and months!
It is our pleasure to congratulate Victory Housing and several other HAND members, who recently received the Maryland Department of Housing and Community Development (DHCD) Commitment to Excellence award in the Financial Innovation category at the Maryland Housing Conference! The groups were recognized for the first use of the Freddie Tax-Exempt Loan (TEL) in Maryland.
Montgomery County, Maryland boasts the highest income in the state, as well as the highest median housing prices. However, seniors in this area are often unable to afford quality housing on a fixed income. Enter Victory Housing and Capital One (and a host of other HAND members and partners).
Two years ago, the two organizations started to work together on Victory Crossing, a mixed-income rental community in Silver Spring. Capital One’s Community Finance team provided an $11.3 million tax exempt construction loan as well as a $5.8 million investment in low income housing tax credit equity via its partner Hudson Housing Capital. Capital One Multifamily Finance served as the Freddie Mac/Seller Servicer providing an $8 million tax exempt permanent loan takeout. Other financing support came from the Maryland Department of Housing and Community Development Administration (DHCD), Montgomery County Department of Housing and Community Affairs (DHCA), and the Housing Opportunities Commission of Montgomery County (HOC). Other important players in the development include: Hamel Builders (General Contractor); Habitat America (Management); Krooth & Altman and Eichner, Norris and Neumann (Legal – Lender).
Victory Crossing will provide 105 units of housing for senior households, 95 of which are for households with incomes at or below 40%, 50%, and 60% of area median income. In addition, HOC will provide a Housing Assistance Payment Contract for 39 units, under which each household will pay only 30% of their income towards rent.
Victory Crossing will be comprised of one- and two-bedroom units for households with at least one resident 62 years of age or older. The building will offer several amenities for the residents, including a community room, theater room, library, sun room, computer room, game room, art and crafts room and a wellness room. It is is slated for completion in 2018.
Date: Thursday, October 26, 2017
Georgetown University School of Continuing Studies
640 Massachusetts Avenue NW
Washington, DC 20001
Georgetown University School of Continuing Studies
Too often building improvements that advance energy and environmental performance can seem like a costly luxury or a drain on capital budgets when building owners, developers or property managers have to make tough choices on deploying limited financial resources for affordable housing preservation.
However, with well-structured projects and smart financing, the long-term savings realized on utility bills from thoughtful energy building measures can improve project cash flows and allow these operating savings to pay for capital investment that improve housing affordability, quality, health and safety, and maximized returns.
This informational briefing engages property owners, potential energy project developers, and clean energy financing partners to showcase how smart energy projects are improving financial performance in affordable housing, including deep dives into offsetting project construction costs as well as reducing operating budgets.
Session 1: Addressing Shortfalls in Capital Budgets and Deepening Affordability with Smart Energy Finance
Session 2: Asset Management: Maintaining Savings and Affordability through Smart Energy Strategies
Registration: You can register for the event here.
On Saturday, September 23, the New Communities Initiative (NCI) and Georgia Avenue Thrive hosted a day of food, fun and games at the Park & Morton Block Party! Several GenerationHAND members were on hand to volunteer, and had a great time engaging with members of the community.
Thank you to our volunteers, and to NCI for having us!
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