Ribbon Cutting Ceremony Marks the Grand Reopening of Blue Mountain Apartments in Roxbury, MA

Property features 217 multifamily Section 8 units across 19 buildings

NEW YORK, Dec. 5, 2024 /PRNewswire/ -- The NHP Foundation (NHPF) proudly celebrated the grand reopening of Blue Mountain Apartments with a ribbon-cutting ceremony late last month. The revitalization of this historic Section 8 family property, located in Roxbury, MA, showcases NHPF's commitment to preserving affordable housing in a gentrifying neighborhood and supporting very low-income families, including larger households that require spacious three, four, and five-bedroom units.

The Blue Mountain Apartments redevelopment is a landmark effort in affordable housing preservation, featuring the rehabilitation of 217 multifamily units across 19 buildings originally constructed between 1910 and 1930.

"NHPF recognized the urgency of saving these Section 8 homes in this growing neighborhood," said Mecky Adnani, lead developer for Blue Mountain, "We took action and embarked on an acquisition and long-term preservation initiative to restore the property's physical and historic integrity and provide newly renovated apartments for existing residents."

The $112M refinance which included tax-exempt bonds, Low-Income Housing Tax Credits (LIHTC), a Risk Share loan, and federal and state historic tax credits, underscores the complexity and dedication required to preserve affordable housing for future generations.

Among the distinguished speakers at the event were Mark Teden, Vice President of Multifamily Programs, MassHousing  who said, "MassHousing's success in preserving affordable housing is exemplified by our work with NHPF on Blue Mountain Apartments, and we extend our gratitude to our joint venture lenders and development team for their commitment to creating quality housing for lower-income seniors and families."

Additional speakers included Karen Kelleher, President, Loan Fund, Blue Hub, and Costas Paleologos, Senior Vice President, PNC Multifamily Capital, PNC Bank.

Finally, Shirley Clark, a resident of Blue Mountain Apartments also shared personal remarks on how the revitalized community impacts her family.

About The NHP Foundation

Headquartered in New York City with offices in Washington, DC, Baltimore and Chicago, IL, The NHP Foundation (NHPF) was launched on January 30, 1989, as a publicly supported 501(c)(3) not-for-profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing, and single-family homes that are both affordable to low and moderate income families and seniors, and beneficial to their communities. NHPF's Construction Management Group provides in-house resources dedicated to infrastructure review, infrastructure development and cost management. Through Family-Centered Coaching, NHPF's subsidiary Operation Pathways engages with, and assists, families experiencing poverty and other hardship, to problem-solve together. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has 60 properties in 16 states and the District of Columbia. For more information, please visit www.nhpfoundation.org.

About MassHousing 

MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. MassHousing does not use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth. Since its inception, MassHousing has provided more than $24.3 billion for affordable housing. For more information, follow us on Twitter, Facebook and LinkedIn.      

SOURCE NHP Foundation