The NHP Foundation Announces Expanding Footprint into Washington, DC

WASHINGTON, Dec. 6, 2011 /PRNewswire-USNewswire/ -- The Alabama Avenue Senior Living project joint venture between The NHP Foundation (NHPF), Allen Chapel AME Church/Vision of Victory CDC (VOV), and District Development Group LLC (DDG) broke ground on Alabama Avenue, SE near 25th Street, SE November 13, 2011.  The public-private venture valued at more than $16 Million was made possible through financial support from Bank of America Merrill Lynch, Enterprise Community Partners, DC Housing Finance Agency, Deputy Mayor's Office on Planning and Economic Development, District Department of Housing and Community Development, Freddie Mac, PNC, and the joint venture of  DDG, NHPF, and VOV. The apartment units will be made available to qualified low- to moderate-income seniors with incomes 60 percent or less than Washington, DC average median income.

The Alabama Avenue Senior Living community is the first property located in Washington, DC added to NHPF's portfolio.  This accomplishment is a landmark in NHPF's history and it is the first of many opportunities to preserve and create affordable housing in the District.

According to Richard Burns, CEO of NHPF, "We at The NHP Foundation are very excited to embark on this new venture with DDG and VOV.  NHPF has an expanding and valuable role to play in strengthening the affordable housing field in this country.  The opportunity for NHPF to implement our vision in Washington, DC with the Alabama Avenue Senior Housing project is a milestone."

Headquartered in New York City with an office in Washington, DC, NHPF was launched on January 30, 1989, as a publicly supported 501(c)(3) nonprofit corporation dedicated to preserve and create affordable multifamily rental housing for low- to moderate-income families and seniors.  By building partnerships with major financial institutions, the public sector, faith based initiatives and other nonprofit entities; NHPF owns 23 properties in ten states, comprised of approximately 4,200 units serving over 18,000 residents. These properties are located in Connecticut, Florida, Louisiana, Massachusetts, Missouri, New Jersey, Ohio, Pennsylvania, Texas, Virginia and soon to be Washington, DC.

The new 91-unit affordable senior living facility being developed in the 8th Ward is set to be built over the next twelve to fifteen months with leasing expected to begin mid 2012 according to DDG principal Andy Botticello. "The development of the Alabama Avenue Affordable Housing Initiative exemplifies the ambitious mission of our companies to 1) build quality affordable housing opportunities, 2) neighborhood revitalization, and 3) job creation and government coordination", added LaRuby May, Executive Director of VOV, the SE DC-based Community Development Corporation.

Hamel Builders will serve as the general contractor and the team commits to exceed the 35% contracting goals of all construction contracts to Certified Business Enterprises (CBEs).

Contact: Thomas G. Vaccaro
202-312-2507
[email protected]

SOURCE NHP Foundation