The NHP Foundation Completes Acquisition of Land and Development Financing Closing to Create Park Heights Senior Apartments

Partnership with City of Baltimore, Maryland Department of Housing and Community Development, and Henson Development Company will provide new construction of 100 affordable senior rental apartments

NEW YORK, Dec. 5, 2023 /PRNewswire-PRWeb/ -- The NHP Foundation (NHPF), a national not-for-profit provider of affordable housing, announced today that it has finalized the purchase vacant land from the City of Baltimore to construct one hundred 1- and 2-bedroom apartment homes. The new apartment community, Park Heights Senior Apartments, at 4710 Park Heights Avenue is part of a major redevelopment plan for the area including the redevelopment of Pimlico Racecourse, construction of the new Enoch Pratt Free Library, and the two developments along Park Heights Avenue by Comprehensive Housing Assistance, Incorporated.

The $52M transaction was made possible with $8.7M from HUD, $22M from the sale of tax credits to R4 Capital in conjunction with Aetna, a CVS Health Company, $13M from the City of Baltimore, $5Mfrom Maryland CDA, and $2M in deferred developer fee.

"The revitalization of the historic Park Heights neighborhood of Baltimore continues with Park Heights Senior," said NHPF lead developer, Mansur Abdul-Malik adding, "NHPF was honored to be selected as master developer of this important civic development and we and our project partners take the responsibility of working with the City and the community in restoring this historically under-invested neighborhood very seriously."

The new construction is a first phase of the Park Heights Major Development area that will also include a multifamily rental apartment building adjacent to the senior building, 17 for sale homes, and brand new infrastructure including new water, sewer, stormwater facilities, curbs, gutters, sidewalks, and widening Virginia Avenue to make for a better traffic pattern.

"Mayor Scott's Administration and the City of Baltimore applaud the vision of NHPF and its partners with this major undertaking in Park Heights," said Baltimore City Housing Commissioner Alice Kennedy. "This work will develop land that was once occupied by vacant and blighted buildings into a multi-phased plan to help revitalize a historically underinvested community while simultaneously combatting the housing shortage in Baltimore and supporting transformative growth in our city."

The Park Heights Senior property will include community amenities such as a dedicated resident service coordinator, a fitness center, a library, a computer center, a coffee bar, several lounge areas, and a kitchen area for seniors to hold events.

"This project is a game changer, supporting one of our priorities for infusing new homeownership opportunities in Park Heights," Said Yolanda Jiggetts, CEO, Park Heights Renaissance, "We are excited about the thoughtful approach of this project and its alignment to our diverse housing development focus guided by the Park Heights Master Plan. It demonstrates what can take place with community, public and private partnerships." Jiggetts added that the partnership with NHPF and Henson Development Company represents the strength of collaboration over competition and what can be accomplished together to rebuild community. The organization commended the partnerships' commitment over the past few years to sponsor and support many community activities such as the Clean and Green workforce development program and other neighborhood events hosted onsite during the predevelopment phases.

Notable features of Park Heights Senior apartments include rooftop, carport, and gazebo mounted solar panels, battery storage, and meeting the National Green Building Standards for energy efficiency. This combination means clean energy to power the building, battery storage to ensure in case of an emergency the building always has power, and using building materials and practices that reduce energy usage, pollution, and waste.

"Securing equitable access to stable housing is one of the barriers to better health that we're helping to address for older adults, including those dually eligible for Medicare and Medicaid," said Jim McCunney, Chief Medicare Officer, Southeast, for Aetna®, a CVS Health company. "Our investment in Park Height Senior helps provide older adults in Baltimore a safe, beautiful, and affordable home with the support and services needed to enable them to comfortably age in place."

Added Lindsay Soyka, Executive Vice President, R4 Capital, "Investments in affordable housing like Park Hts. Senior ensure a future where residents of strong communities can thrive without worrying about a roof over their heads. R4 Capital shares in The NHP Foundation's firm commitment to provide safe, quality housing."

Construction on Park Heights Senior Apartments is expected to be completed in mid-2025.

About The NHP Foundation
Headquartered in New York City with offices in Washington, DC, 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 over 10,000 units, in 16 states and the District of Columbia. For more information, please visit http://www.nhpfoundation.org.

Media Contact

marijane funess, www.nhpfoundation.org, 19148303754, [email protected], www.nhpfoundation.org

SOURCE NHP Foundation