NEW YORK, Dec. 22, 2021 /PRNewswire-PRWeb/ -- The NHP
Foundation ("NHPF"), in partnership with Citizens Bank, was awarded
a $650,000 competitive Affordable
Housing Program (AHP) grant from Federal Home Loan Bank of
Boston (FHLBankBoston) to create
56 units of mixed-income housing and commercial space in
New Haven. This initiative will be
completed through a partnership with the city, West River Self Help
Investment Plan (WRSHIP), and the NHPF.
NHPF will use the AHP grant to construct 11 townhouse-style
buildings with a focus on family housing. Fourteen units will be
affordable to households earning at or below 30% of the area median
income (AMI) while 23 units will be affordable to households
earning between 31% -50% AMI and seven will be targeted to 51%-60%
AMI.
Citizens Bank will provide construction financing and Low Income
Housing Tax Credit investment equity.
The grant was part of approximately $19.4
million in grants, loans, and interest-rate subsidies that
FHLBank Boston awarded to support 30 affordable housing initiatives
in New England and beyond in 2021. These projects, funded in part
through the AHP, will create or preserve 1,216 rental and
homeownership units for individuals and families earning up to 80%
of the area median income.
"The ability to construct new, more resilient more affordable
housing including twelve supportive units to serve formerly
homeless and/or residents with special needs makes this award
particularly urgent at this time," said Dick Burns, President & CEO, NHPF.
Added Jamie Smarr, Sr. Vice
President and leader of NHPF's Affiliate Program, "The ability to
work with WRSHIP, part of a national movement to promote the
participation of racial minorities who have historically been
excluded from economic development projects in the city and
throughout the country, fits so well with our organization's
mission."
The initiative will also include a clubhouse/community center,
garage parking, and a playground, and will be designed to Passive
House standards with solar panels. A coffee shop and bakery will be
operated onsite by the social service provider to teach job skills
and operate an employment re-entry program. The site is served by
both rail and bus transit. The New Haven United Nations
International Peace Garden will remain on the site.
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About The NHP Foundation
Headquartered in New York City
with offices in Washington, DC,
Baltimore, MD 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. Since that time NHPF has invested nearly $1.2 billion
in the preservation and new construction of affordable housing
throughout 16 states and the District of Columbia. The investing of
these funds has resulted in economic stability for thousands of
seniors, families, and children. Communities have been enriched,
school systems have remained intact, local businesses sustained
their patrons and residents retained their employment. 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 57
properties, including more than 10,000 units. For more information,
please visit http://www.nhpfoundation.org.
Media Contact
marijane funess, The NHP Foundation, 9148303754,
mfuness@nhpfoundation.org
SOURCE The NHP Foundation