NHP Foundation - Ridgecrest Apartments

Partners for the Common Good (PCG) partnered with the National Housing Trust Community Development Fund and the Housing Partnership Network to provide a $2 million loan to finance the predevelopment costs and to fund the deposit to purchase a 272-unit multi-family complex located in the Congress Heights neighborhood of Washington, D.C.

The borrower, the NHP Foundation (NHPF), will ensure affordability for all 272 units at or below 60% AMI by acquiring and recapitalizing the property as a deed-restricted affordable project. NHPF is a nonprofit real estate organization dedicated to preserving and creating sustainable, service-enriched, multifamily housing that is affordable to low- and moderate-income families and seniors.

The $2 million loan from PCG and its lending partners provided flexible, early-stage capital to jumpstart the project, which will preserve and improve affordable housing units in the increasingly expensive Washington, D.C. metropolitan area.

Address: 

Washington D.C. , DC
US

Participating Lenders: 

PCG Loan Amount: 

$450 000

Total Loan Amount: 

$2 000 000

Our NMTC Projects

Community Facilities, Healthcare, NMTC
Philadelphia, Pennsylvania
Impact Summary

$5 million NMTC allocation funds medical center for low-income Philadelphia seniors.

Participating Lenders:
None
Community Facilities, NMTC
Chicago, Illinois
Impact Summary

$6 million NMTC allocation helps build new small food business incubator in Chicago.

Participating Lenders:
None
Community Facilities, Education, NMTC
Little Rock, Arkansas
Impact Summary

$7 million NMTC allocation helps construct Little Rock charter elementary and middle school for 1,245 students.

Participating Lenders:
None

Pages