Joint Development Between Legacy Real Estate Development and The NHP Foundation
NEW YORK, June 27, 2023 /PRNewswire-PRWeb/ -- The NHP Foundation (NHPF) opened the doors to its thirteenth affordable housing development in the District today, 17 Mississippi Apartments, with a celebration including community members, District housing officials, and an exhibit of local art.
Funding for the $22.9M development included $9.1M from DC Department of Housing and Community Development's (DC DHCD) Housing Production Trust Fund (HPTF), with Citi Community Capital providing $4.3M in permanent debt, and $8.8M in 4% Low Income Housing Tax Credits (LIHTC) provided by WNC & Associates, Inc. Local Initiatives Support Corporation (LISC) DC provided a $2.1M pre-development loan.
17 Mississippi Apartments offers a mix of studios, one bedroom, and three-bedroom apartments to families and individuals with demonstrated need. Nine of the 41 apartments will provide permanent supportive housing for people who are experiencing homelessness or are in need of mental health support.
Of the service-enriched housing, Legacy Chairman Donahue Peebles lll said, "Affordable housing is a key component in providing for socioeconomic mobility particularly in economically disenfranchised communities; public-private partnerships, like 17 Mississippi, allow us to build more equitable communities and as we open doors here today, we will continue to seek out additional opportunities throughout the city."
Another nine residences have preference for income-qualified artists. As part of the project's interest in promoting local artists, Dee Dwyer, an award winning diversified Photographer, Curator and Director from Southeast, Washington, D.C who produces awe-inspiring images displayed her work at the event.
NHPF President Eric Price acknowledged the role that DHCD's Housing Production Trust Fund has in creating 17 Mississippi, adding, "We're proud to be part of Mayor Bowser's promise to create 36,000 units of housing – including at least 12,000 units of affordable housing – by 2025."
"Providing opportunities for residents to have affordable housing and promoting community development are our primary goals," said Department of Housing and Community Development Director Colleen Green. "We're excited that this project will be home to not only upcoming artists, but to residents who believe in the value of creating community."
Images can be found here.
About Legacy Real Estate Development
Legacy is a privately held, for-profit development, investment and consulting firm that specializes in the acquisition and development of affordable housing. The company, currently with portfolio of over $100 million dollars, has a mission to preserve, create and sustain affordable and workforce homes that provide shelter, security, equity, and opportunity for those that have been historically overlooked and undervalued. As a 100% minority-owned organization, Legacy is uniquely positioned to act as a bridge between these communities and investment capital. The company's recipe for success combines CEO Jerrod Delaine's expertise in affordable housing and extensive development experience with Founder and Chairman Donahue Peebles III's unparalleled public-private partnership experience. Since its inception, Legacy's team has been committed to setting a new standard for real estate development. As premier affordable housing developers, Legacy acts as the bridge between under-served, minority communities and capital, bringing asset management to the historically overlooked asset class that is affordable and workforce housing.
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 costs 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 56 properties,
Media Contact
marijane funess, The NHP Foundation, 9148303754, [email protected]
SOURCE The NHP Foundation
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