Affordable Housing Initiative by The NHP Foundation
The NHP Foundation (NHPF), in collaboration with local ownership entities, is excited to announce the beginning of a significant transformation in Columbia Heights. A new development is underway at 1425 Harvard Street NW, which was previously a parking lot utilized by residents of the Columbia Heights Village apartments.
Construction Overview and Project Goals
The ownership consortium secured funding for construction recently and has promptly kicked off the project. Anticipated completion is set for 2027. This development will consist of a seven-story building featuring 108 affordable housing units, crafted by the renowned architectural firm Shalom Baranes Associates, PC, and constructed by McCullough Construction, LLC. This initiative is crucial in addressing the urgent housing demands in one of the city's most economically challenged neighborhoods.
Public-Private Partnership
NHPF’s Harvard Court development is supported significantly by public and private partnerships. Notably, the District of Columbia Housing Finance Agency (DCHFA) has played a crucial role by issuing $48.26 million in tax-exempt bonds and underwriting over $41 million in federal and local Low-Income Housing Tax Credit (LIHTC) equity. Institutions such as Hudson Housing Capital and Bank of America are also collaborating in this venture.
Ensuring Long-term Affordability
In an additional step to further secure the project, the DC Department of Housing and Community Development (DC DHCD) allocated $24.29 million from its Housing Production Trust Fund, thereby reinforcing the importance of Harvard Court in advancing the availability of affordable housing in the city.
Comments from Leadership
Reflecting on this initiative, Eric Price, the President & CEO of NHPF, remarked, "This development reflects NHPF's strategy of leveraging underutilized land within our existing portfolio to maximize housing production in ways uniquely designed for specific neighborhoods. It is exactly the kind of creative solution we need in high-cost areas like Columbia Heights."
Community Impact and Project Features
The new Harvard Court development is set to offer 100% affordable apartments, which will be a game-changer for families and individuals from various income brackets. The facility is strategically located in the center of Columbia Heights, addressing the rising costs of living and potential displacement of residents.
Moreover, it is designed to integrate well with the Columbia Heights Village community, thereby enhancing neighborhood diversity while providing additional housing and community facilities.
About The NHP Foundation
Founded in 1989, the NHP Foundation (NHPF) is a not-for-profit organization with a mission to create and maintain affordable housing. Over the past three decades, NHPF has acquired, invested in, developed, and constructed numerous affordable housing properties. The organization not only focuses on real estate needs but is also dedicated to offering tailored resident services through its affiliate, Operation Pathways, which supports families facing economic challenges. NHPF currently manages 63 properties, serving over 25,000 residents across several states and the District of Columbia, demonstrating a deep commitment to enhancing community sustainability.
Frequently Asked Questions
What is the Harvard Court project?
The Harvard Court project is a development initiative by the NHP Foundation aimed at constructing 108 units of affordable housing at 1425 Harvard Street NW.
Why is this project important?
This project addresses the pressing need for affordable housing in the Columbia Heights area, which has been identified as economically burdened.
Who are the partners involved in this development?
The project is a collaboration between NHPF, Change All Souls Housing Corp., the Columbia Heights Village Tenants Association, and several financial institutions.
When is the project expected to be completed?
The completion of the Harvard Court project is projected for mid-2027.
How does NHPF support the community?
NHPF not only focuses on providing affordable housing but also invests in resident services aimed at empowering families and improving their socioeconomic conditions.
