NAHT Announces New Project with Homes for America
Columbus, OH. Thursday, September 17, 2015. – National Affordable Housing Trust (NAHT) is pleased to announce their first partnership with Homes for America (HFA) to revitalize Windsor Gardens Apartments using low-income housing tax credit (LIHTC) equity investments. Located in Frederick, Maryland, Windsor Gardens was originally built in 1983 and consists of five, three-story buildings with 60 units for families. The focus of the rehabilitation will be on upgrading the existing space for accessibility and energy efficiency.
On June 26, 2015, NAHT, HFA and the LIHTC Investors closed on the deal to complete the rehabilitation of the property. NAHT secured investments under the Cornerstone NAHT Enhanced Fund 2015, making $2.8 million of LIHTC equity available for HFA to complete the project. As the low-income housing tax syndicator, NAHT has worked with HFA and the LIHTC Investors to ensure the project meets partnership standards and is completed on time.
Marcus Vivona, VP/Director of Acquisitions at NAHT stated "Windsor Gardens is the inaugural collaboration between Homes for America and NAHT. This project illustrates NAHT's long-standing commitment to support and facilitate the missions of all eleven members of SAHF.” He added “We are grateful to be a part of this deal and look forward to further advancing the missions of Homes for America, SAHF and NAHT."
Homes for Homes for America is a nonprofit housing development corporation which specializes in developing and preserving affordable rental housing that serves low and moderate income households, seniors and persons with special needs. HFA is also a member of Stewards of Affordable Housing for the Future (SAHF).
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Lauren Williams, Communications Associate