WATERBURY, CT – In line with its mission to preserve affordable housing, the national nonprofit NHP Foundation ("NHPF") announced that it has purchased affordable senior housing, Exchange Place Tower, in Waterbury, CT. The original construction of the building was made possible with support from the U.S. Department of Housing and Urban Development's rental assistance, and its residents continue to benefit from the rental assistance program.
The NHP Foundation will be undertaking extensive renovations to the 150-unit property, including remodel kitchens, bathrooms, new energy-efficient windows, improvements in accessibility, and installation of fixtures that use less electricity and water.
"Quality, service-enriched, affordable senior housing has always been a priority for NHPF, but never more than now as our country continues to fight the pandemic and shelter its citizens," said Richard Burns, President and CEO of NHPF . “Exchange Place has facilities that enable on-site healthcare activities, such as: B. Wellness visits. This fits with the needs and the value that the NHP Foundation sees in combining and coordinating affordable housing with health services. "
In addition, the Exchange Place Tower will become more sustainable as part of the renovation. Eversource, the regional energy supplier, is helping to convert the property from an oil heating and hot water system to a new, highly energy-efficient natural gas system.
"The NHP Foundation appreciates Eversource's collaboration and support in greening this property," added Patrick Fry, senior vice president of NHPF. "The switch to natural gas and improved energy efficiency will lower operating costs and reduce air pollution."
The property purchase and renovation will be accomplished through a combination of an FHA insured mortgage loan, a Connecticut low-interest loan, Waterbury Housing Authority bonds to be repaid on the property, and private investments from the federal sale finances low-income housing tax credits issued by the Connecticut Housing Finance Authority and purchased by PNC Bank.
The NHP Foundation acquired and renovated the property in collaboration with Urban Atlantic. This is the second tax credit renovation project that NHPF has undertaken with Urban Atlantic.
Source: The NHP Foundation
