KANSAS CITY, MO – NHPF continues its mission to create and maintain affordable housing in 15 states and the District of Columbia, and announced the acquisition of Cardinal Ridge Apartments in Kansas City, MO. The previous 160-unit 9% tax credit agreement includes LIHTC, market rate, and social housing for seniors and families.
NHPF and the Kansas City, Missouri Housing Authority (HAKC) worked in partnership to prevent the property from being foreclosed. Since the initial 15-year compliance period for the property has expired, the acquisition ensures that the property remains affordable over the remaining 30-year extended useful life and in the foreseeable future.
Cardinal Ridge Apartments offer 20 buildings with a variety of housing options, including a 3-story, mid-rise senior building accessible by elevator, landscaped gardens, and two- and three-story townhouse units.
NHPF is currently working on stabilizing the asset to convert the property into a tax-exempt bond and 4% LIHTC transaction.
"At HAKC, we are looking for partners who can act quickly to prevent our city from losing valuable, affordable housing," said Edwin Lowndes, executive director of the Housing Authority of Kansas City, MO. "In NHPF we have found a partner who shares this goal and together we were able to enforce the purchase and keep the property affordable."
"This Kansas City property offers NHPF an opportunity to expand our supply of much-needed, affordable housing in a stable, low-crime neighborhood," said Mansur Abdul-Malik, VP, Development, NHPF, and continued, "The transaction expands also our housing relations with authorities and demonstrates our expertise in handling complex financial transactions at record speed. "
Source: The NHP Foundation
