An affordable seniors housing community in Waterbury, Connecticut will continue its mission to serve low-income seniors thanks to its purchase by The NHP Foundation. Exchange Place Tower was originally built in 1983 with the help of rental assistance support from HUD.
The NHP Foundation will invest in extensive renovations to the 150-unit property, including remodeling kitchens, bathrooms, new energy efficient windows, accessibility improvements and the installation of fixtures that use less electricity and water. Eversource will also help with the property’s conversion from an oil-fired heating and hot water system to natural gas. Plus, the building will have spaces that allow for on-site healthcare services and wellness visits.
The NHP Foundation made the acquisition in partnership with Urban Atlantic, and this is the second tax credit renovation project the pair have worked on together. Funding for the acquisition and renovations came from a combination of a HUD loan, a State of Connecticut Department of Housing low interest rate loan, Waterbury Housing Authority bonds to be repaid by the property, and private investment from the sale of federal low-income housing tax credits allocated by the Connecticut Housing Finance Authority and purchased by PNC Bank.
According to Deal Search Online, NHP most recently acquired a 57-unit affordable senior apartment complex in the Woodlawn neighborhood of Chicago, Illinois for $4.933 million, or $86,500 per unit. They funded that purchase with $4.515 million in financing from Low Income Investment Fund and $817,000 in equity from NHPF Equity.
