NEW YORK, Dec. 23, 2019 /PRNewswire-PRWeb/ -- National not-for-profit The NHP Foundation ("NHPF") has been awarded a 2019 competitive Affordable Housing Program ("AHP") award in the amount of $900,000 towards the preservation of The Mark Twain, a 90-year old mixed use Single Room Occupancy ("SRO") property the organization acquired in 2016. The award was made possible through NHPF's partnership with Community Investment Corporation ("CIC") who is a member of the Federal Home Loan Bank of Chicago. NHPF also partners with The Corporation for Supportive Housing ("CSH"), who provided both predevelopment loan funding and assistance with Chicago's Coordinated Entry System, which makes it possible for The Mark Twain to provide a portion of the housing to the homeless and to those with special needs.
"NHPF and CIC are to be commended for their focus on preserving The Mark Twain as affordable housing for some of Chicago's most vulnerable people," said Deb De Santis, President and CEO of CSH. "SRO preservation is vital in Chicago where it plays an important role in safeguarding and providing real housing opportunities, reinforcing community efforts to ensure everyone has a stable home of their own."
For- and not-for-profit developers, units of government, public housing authorities, and tribally designated entities apply for the competitive AHP grants through one of the FHLBank Chicago's 717 member institutions, which include commercial banks, savings institutions, credit unions, insurance companies, and community development financial institutions in Illinois and Wisconsin. NHPF's award was predicated on a commitment by the organization to increase Special Needs/Homeless Housing units at the property.
"Partnering with other organizations committed to creating and preserving affordable housing in Chicago makes this award particularly gratifying," said Dick Burns, President & CEO, NHPF. "We are proud to share this important grant with our member partner, CIC providing 148 units of affordable housing at The Mark Twain."
The NHP Foundation began a massive renovation of The Mark Twain and relocation of residents earlier this year. "We are pleased to be nearing completion of the renovation," added Mecky Adnani, project lead and Sr. VP, NHPF, "And we anticipate all of our returning residents to be in their newly redone units by the end of this year."
About The NHP Foundation
Headquartered in New York City with offices in Washington, D.C., and Chicago, I.L., The NHP Foundation (NHPF) was launched on January 30, 1989, as a publicly supported 501(c)(3) not-for-profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing that is both affordable to low and moderate income families and seniors, and beneficial to their communities. NHPF also provides a robust resident services program to nearly 18,000 community residents. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has 53 properties, including more than 8,000 units, in 15 states and the District of Columbia. For more information, visit http://www.nhpfoundation.org.
SOURCE NHP Foundation
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.