Affordable Housing Solutions for Today & Tomorrow: Blueprint for Building Community - Select Snapshots of Our Development Experience
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Where You Live Matters
Affordable Housing
Solutions for
Today & Tomorrow:
Blueprint for
Building
Community
Select Snapshots of Our Development Experience
Preserving America’s Affordable Housing
NHPF has earned a reputation for implementing
creative methods to undertake and complete
complex affordable housing projects.
THE NHP FOUNDATION’S of both. In this brochure we have included examples
(“NHPF”) mission is to which best illustrate our experience and mastery of
preserve and develop different development scenarios that include properly
service-enriched housing underwritten properties with conservative financing.
that families and seniors We oversee all aspects of rehabilitation while
can afford. As we enter our attending to the priorities of our residents.
30th year, we continue to NHPF divisions, including Asset Management and
implement creative solutions our Affiliate Program, work together to ensure
that act as a blueprint for solving complex affordable seamless transactions. Later on, we tell the story
housing issues. By combining quality affordable of our Resident Services programs, operated by our
housing with services designed to improve our affiliate, Operation Pathways. Operation Pathways
residents’ lives, we hope to give generations to come was the first Resident Services program to receive
housing that is “more than a roof.” CORES certification, a program recognizing affordable
When I started with NHPF in 2009, we had 15 housing developers who are part of Stewards of
properties in 10 states. Today, we have 50 Affordable Housing for the Future (SAHF) and who
properties in 15 states and the District of Columbia, must meet stringent standards.
housing over 28,000 residents. Our residents are The combined strengths of our organization allow us
families and seniors, and while most are low to to meet the challenges we face from regulatory and
moderate income, they have real needs. That is economic uncertainty to an influx of new residents
why we are dedicated to providing quality housing that comes with each generation. We will meet
that people can proudly live and thrive in, while also these challenges by leveraging our skills to acquire
feeling part of a larger community. and preserve new properties, utilize creative
For some of our properties, we partner with not- funding sources, redevelop and redesign at a
for-profit and for-profit organizations, government reasonable cost, and create new homes for renters
agencies, and others who share our goals. This across the nation.
collaboration has allowed us to build a network of We are passionate, driven, and optimistic about
partners who co-invest with us in opportunities and where we are headed. We have the vision, the
outcomes that enhance our residents’ lives, opening knowledge, the compassion, and the experience to
the door to brighter futures. help construct our blueprint for a successful future.
Oftentimes the renovation or new construction of Our residents, our team, and our business partners
communities requires a delicate balance between complete the equation for success. Please read
preserving property in the most efficient, cost- about our accomplishments and more in this
effective way while creating a seamless process brochure and by visiting www.nhpfoundation.org.
for our residents in the interim. To best satisfy
both goals, The NHPF team utilizes a number of Richard F. Burns
effective strategies that include resident in-place President & Chief Executive, NHPF
relocations, full off-site relocations, or a combination
The NHP Foundation • 1
HARVEST HOMES / ILLINOIS
Our Mission
The NHP Foundation
is a not-for-profit real
estate organization
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.
2 • The NHP Foundation
Since 1989, NHPF has served low
and moderate income Americans from
coast to coast.
Our History of Success
NHPF doesn’t SINCE OUR FOUNDING IN 1989, NHPF has realized extraordinary achievements
in the preservation and creation of value-added affordable housing. We look
just put roofs forward to the next 30 years and beyond. As a not-for-profit organization, NHPF
over people’s operates with a charitable mission and business-like financial discipline.
heads—we build Our track record from the beginning has led to the preservation of 90 multi-family
communities. properties containing more than 16,000 affordable housing units. That foundation
has allowed us to currently serve more than 28,000 residents in over 8,400
units of affordable housing, much of which has been made possible by using Low
Income Housing Tax Credits, (“LIHTC”).
Since we started 30 years ago, every year we have refined and improved our on-
site resident services. NHPF’s resident services affiliate, Operation Pathways, is
a 501(c) (3) not-for-profit corporation. We have been able to measure meaningful
program outcomes by benchmarking our programs, including an emphasis on
childrens’ academics which have been pre-and post-tested according to the
Brigance Comprehensive Inventory of Basic Skills. We can demonstrate that
nearly 100% of children participating in our summer camps showed no signs of
summer learning loss in math and reading.
NHPF is currently improving the health of our residents in two ways. First,
Operation Pathways was selected as the first Certified Organization for Resident
Engagement & Services (CORES) by SAHF. CORES recognizes organizations that
have “developed a robust commitment, capacity, and competency in providing
resident services coordination in affordable rental housing.” Resident health is an
important component of those services. CORES Certification is one requirement
for an owner of multifamily affordable housing to qualify for Fannie Mae™ Healthy
Housing Rewards–Enhanced Resident Services™ financing incentives.
Second, NHPF is working with social service providers at its properties in St. Louis
and Houston, matching available housing with chronically homeless who need it after
a medical stay. We hope to expand this work throughout our geographic footprint.
Additional advances include implementation of an ambitious “greening” of our
portfolio. Currently, over 75% of our properties are experiencing vast water and
energy savings. The remaining 25% are in the works. We have also converted
nearly 1,000 units to new, highly-insulated roofing systems, and gone smoke-free
in several of our buildings.
The NHP Foundation • 3
For 30 years, NHPF has earned a reputation
for delivering affordable housing—strong
communities that are clean, safe, and “green.”
Our Strengths
Collaboration Proudly standing as one of 12 founding Robust Portfolio 50 properties located in
not-for-profits forming the Housing Partnership Equity Connecticut, District of Columbia, Florida, Illinois,
Trust, an $80M Private Real Estate Investment Trust Louisiana, Maryland, Massachusetts, Missouri, New
for the acquisition and preservation of affordable Jersey, New York, North Carolina, Ohio, Pennsylvania,
housing Tennessee, Texas, and Virginia
Construction Value Totaling over $1B dollars in value Securing Investment Capital Joint venturing to
since 2009. NHPF currently has a pipeline of 30 implement two equity funds for the acquisition of
properties containing over 5,000 units properties to be redeveloped and preserved as
tax credit properties and the commitment of an
Entrepreneurial, Business-oriented Leadership
initial investment as the first tranche (focused
Experienced and knowledgeable senior management,
on Washington, DC and Houston) of potentially a
and a Board of Trustees with diverse professional
$100M fund to buy and hold year 15 LIHTC property,
backgrounds and experience
properties approaching year 15, and naturally
Expert, In-house Team Professionals capable of occurring affordable housing
comprehensively evaluating the factors that go into
Strong Balance Sheet Essential for investor selection
successful investment and development decisions
and competitive pricing for both debt and equity capital
Longevity and Performance Three decades of
sustainable, environmentally responsible affordable Thought Leadership Prominence in media articles and
housing investment and development; solid portfolio interviews, an ongoing national survey program (six
performance and development track record to date), data collection and analysis, well-attended
panel discussions on topical issues, and recognition
Meaningful Credit Credentials Through a joint of key legislative trailblazers. Our two Symposia have
venture, established a $10M revolving line of credit focused on Pay-for-Success and Health & Housing.
to provide equity for investments in workforce We honored Senators Orrin Hatch (R-UT) and Maria
housing Cantwell (D-WA), whose bi-partisan efforts on behalf of
Measurable Results Our collection and analysis of LIHTC continue on, in addition to leaders in affordable
both resident and community data provides the full housing such as former HUD Secretary Henry
picture of the people we are dedicated to serving. Cisneros and Congressman Jim Himes (D-CT)
Equipped with this data, we evaluate what needs Valuable Community Partnerships For housing
are going unmet, and how best to ensure low to industry non-profits facing financial and
moderate income people have sustainable housing organizational challenges, NHPF’s Affiliate Program
they can afford and the services they need offers development, financial, asset management,
Projection vs. Actual Performance Acquisition resident services, and fundraising support.
property underwriting that continues to exceed
original projections, in some cases by more than $1M
4 • The NHP Foundation
BAYVIEW TOWERS / CONNECTICUT
Our Beliefs
NHPF believes in:
“At PNC, we are
• The dignity of our residents
• The value of safe, clean, functional
deeply appreciative
housing that is affordable to low and of our partnership
moderate income residents
• The inclusion of comprehensive
with NHPF. Whether
resident services, providing important it’s production
support for residents of all ages,
building communities, and stabilizing of new housing,
occupancy
• Green, sustainable housing that is
preservation of
both economical for our residents and existing affordable
environmentally responsible
housing or first class
resident services,
NHPF is making
a difference in
communities across
the country.”
TODD J. CROW, EXECUTIVE VICE PRESIDENT, MANAGER
TAX CREDIT CAPITAL, PNC REAL ESTATE
The NHP Foundation • 5
COLUMBIA HEIGHTS VILLAGE / DISTRICT OF COLUMBIA
Strategic Priorities
Achieving Success
Building on our 30-year industry track record, NHPF is in the midst of executing a
comprehensive Five-Year Strategic Plan through 2022. It is an exciting time for us.
Despite challenging market conditions, we continue to effectively implement many
of our priority initiatives, and are well-positioned for further growth that will allow
us to continue to provide quality affordable housing—building and strengthening
communities.
Our Strategic Plan sets three priorities:
1. C
reate and preserve more healthy housing that is affordable
to low and moderate income families and seniors
The need is acute and ongoing. One of the ways NHPF will meet
that need is by bridging the gap between housing and healthcare,
via new collaborative funding models. NHPF is looking at making
housing stock available that includes healthcare service and
entering into financial partnerships that will increase positive
health outcomes for individuals and families
2. M
aximize the impact of housing and services for residents
and neighborhoods
Enhancing the quality of life and access to opportunity for
residents and communities by continually upgrading our CORES-
certified services
3. Leverage the resources of NHPF to magnify its impact
Working with partners, funders, our residents, municipalities,
housing finance and other agencies to drive opportunity and
increase funding and innovation. Collaborating with organizations
whose different capabilities complement NHPF resources—talent,
experience, networks, reputation, as well as capital—to reach
aligned goals
6 • The NHP Foundation
EAGLES LANDING / TENNESSEE
Activating the Strategy
Achieving Success
NHPF will strengthen its national
and local brands and achieve its
“By nurturing
goals by: and sustaining
• Building on initiatives to develop staff
and strengthen entrepreneurial culture
successful thriving
• Enhancing funding for specialized partnerships,
resident services programming
NHPF consistently
• Establishing updated criteria, process
and data for investment decisions to demonstrates
ensure quality and profitability
• Expanding tax credit financed new
‘best practices’ for
development socially minded
•G
rowing The NHPF Affiliate Program
via strategic alliances and RAD
groups and proven
opportunities experts to develop
• I ncreasing our footprint by identifying
additional markets and diversifying our
properties, quickly
product mix
and efficiently.”
• L everaging external capital to facilitate FRANK L. SULLIVAN, JR.,
planning and optimize use of NHPF cash NHPF BOARD OF TRUSTEES
• Acquiring some cash-flowing workforce
multifamily properties as opportunities
arise
The NHP Foundation • 7
THE ROUNDTREE RESIDENCES / DISTRICT OF COLUMBIA
Our Business Model
OUR BUSINESS MODEL combines the altruistic aspects of mission-driven work
with the acumen and attention to detail of a professional development entity. We
never lose sight of our primary goals: providing family and senior communities
for thousands of Americans to call home; and acting as trusted stewards of our
critical investment funding.
Our experience speaks volumes on both fronts as we continue providing award-
winning, service-enriched, quality properties for our residents. We are proud that
our properties go beyond “brick and mortar”—enhanced by our active resident
services program, Operation Pathways—which provides a wide variety of services
including education, health and wellness, financial literacy, and enrichment
programs not only for our residents, but also for people in the surrounding
community.
NHPF is fundamentally committed to a process of community building that
strengthens neighborhoods and helps families prosper over time. And we are
proud of our process. We maintain a robust data-gathering operation, the results
of which are at the core of each organization decision.
By focusing on housing as well as the services that individuals and families
need to raise children, remain healthy, and grow financial stability, NHPF’s
properties effectively serve as anchors in each of the cities and towns in which
we are located.
We are equally proud of the relationships we forge and foster with financial
institutions and private owners, commercial banks, faith-based and community
and state organizations and others, all working together to leverage financing,
permanent tax-exempt bonds, and Low-Income Housing Tax Credits (LIHTC),
among other sources, to acquire and preserve our nation’s affordable housing.
Many of these relationships have endured for decades, with institutions
continuing to see the value of partnering with NHPF. Others are newly-minted and
at the beginning stages of relationships that will soon bear fruit.
These investments help provide a more positive future for working Americans and
their families, stimulating growth and stabilizing everyday life in our communities.
8 • The NHP FoundationHousing / Acquisitions / Preservation
Redevelopment / New Construction
“We congratulate Creating Communities
NHPF for taking THE NHP FOUNDATION IS ACTIVELY SEEKING to
acquire properties and partnership interests in
their groundbreaking portfolios of affordable housing, including Section
8, FHA insured, mark to market, and expiring LIHTC
ideas and turning transactions. While there is a universal need for
affordable housing, we have a preference for major
them into solid metropolitan areas.
NHPF preserves housing that is a source of pride
outcomes. They are and enjoyment for residents and neighboring
communities. This sense of purpose inspires us to
actively shaping maintain our properties at a high level through our
professional asset management staff.
neighborhoods For 30 years, NHPF has been a leader in the
development and redevelopment of quality
across the country multifamily rental housing. We have set ourselves
apart by the commitment and care we exhibit in the
with their ideas, physical, social, and financial aspects of each and
every development.
passion, and We locate properties that are well-positioned and
possess strong market characteristics. We assess
commitment. Their each property in terms of its physical, economic,
and social environments. In line with our holistic
efforts have created approach, we initiate public/private partnerships
and join with local businesses and community
bright futures for
organizations to insure the long-term viability and
success of our properties.
communities where
safe, secure housing
is needed most.”
ELLEN ROGERS, SENIOR VICE PRESIDENT, COMMUNITY
DEVELOPMENT BANK, BANK OF AMERICA MERRILL LYNCH
The NHP Foundation • 9PARKCHESTER / DISTRICT OF COLUMBIA
Preserving the Environment
Sound management produces
attractive, sustainable properties
to which we are committed.
NHPF OWNS AND OPERATES ITS PROPERTIES WITH CARE. We not only renovate
and create units of affordable housing, but also maintain them to a high standard
so that they are attractive additions to local communities and neighborhoods,
places where families live with pride and that neighbors see as community assets.
NHPF is committed to “greening” its portfolio and has
taken on several initiatives towards that goal:
• We have constructed and redeveloped units with high-efficiency Energy-Star
appliances
• We have replaced single-pane windows with double-pane, low-E windows
• Housing units have been converted from central boiler/window air-conditioner
systems to high-efficiency central HVAC systems
• In recent years NHPF has replaced flat, built-up roofs and asphalt shingle roofs
with new, highly-insulated roofing systems
• NHPF properties in Washington, DC have solar energy systems that provide
common area electricity and hot water
10 • The NHP FoundationPARKCHESTER / DISTRICT OF COLUMBIA
Water conservation is
Preserving the Environment
a hallmark of NHPF’s
sustainability program.
SINCE THE INCEPTION OF NHPF’S SUSTAINABILITY PROGRAM, portfolio-wide
water usage has dropped by 12%. Striking results can be seen in seven NHPF
properties where water conservation programs were recently implemented. The
combined annual water consumption savings on these seven properties alone is
estimated to exceed 70 million gallons.
NHPF’s “greening” examples include:
A 200-unit property with a major rehab completed including:
• New roofs, windows, appliances, AC units, and plumbing fixtures
• Water usage decrease of 42%
• Electricity usage decrease of 27%
• Gas usage reduction of 30%
A 252-unit property rehab qualified for New Jersey’s WARM Advantage Program,
an energy rebate program run by the New Jersey Clean Energy Program and
administered by Honeywell, which allowed for the installation of qualified energy-
efficient components such as furnaces and hot water heaters
A 94-unit property in Washington, DC achieved the Enterprise Green Communities
certification. Future District acquisitions will include green amenities such as solar
electricity, solar hot water, Energy Star appliances and fixtures, and other storm
water retaining features via our relationship with DC Sustainable Energy Utility
(Green Building Arm of DC Council)
A 200-unit property in Stamford, CT partnered with Eversource to overhaul the
interior lighting and aging heating system of the building by installing LED fixtures
and a high-efficiency boiler and domestic hot water system that will lead to a
projected drop of annual energy consumption by 10%
The NHP Foundation • 11The NHPF Affiliate Program
Sharing knowledge and
opportunities across the
not-for-profit housing community
“In formalizing IN EARLY 2011, NHPF launched a new initiative in its ongoing and vital work to
preserve affordable housing—The NHPF Affiliate Program. The goal of the Affiliate
the NHPF Program is to find potential under-resourced mission aligned joint ventures who
Affiliate lack the resources, manpower, expertise and/or financial statement to renovate
Program we existing assets or develop new properties.
are bringing THESE INCLUDE:
energy, • Affordable housing developers/owners
• Housing finance agencies
relationships, • Housing authorities
and fiscal • Tenant associations
know-how, • Faith-based and other municipal and community organizations
and expertise When these entities seek us out, we undertake projects in our service areas
to those where we can be a value-add as a joint venture partner. A friendly introduction is
all we need to get a project/collaboration going and initiate a productive, mutually-
who might
beneficial relationship. To date the Affiliate Program has successfully created or
not be able preserved 14 properties totaling $362M.
to continue The Affiliate Program measures success when our joint venture results in the
without creation or preservation of an affordable housing development with support from
it. This is a the community. That is how we “add capacity throughout the not-for-profit
sector.” Many developers partner with not-for-profits to simply get a project done
meaningful
and earn fees. Not all share our mission or invest in the development’s long-
way of term sustainability the way the Affiliate Program model does. Those who affiliate
meeting our with NHPF gain a strong financial partner, realize cost savings, and acquire the
mission, and expertise they need to support, and in many cases grow, their operations. Our
horizon is long term.
making an
THE NHPF’S AFFILIATE PROGRAM PROVIDES:
even deeper
• Technical and operational assistance to not-for-profit housing organizations to
commitment build their capacity and better serve their communities
to the field • Access to pre-development and investment capital for affordable housing
of affordable
• Opportunities to joint venture with a financially strong, leading nationally
housing.” recognized affordable housing not-for-profit that provides safe, clean housing for
THOMAS A. CARR, low to moderate income families and seniors
LIFETIME EMERITUS
• Hands-on support throughout the process and long after the project has
completed
12 • The NHP FoundationNHPF’s Operation Pathways:
Where you live matters . . . and
how you live matters even more.
HOW YOU LIVE MATTERS and the programs and services offered to residents are
critical components of achieving the NHPF mission. Through Operation Pathways,
our CORES Certified, service-enriched properties become the heartbeat of the
thriving communities in which they are built.
Operation Pathways’ successful approach is based on our philosophy of high-
quality program delivery that is:
“I like coming IMPACTFUL: With the goal of improving quality of life, we develop and implement
outcomes-based programming that measures success by monitoring the positive
to the change in behavior or increased knowledge and skill level of our participants.
community
Operation Pathways has served approximately 11,000 individuals and
center collaborated with over 800 partner organizations to ensure the highest-quality
because of programs and services.
fun events, INNOVATIVE: We believe that it is our responsibility to create powerful learning
like the experiences in dynamic settings and engage participants in meaningful and
science fair effective programs and services.
we had.” IN-HOUSE: The community center’s close proximity to the home eliminates
transportation and cost barriers that often prevent economically-challenged
GENESIS, PROPERTY
families from participating in programs and services. Our programming is
RESIDENT
customized to address local needs and service gaps and offered right where
residents can easily access.
HOLISTIC: We offer programming that meets a variety of needs through our four
pathways: Academic Achievement, Healthier Living, Financial Stability, and Aging
in Place.
The NHP Foundation • 13Operation Pathways
EACH OPERATION PATHWAYS PROGRAM is managed by an on-site resident “The community
services coordinator who serves as a program manager for the site and a
relationship manager for our community partners. The resident services
center makes
coordinators are trained professionals who bring their own unique creativity math and
and innovation to Operation Pathways’ structured, evidence-based programs. reading become
Our resident services coordinators truly become the heartbeat of our
creative and
communities and, through their expertise, NHPF’s Operation Pathways
programs change lives. more exciting
RESIDENT INVOLVEMENT is a hallmark at all levels of Operation Pathways’
for kids. The
leadership and decision-making. At each property, an Operation Pathways lessons get
Community Council (OPCC) meets regularly to discuss residents’ changing brought to life!
needs and evaluate the effectiveness of Operation Pathways’ programs and
The afterschool
services. Residents are also given opportunities to take on leadership roles
and responsibilities and make a difference in their community. By engaging and
program
empowering residents, Operation Pathways helps to improve their quality of life. encourages my
COMPREHENSIVE PROGRAMMING offers core components that are granddaughter
implemented to meet the needs of the residents at each property. While the to see more in
demographics of each community vary, we tailor our proven programming to meet her homework
local needs. At our seniors properties, these components are implemented with
the goal of maintaining a high quality of life for seniors as they age-in-place. At our
and give it
family properties, we offer content for youth and parents to address educational more effort.”
and health needs.
GLORIA, PROPERTY
Through the work of Operation Pathways, residents are presented with concrete RESIDENT
opportunities to advance their future. It is this opportunity-driven focus that is
central to The Operation Pathways philosophy. Positive outcomes occur when
participants choose the pathways to advance and enrich their own lives.
14 • The NHP FoundationResident Services
Operation Pathways
PATHWAY TO PATHWAY TO PATHWAY TO PATHWAY TO
ACADEMIC HEALTHIER LIVING FINANCIAL STABILITY AGING IN PLACE
ACHIEVEMENT promotes lifestyle educates residents engages residents
promotes academic choices that lead to in sound financial in NHPF’s senior
success and lifelong physical, psychological, practices to increase communities by
learning as a means and emotional well- income, decrease providing programs
to break the cycle of being for individuals expenses, and and services that give
poverty. Since the and their communities. build assets. The residents the tools
beginning, Operation Our programming program also includes they need to ensure
Pathways’ afterschool offers a holistic workforce development economic security,
programs have served approach that focuses components to prevent illness, improve
766 children with the on several essential help participants health, understand their
program growing at an areas of health and increase their skills legal rights, and live
average rate of 25% wellness, including: and secure higher in a safe environment
year over year since physical fitness, stress paying employment while also providing
2015. Summer camps management, access to opportunities. Close to the education and
have provided over healthcare, and lifestyle 5,000 individuals have technology skills to
550 children with an and diet choices. Since participated in financial improve overall life
educationally enriched Operation Pathways education programming satisfaction.
program. On average, introduced the Pathway and around 600
91% of children showed to Healthier Living, over participants in America SERVICE
no sign of summer 1,500 participants Saves Week have saved COORDINATION
learning loss in math, have increased their more than $30,000 is a key aspect of the
with the program intake of fruits and over the course of the work of Operation
improving scores by vegetables and over program offering. Pathways. This is the
approximately 9% since 800 individuals have one-on-one work we
it was implemented. In participated in physical do with families and
the aggregate, 89% of fitness programming. individuals to assist
children have shown no Additionally, some 50 them in identifying
sign of summer learning individuals have quit areas of need and
loss in reading year over smoking cigarettes due connecting them with
year. This program has to Operation Pathways services and resources
grown by 19% since programs. in their communities.
inception.
The NHP Foundation • 15FOXWOOD MANOR / PENNSYLVANIA
Developer Experience Highlights
Of our 90 affordable properties
preserved over our history,
these examples best illustrate
our expertise in different
development scenarios.
16 • The NHP FoundationDeveloper Experience Highlights
BAYVIEW TOWERS BENNING HEIGHTS APARTMENTS BOLTON NORTH
300 Tresser Boulevard 4807 Alabama Avenue 1600 West Mount Royal Avenue
Stamford, CT 06901 Washington, DC 20019 Baltimore, MD 21217
200 units 148 units 209 units
Built in 1973, Bayview Towers was In Washington, DC, the Benning Bolton North is a 209-unit senior
in need of renovation. The financing Heights Tenants Association (BHTA) housing high-rise located close to
included tax-exempt bond, seller learned that their building was Baltimore’s scenic Inner Harbor.
financing, Federal LIHTC equity, being sold. The market price for the This senior-housing community
existing property reserves, and property would likely make rents is situated in the historic and
Connecticut Housing Contribution unaffordable. Using the powers thriving Bolton Hill neighborhood, a
Credit contributed by Connecticut afforded them under the District of community known for its tranquil,
Light and Power. Columbia’s TOPA, BHTA partnered tree-lined streets populated by
The major work done in the with NHPF to have the market- restored mid to late 19th-century
full on-site relocation renovation based purchase contract assigned three- and four-story townhouses,
included kitchen and bathroom to them and acquire the property. urban mansions, churches, and
upgrades, energy efficient Benning Heights Apartments is a public buildings.
appliances, new flooring, replacing 148-unit all brick, garden-style, Bolton North, purchased with
domestic and sanitary plumbing walkup apartment community. our development partner, Urban
lines, new windows, new electrical The substantial rehab, which Atlantic, through the PNC fund
panels, new AC units, new roofs, NHPF has managed as a full in 2014, underwent a moderate
converting a portion of the units relocation, includes complete rehabilitation, handled as a
to be handicap accessible, replacement of all kitchens and resident in place relocation. It
exterior concrete repairs and re- bathrooms, HVAC equipment, included four primary scopes of
enforcements, energy efficient hot water heaters, windows, and work: windows in the entire building
lighting, and a new look for the flooring. Substantial work was were replaced from the inside; the
exterior of the buildings. done to the building exteriors, floor fire sprinkler system was extended
joists were repaired, solar panels into every unit; basic unit work
and green areas were installed on was done in about a third of the
certain roofs, bio-retention bonds units (e.g. replacing light fixtures,
were added for storm water runoff, cabinets, and appliances); and 11
and eight units were converted into units were converted into barrier-
barrier free (ADA) units. free units.
The NHP Foundation • 17Developer Experience Highlights
CALVIN MOWBRAY PARK & CLEME MANOR FOREST PARK
STEPHEN CAMPER PARK 5300 Coke Street 3708 Garden Oaks Drive
700 Weaver Avenue Houston, TX 77020 New Orleans, LA 70114
Cambridge, MD 21613 284 units 284 units
190 units Upon announcing a planned $35M Due to severe damage caused by
The Housing Authority of the City of in streetscape improvement, Hurricane Katrina, NHPF undertook
Cambridge, Maryland (CHA) made multifamily construction, single a substantial rehab of this 280-
the decision to participate in the family rehabilitation, and renovation unit property utilizing Section 42/
Rental Assistance Demonstration of the Community Center for LIHTC (100% set-aside at 60%
(RAD) Program administrated the Greater Fifth Ward Finnegan AMI including 71 Project-based
by HUD in order to substantially Park neighborhood, the city of Section 8 assistance bonds) which
rehabilitate this aging portfolio of Houston worked closely with NHPF commenced in March 2007.
190 units which NHPF managed as to redevelop Cleme Manor via The rehab was phased with the
an on-site relocation. HUD created an on-site resident relocation. first buildings placed-in-service in
the RAD Program to foster public Most importantly, NHPF’s December 2007 and substantial
and private partnerships that are ongoing renovations and security completion achieved on the last
capable of completing renovations enhancements have resulted in a apartments in March 2008.
on a large scale. As a result, 27% decrease in crime in the area, During the construction process,
CHA partnered with NHPF and a according to The City of Houston. which required all residents to
local developer to undertake a Originally constructed in 1970, relocate, NHPF made its Texas and
comprehensive rehabilitation of the Cleme Manor is situated on 12.8 Louisiana properties available for
property with LIHTC. acres east of downtown Houston those displaced by the hurricane.
Calvin Mowbray Park & Stephen in the Greater Fifth Ward-Finnegan The property had 90% occupancy in
Camper Park were purchased in Park neighborhood. There are May 2009 and was able to convert
2016 and have been substantially a total of 284 residential units its construction loan to permanent
renovated. The property was built in Cleme Manor’s 24-building debt in September 2009.
in 1972 and 1973 by the Housing garden-style community. One of The property has an on-site
Authority of Cambridge and Houston’s most improved areas, Community Center staffed by
contains a total of 88 buildings Cleme Manor is part of the City’s professionals and offers structured
featuring 190 units of one- to five- Tier 1 redevelopment zone, an programs for all ages including,
bedrooms. area which has received targeted but not limited to, after school
The property’s updated city investments. Cleme Manor assistance, computer training,
units feature kitchen upgrades, Apartments is an integral part of and health/wellness activities.
installations of washers and dryers, the revitalization of the community. These programs are free of charge
bathroom upgrades, and much In 2014, NHPF’s acquisition and open to all members of the
more. Currently the rehab work is and rehabilitation of Cleme Manor community, not solely residents of
100% complete and the tax-exempt played a major role in keeping the property. In August 2010, the
bonds have been paid off. officials from closing nearby property was selected by KaBOOM!
Henderson Elementary, ensuring as the site for one of its community
neighborhood children could attend built playgrounds.
a school close to home.
18 • The NHP FoundationDeveloper Experience Highlights
FOXWOOD MANOR HARVEST HOMES APARTMENTS HOLLYBUSH GARDENS
2180 Veterans Highway 3520–3542 West Fifth Avenue & 252 Hollybush Gardens
Levittown, PA 19056 318–322 S. St. Louis Avenue Glassboro, NJ 08028
304 units Chicago, IL 60624 252 units
The 304-unit property was in good 36 units Having been built in two phases
overall condition, but it was in need Created through the NHPF Affiliate from 1968 to 1972, this 252-
of occupied, substantial upgrades Program, the award-winning unit property was in need of
to extend its useful life. Occupancy Harvest Homes Apartments is a a substantial renovation. The
prior to the rehab was 97%. newly constructed four-building refinancing plan utilized tax-exempt
The scope of work for the family apartment complex in the bond permanent debt, federal
in-place rehab included installing East Garfield Park neighborhood LIHTC equity, and pre-existing
new individual HVAC systems of Chicago. Harvest Homes is the property reserves.
and hot water heaters; replacing realization of a plan initiated by the NHPF created a new 2,100
any older or unsightly kitchen People’s Community Development square foot community center built
appliances, cabinets and flooring; Corporation of Chicago, Inc. to house the resident services
replacing all bathroom vanities (“PCDAC”) and created with NHPF programs that are run for the
and fixtures; replacement of tubs, as part of a LIHTC partnership. benefit of the property’s residents.
toilets and bathroom flooring where Overseen entirely by NHPF, The major work done in the
needed; completing major drainage construction of the 36 new on-site renovation also included
repairs; and building a new 600 100% affordable family units kitchen upgrades (new cabinets,
square foot community center in Chicago’s East Garfield Park countertops and appliance
for Resident Services. We also neighborhood renders it the largest upgrades); bathroom upgrades;
substantially rehabbed 16 units for new residential construction in the replacement of all electrical panels
conversion to ADA accessible. neighborhood in the last 30 years. and smoke detectors; new HVAC
The construction loan closed The $14M development units; the addition of ADA access
eight months after we submitted is a result of a joint venture ramps; new individual hot water
the initial application to PHFA and between PCDAC and NHPF that heaters to replace central boilers;
the rehab period lasted 16 months. was funded by a variety of both new waterproofing and insulation of
This included doing significant private and public sources, such all crawl spaces; and replacement
work in addition to the original as LIHTC, the City of Chicago’s of all interior lighting with new
rehab included in the construction Department of Planning and energy efficient fixtures.
contract, using the contingency Economic Development, the State
funds and cost savings. of Illinois Department of Commerce
and Economic Opportunity, J. P.
Morgan Chase Bank, the Chicago
Community Loan Fund, Enterprise
Community Investments, Inc., and
NHPF. City support for the project
included $1M in Tax Increment
Financing (TIF) and approximately
$1.4M in low-income housing and
donation tax credits that generated
$12.7M in equity for the project.
The NHP Foundation • 1920 • The NHP Foundation
Developer Experience Highlights
BEFORE
AFTER
MARK TWAIN HOTEL
111 W. Division Street
Chicago, IL 60610
152 units
NHPF acquired and secured financing to fully renovate The
Mark Twain, an historic property, to preserve its affordability
and fully renovate and reposition it in a fast growing and
gentrifying neighborhood of Chicago in May 2016 pursuant
to the Chicago’s SRO (Single Room Occupancy) Preservation
Ordinance.
The Mark Twain was built as a five-story hotel and
continues to operate as an SRO hotel. The property contains
152 hotel rooms with ground floor commercial retail space
and a signage lease, totaling over 58,000 square feet.
Comprehensive renovations to the property will
commence and complete in 2019, and require a full
relocation of its residents. Upon completion, the property
will serve its current and future low-income residents with
148 fully renovated accessible small studio units, resident
services, and amenities such as a fully-restored ground floor
parlor as a Community Room with a new community kitchen,
reformatted management office space, a new outdoor roof
RENDERING BY STUDIO 97
deck, and a new larger elevator.
The $53M preservation project is financed by the city
of Chicago’s tax-exempt bonds, equity from Low Income
Housing and Federal Historic tax credits, 95% Project-Based
Vouchers, and the city’s HOME funds.
The NHP Foundation • 21Developer Experience Highlights
PARKCHESTER APARTMENTS PLAZA BORINQUEN APARTMENTS SHIPS’ COVE
2704 Wade Road SE 471 East 137th Street 130 Canal Street
Washington, DC 20020 Bronx, New York 10454 Fall River, MA 02721
92 units 88 units 201 units
Parkchester is a newly renovated Plaza Borinquen was designed NHPF acquired Ships’ Cove as part
94-unit LIHTC property (with one unit and constructed to fundamentally of its ongoing mission to preserve
used as the leasing office) that was alter the relationship between affordable housing units at below
originally purchased in 2015 under affordable housing residents and market rate for economically
the District of Columbia’s Tenant their surroundings. NHPF acquired challenged individuals and families.
Opportunity Purchase Act (TOPA). the 88-unit townhome style, Section Ships’ Cove is an 18-story family
Parkchester Tenant Association 8, affordable rental property in the apartment complex with waterfront
partnered with NHPF to acquire the Mott Haven section of the Bronx, views in central Fall River.
building. NY to upgrade the property and It was built in 1971 and, while
Originally constructed in 1978, safeguard its affordability. various components had been
Parkchester Apartments is situated NHPF’s resident-in-place rehab updated over the years, a number of
on six acres of well-maintained included replacing public hallways systems and finishes were in need
and landscaped grounds. The with patios and a lobby with a of replacement or repair when it was
substantial rehab, which NHPF has courtyard. The majority of the acquired by a LIHTC partnership
managed as a full off-site resident units are three- and four-bedroom led by NHPF. The acquisition and
relocation, included complete duplex and triplex apartments, rehabilitation financing included
replacement of all kitchens and each of which has its own separate a tax-exempt Freddie Mac loan, a
bathrooms, HVAC equipment, entrance and private patio. bank bridge loan, seller financing,
windows, and flooring. Substantial Plaza Borinquen’s combination of equity from the sale of LIHTCs, and
work was also done to the building pride of ownership, absolute privacy, property reserves.
exteriors, solar panels and green and public intercourse was one of The major work, which NHPF
areas were installed on certain the first developments to transform handled as in-place renovation,
roofs, bio-retention bonds were affordable housing into a home. included extensive repairs and
added for storm water runoff, and The site is served by Operation refinish of the building exterior,
five units were converted into barrier Pathways Resident Services. replacement of the main electrical
free (ADA) units. switchgear, upgrades to kitchens
and bathrooms, new flooring,
renovation of most common
area spaces, elevator upgrades,
ventilation improvements, plumbing
repairs, converting a portion of the
units to be handicap accessible,
energy efficient lighting, repairing
and resealing the parking lot, and
a new, significantly more powerful
emergency generator, and other life
safety improvements.
22 • The NHP FoundationDeveloper Experience Highlights
ST. LUKE’S PLAZA TAKOMA PLACE APARTMENTS THE ROUNDTREE RESIDENCES
5602 Enright Avenue 6676 Georgia Avenue NW 2515 Alabama Avenue SE
St. Louis, MO 63112 Washington, DC 20012 Washington, DC 20020
216 units 105 units 91 units
This on-site rehab involved moving NHPF recently secured financing Award-winning Roundtree
all residents out of 216 units into from the DC Department of Housing Residences is a ground-up
other buildings as their entire and Community Development construction 91-unit senior
building was being renovated. (“DHCD”), R4 Capital, and R4 development utilizing Section 42/
The work included installing Capital Funding for a total of LIHTC funding. Along with LIHTC
new individual HVAC systems; $39.4M to redevelop and preserve equity, the project was financed
upgrading kitchens where needed; Takoma Place. with tax-exempt bonds, NIF/Solar
new bathrooms, new carpet and Constructed in 1953, the Energy grants, and seller financing.
paint throughout; installing new Takoma Place Apartments are Units are only available to
roofs and front entrances; doing adjacent to the Walter Reed Army seniors making 60% or less of DC’s
major tuck pointing; repairing Hospital Campus along a gentrifying area median income (AMI), with 20
balconies; replacing waste lines; corridor in the nation’s capital. units set aside for seniors making
and renovating/expanding the In 2017, NHPF worked with 50% or less of DC’s AMI.
management office. the Takoma Place Apartments The building is built to Enterprise
The rehab was completed Tenants Association to acquire Green Community standards and
utilizing tax-exempt bond debt, the property using the District of includes a solar array and partial
Federal and State LIHTC equity, Columbia’s Tenant Opportunity to green roof in addition to other
and Federal and state Historic Purchase Act (TOPA). NHPF and the energy saving features.
Tax Credit (“HTC”) equity. Upon Tenants Association partnered to
completion of the renovations, undertake a $31.7M rehabilitation
residents typically moved back of the property which required
to their original unit, unless they a majority of residents to fully
requested a transfer to another relocate and some to remain on-
unit, and that transfer was usually site. The rehab used LIHTC as
accommodated. well as subsidies provided by DC
Government. Financing and funding
was also provided by Community
Capital, Local Initiatives Support
Corporation (LISC), and the seller.
Takoma Place consists of 7 four-
story apartment buildings. Changes
NHPF made increased the overall
unit count post-renovation to 106
leasable units versus 104 leasable
units before renovation.
The NHP Foundation • 23Developer Experience Highlights
WALNUT SQUARE WASHINGTON DODD APARTMENTS WOODMONT CROSSING
8501 I-10 Service Road 587 Carroll Street APARTMENTS
New Orleans, LA Orange, NJ 2327 Good Hope Road SE
209 units 300 units Washington, DC
The original structures were Having been built in the early 176 units
demolished and the property 1960s, this 300-unit property was Woodmont Crossing, in Southeast
rebuilt due to severe damage in need of a substantial renovation. Washington, DC is a 12-building,
caused by Hurricane Katrina. Notice The refinancing plan utilized tax- 176-unit garden-style LIHTC
to proceed was issued in August exempt bond permanent debt, property that completed a moderate
2007 and substantial completion Federal LIHTC equity, and pre- rehabilitation at the end of 2018.
was achieved in June 2009 with existing property reserves. The Woodmont Crossing United
occupancy beginning in July 2009. The major work done in the on- Tenant Association selected
The property achieved 90% site renovation included kitchen NHPF in 2017 to partner on the
occupancy in December 2009 and upgrades (new countertops and acquisition and rehabilitation as
was able to convert its construction full appliance upgrades); bathroom part of the DC Tenant Opportunity
loan to permanent debt in March upgrades; replacing all electrical to Purchase Act (TOPA) and
2010. panels and smoke detectors; new the acquisition was closed
The property has an on-site HVAC units; the addition of disabled simultaneously with the new LIHTC
Community Center staffed by access ramps; new individual hot rehabilitation financing. The $44.6M
professionals and offers structured water heaters to replace central transaction was made possible
programs for all ages including boilers; new waterproofing and through a loan from the District of
but not limited to after school insulation of all basements; and Columbia Housing Finance Agency
assistance, computer training, replacement of all interior lighting (DCHFA) financed through that
and health/wellness activities. with new energy efficient fixtures. agency’s first time participation in
These programs are free of charge U.S. Department of Housing and
and open to all members of the Urban Development (HUD) Level 1
community, not solely residents of 50/50 Risk Share 542 (c) program.
the property. LIHTC Equity financing was provided
The property also has in by Royal Bank of Canada (RBC).
excess of 60 units designated as NHPF acquired the property in
workforce housing with rents set at 2018 and began a rehabilitation
the 60% AMI level but no restriction program in which 85% of residents
on income. remained in-place, replacing HVAC
systems, renovating bathrooms and
kitchens, increasing the number of
units for residents with disabilities,
and some site repairs.
24 • The NHP FoundationST. LUKE’S PLAZA / MISSOURI
Financial Partners, Donors, and Sponsors
Mansur Abdul-Malik Ralph Boyd, Jr. Cogency Global, Inc.
Abe Wood Inc. Charlene Brisco CohnReznick LLP
Robert Abrams Al Browne Columbia Baptist Church
Mecky Adnani Bucks County, PA Conifer Realty, LLC
Affordable Housing Advisors Bucks County Community Foundation Connecticut Housing Finance Agency
African Heritage Teachers Stipend Bucks County Food Bank Connecticut Housing Tax Credit
Ramon Aggabao Bucks County Opportunity Council Contribution Program
AGM Financial Services Diane & Richard Burns Family Connecticut Light & Power
AHC Inc. Bush-Clinton Katrina Fund Crenshaw Communications
Alphonse Diaz Architects PC Caleco Cushman & Wakefield
Sunny & Bill Alsup Cannon Heyman & Weiss LLP Darien Community Fund
Amazon Foundation Capital One DC Department of Housing and
Amerigroup Foundation Carmody Torrance Sandak & Hennessey LLP Community Development
Amerigroup Corporation Leslie & Tom Carr DC Housing Finance Agency (DCHFA)
Pamela Anderson-Livingston Celadon Partners Delaware Valley Mental Health / Foundation
Angelina & Huey Wilson Foundation Center for Health Community Partnership
Applegate & Thorne-Thomsen PC Frank Cerbini Deutsch-Khanna Family Fund
Archdiocese of Philadelphia CHANGE All Souls Housing Corporation Patricia Diaz Dennis
Asset for Independence IDA (HHS) Children and Family Legacy Fund District of Columbia Housing and Community
AT&T Foundation Children and Family Services of Jacksonville Development Fund
Azar Foundation Chipotle District of Columbia Housing Finance Agency
Pauline Baculi Clause Chow District of Columbia Sustainable
BancorpSouth CIH Properties, Inc. Energy Utility
Bank of America Merrill Lynch Cinnaire Dollar General Literacy Foundation
Scott Barkan Citi Community Capital Dominium
Josefina Barredo Citi Group Foundation Draper & Kramer, Incorporated
BBV Compass Foundation City of Arlington Housing Rehabilitation Neal Drobenare
BBVA Compass Program Shay Dugan
Beacon Communities City of Chicago Dulin United Methodist Church
Becker & Becker City of Falls Church CDBG Eagle Bank
Bellwether Enterprise City of Falls Church Community Service Fund ECS Capitol Services, PLLC
Benchmark Title Agency LLC City of Houston Edgewood Management
Berk Foundation City of Orange NJ EDI International
Best Buy City Real Estate Advisors (CREA) Energy Wise
Best Buy (Children’s Foundation) Clark Construction Group Enterprise Community Partners
Bocarsley Emben Cowan Esmail & Arndt LLP CMQ Flooring Enterprise Real Estate Capital / Bellwether
Bottom Dollar Food Store Mary Cochuico Enterprise
The NHP Foundation • 25Epic Insurance Brokers & Consultants Nancy & Donald Hess Linn-Mathers Inc. General Contractors
Financial Partners, Donors, and Sponsors
Essex County, NJ Hessel, Aluise & Neun, PC and Builders
Every Kid a King Foundation Hewlett Packard Livi Centeno-Mcnulla
Exxon Mobile Hillcrest Foundation Local Initiative Support Corporation (LISC)
Fannie Mae John Hoffer Locke Lord LLP
FCHC: A Virginia Community Development Holland & Knight LLP Louisiana Disaster Recovery Foundation
Corporation Home Depot Foundation Louisiana Housing Finance Agency
Federal Capital Partners Homefree-USA Louisiana Pizza Kitchen
Federal Home Loan Bank of Atlanta Lisa Hounshell Louisiana Recovery Authority & Louisiana
Federal Home Loan Bank of Dallas Housing & Urban Development Office of Community Development
Financial Partners Evelynn Howell Louisiana Local Government Environmental
John Michael Feehan Hudson Housing Capital Facilities and Community Authority
Fifth Ward Redevelopment Authority Iberia Bank Mortgage Company Low Income Investment Fund (LIIF)
City of Houston Industrial Development Authority of the Jeff Macdonagh
Tanner Finnan City of St. Louis MO MaCrostie Historic Advisors
First Book Philadelphia Inspire Credit Union Marcus & Millichap AHA
First Federal of Bucks County JBG Smith Tiffany Martinez
Eileen Fisher Corey John Carol Ann Mason
Food Bank of South East Jersey Jordan Johnson Mass Mutual
Christy Foreman Beverly Johnson McCormack Baron Asset Management
Foundations Community Partnership–BIIG Jonathan Rose Companies Merchants Capital
Fox Pool Management Jones Lang LaSalle Multifamily, LLC Metlife Foundation
Freddie Mac Corporation James A. Joseph Michael Franklin
Freddie Mac Foundation JPMorgan Chase & Co. Missouri Housing Development Commission
Friedman LLP JPMorgan Chase Foundation Fred Mitchell
Frost Foundation Jennifer Ju Morris, Manning & Martin, LLP
Patrick Fry Julia & Christopher Sawyer Joyce Moskovitz
Gallagher Evelius & Jones LLP Junior League of Baton Rouge NAHMA Educational Funding
Goldstein Hall PLLC Kaboom! National Housing & Rehabilitation
Carlos Gonzales Kaiser Permanente Association (NH&RA)
GPOA Foundation Katten Muchin Rosenman LLP National Housing Trust
Greater New Orleans Foundation Kelliher & Salzer, LLC National Housing Trust Community
Stephen Green Kiss Electric LLC Development
Gulf Youth Action Corps / Americorps Klein Hornig LLP National Multifamily Housing Council
Dawn Gutierrez Philip Lanicho Neighbor Works America
Hallkeen Management Latter & Blum New Jersey Housing and Mortgage
Hamel Builders of Washington DC LEDIC Realty Company, LLC Finance Agency
Carolyn Hardaway Jay Legaspi New Jersey Shares
Healthy City Fall River Kevin Lewis New York City Housing Development
Heron Foundation Eryka Lindsey Corporation
26 • The NHP FoundationNiagara Cares / Niagara Bottling Sam’s Club The Sirus Fund
Financial Partners, Donors, and Sponsors
No Child Hungry Cherie Santos-Wuest The Wachovia Foundation
Novogradac & Company LLP Sarabi Group, LLC Ron Tienzo
Oldways Saul Ewing Arnstein & Lehr LLP Tomlinson For State Senate
Oldways Taste of African Heritage Grant SBC Foundation Triad Housing Corporation
Olive Branch Consulting, Ltd. Share Our Strength Tulane University
Susan & Keith Orgeron Sharps Landscaping, Inc. U.S. Bancorp Community
Elizabeth Ortmann Shez Ent. Inc. (SUBWAY) Development Corporation
John Ortmann Shinda Management Corporation U.S. Bank
Andrew Pagtakhan Shoprite United Way of Houston
Jessie Pagtakhan Jamie Smarr United Way of Metro Dallas
Gary Parkinson Smith, Currie & Hancock LLP United Way of Western CT
Avani Patel Ian Sobel Urban Atlantic
Pembrook Capital Management Sodexo Remote Sites US Bank
Pennsylvania Housing Finance Agency Souther University US Department of Housing and
Peoples United Community Foundation Joseph Sperlazzo Urban Development
Pepper Hamilton, LLP St. John’s Community Foundation, Inc Thomas Vaccaro
Ethel & T. Peyton Robinson State Farm Vesta Corporation
Philabundance State of Louisiana / Office of Community Walker & Dunlop
PNC Bank Development / Disaster Recovery Unit Walmart
PNC Foundation Kendra Stensven Amanda Walz
PNC Real Estate Stifel Joyce Walz
Preserving Louisiana Affordable Housing Stratford Capital Group Washington Gas & Light
Prince George County Sugar Creek Capital WC Smith
Tim Pryor Frank L. Sullivan, Jr. WCS Construction, LLC
Qatar Katrina Fund Suntrust United Way Campaign Wells Fargo
Andrea Quimoyog TCAM Asset Management Ken White
R4 Capital LLC Texas Department of Housing & Community Mary & Joseph Wiedorfer
Clarita Ramos Affairs Sam Wildhallm
RBC Capital Markets The David and Minnie Berk Foundation Barbara W. Wolf
RED Capital Group The Ford Foundation Amanda Wu
Red Stone Equity Partners, LLC The Frost Foundation Carrie Yeager
Redniss & Meade The John D. and Catherine T. MacArthur
Reginelli Pizzeria Foundation
Related Companies The Little Fund That Could
Renew Our Music, INC. The MacArthur Foundation
Reno & Cavanaugh, PLLC The Meadows Foundation
Meade Rhoads The Partnership, Inc. (TPI)
Pamela Robinson The Prudential Financial
Rogers Yogodzinski LLP The Prudential Foundation
The NHP Foundation • 27You can also read
