The privately funded National Housing Partnership, operating on a charter from the federal government, says in its new annual report that over the past 12 years it has become "the largest private producer of low and moderate-income rental housing." It says it has not had a project failure.
The Washington-based organization reported that more than $2.5 billion in housing has been produced, primarily through incentive partnerships with private organizations in 40 states, Puerto Rico and the District. The tabulation shows creation of 51,242 rental units and 17,569 sale dwellings for low-moderate-income purchasers.
In 1980, NHP produced 10,115 dwellings, most of them rental units for tenants eligible for Section 8 subsidy aid from the government. NHP commissions local builders and developers and then sells 95 percent of its interest to individual investors who get tax shelter.
As a whole developer, NHP also participates in organizing sale housing in partnership with local builders. Several of its sale town house projects are located in the Washington area, such as the high-rise Latrobe apartment at 15th Street and Rhode Island Avenue NW. The fully leased complex competes for market rents ranging over $600 a month and the tenants receive no subsidies.
NHP also had an investment role in the rejuvenation of the rundown 2,100-unit former Shirley Duke apartment project in Alexandria, now the Foxchase, which has been renting at market rates to[TEXT OMITTED FROM SOURCE]
NHP plans to break ground soon for the development of a high-rise apartment building in the Chinatown area near the new convention center and Mount Vernon Square in midtown D.C.
NHP has direct management of 27,603 of its rental units and regards successful management as essential for good subsidized housing projects.
George W. DeFranceaux and George M. Brady Jr. are the top officers of NHP. William D. Comings Jr. is in charge of multi-family unit development, and D. T. Noakes is in charge of the development of sale housing. G. Lindsey Crump heads property management.