In late June, NHT Communities closed on the acquisition of Asher Apartments, a market-rate, 452-unit apartment community. The apartments are located in Austin Texas, one of the nation’s hottest rental markets. The acquisition was closed under NHT’s HOPE initiative. HOPE, which stands for “Housing Opportunity Partnership Engagement,” is an NHT Communities’ initiative that facilitates the acquisition of market rate, high opportunity housing and introduces very low-income families into those communities, primarily through the acceptance of Section 8 vouchers. Under NHT’s HOPE, high opportunity housing is based primarily on the quality of the elementary schools serving the apartment community. At Asher, 67 two- and three-bedroom apartments will be phased in and reserved for Section 8 voucher holders over the next two years.
HOPE is providing high opportunity housing for very low-income households. At Asher that means more than 100 children in their formative years and from very low-income families will attend elementary schools that have been rated as excellent.
Austin Affordable Housing Corporation (AAHC), an affiliate of the Housing Authority of the City of Austin (HACA), will serve as the project developer. The $72 million acquisition was financed with a $1.8 million equity investment by AAHC, a $56 million Freddie Mac loan provided by Bellwether Enterprise, a $10 million equity investment by Community Development Trust, and a $4 million loan from NHT Communities and the Kresge Foundation.
For more information on NHT Communities or our award-winning communities, contact NHT Vice President, Kevin White.