FREDERICK, MD. — The NHP Foundation (NHPF) has purchased Overlook Manor, a 63-unit townhome community in Frederick. The Low-Income Investment Fund, a national nonprofit financial institution, provided a $10 million acquisition loan to the New York City-based buyer. NHPF plans to preserve the property as affordable housing. Units will include new kitchen and bathroom components, HVAC systems, water heaters, windows, lighting fixtures and flooring. NHPF also expects to upgrade the exterior, including installing new roofs, patching the parking lot and expanding the first floors of the three end units to install units in compliance with the American Disability Association (ADA).
The renovations are slated to begin in the third quarter of 2021. NHPF will utilize a $20 million loan from several sources, such as HUD, short-term tax-exempt bonds and Low-Income Housing Tax Credits. Originally built in 1985, Overlook Manor is located at 1208 Alban Court, equidistant to Baltimore and Washington, D.C. The seller and sales price were not disclosed.