National Church Residences and NAHT Close Riverview Retirement
Columbus, OH. Thursday, January 07, 2016. – National Affordable Housing Trust (NAHT) and National Church Residences (N^^) closed on a $9 million equity deal to finance the rehabilitation of Riverview Retirement Center in Portsmouth, Ohio.
NAHT secured investments under the Cornerstone/NAHT Enhanced Preservation Fund, making LIHTC equity available to complete the project. As the LIHTC syndicator, NAHT will continue to work with National Church Residences and the LIHTC Investors to ensure the project meets partnership standards and is completed on time. The deal was closed on December 18, 2015.
“The demand for affordable senior housing remains strong,” stated Marcus Vivona, VP and Director of Acquisitions at NAHT. He added “Riverview Retirement Center will offer safe, dignified housing options to seniors with limited resources and income. Through projects like this one, we are able to create better, more sustainable communities.” Riverview
Retirement Center is a low-income senior-only living facility. Riverview is a HUD Section 202 property which consists of 106 apartment units (six efficiency units and 100 one-bedroom units) in two buildings. Riverview Retirement Center will receive a substantial rehabilitation including complete renovations and upgrades for all 106 apartment units.
About National Church Residences
National Church Residences is one of the nation’s largest not-for-profit providers of affordable senior housing and services. With 340 communities in 28 states and Puerto Rico, National Church Residences also provides health care in Ohio, including the operation of continuing care retirement communities and permanent supportive housing for the formerly homeless and disabled. National Church Residences is also a member of Stewards of Affordable Housing for the Future (SAHF).
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Lauren Williams, Communications Associate