This transaction is the beginning of what we believe will be a lasting NHDC presence in Houston and in the state of Texas," he continued.
In preparation for these acquisitions, NHDC opened a Houston office last March and has already begun management oversight at the properties.
For more information about NHDC
, contact their offices at (909) 291-1400 or visit them on the Web at www.
was created in 1998 to stabilize and revitalize low-income neighborhoods by acquiring, renovating and preserving affordable housing developments.
acquired the property through a Fannie Mae foreclosure; financing was provided through an interim loan with U.
Through housing grants and loans, community partnerships, innovative nonprofit/for profit partnerships and support from local, regional and state officials, NHDC
has managed the revitalization of Ridgeview and has established partnerships with community organizations to bring social programs onsite for residents and others in North Little Rock.
will employ Lincoln Property Company, a property management firm, to provide on-site management, with oversight from Martha Supnet, NHDC
's vice president of property management.
Ronald Wallace brings to NHDC
more than a decade of experience in financing and underwriting of multifamily housing," said Lisa Castillo, NHDC
's vice president, project management.
donated $10,000 in start-up funding, according to Christopher Hilbert, NHDC
's chief financial officer.
, Powers will be responsible for managing the financial and accounting functions of the non-profit organization with specific responsibility for NHDC
's real estate acquisition and property management divisions.
She said NHDC
was working with the Federal Emergency Management Agency (FEMA) to provide temporary housing for all displaced residents.
With this acquisition, NHDC
has purchased and preserved the affordability of more than 3,400 rental units nationwide, including properties in California, Colorado, New Jersey, Oklahoma, Texas and West Virginia.