NHT Acquires new Community in Portsmouth, Virginia
In mid-November, NHT Communities acquired Mt. Hermon Village in Portsmouth, VA, a 90-unit community built in 1982 under the HUD 202 Program, which is restricted to residents 62 and older. Mt. Hermon Village consists of 23 single-story, four-unit buildings on 10.63 acres close to downtown Portsmouth.
Mt. Hermon Community Improvement Association is the community-based nonprofit that developed and managed the Mt Hermon Village since the property’s opening. They chose to transition ownership to NHT Communities due to our proven track record in affordable housing preservation, our mission, and our ability to move the property through a refinance and renovation while continuing to provide high quality affordable homes for the next 37 years and beyond.
NHT Communities is working with Retnauer Baynes, a local architect, and Virtexco, a contractor based in Norfolk. The planned $4.5 million renovation includes significant in-unit updates of heating, cooling, appliances, new windows, the addition of stackable in-unit washers and dryers, as well as new roofs and site and landscaping improvements that will modernize the apartments and community to make it more energy efficient.
NHT Communities expects to close on the new financing and begin the renovations in mid to late 2020.