Rental Housing: Preservation and Rehabilitation

Recognizes programs that best preserve or rehabilitate affordable rental housing.

Note: Individual developments are not eligible for an award.

Judging Criteria

Rental Housing entries will be judged on the degree to which they:

  • Are innovative
  • Are replicable
  • Respond to an important state housing need
  • Demonstrate measurable benefits to HFA targeted customers
  • Have a proven track record of success in the marketplace
  • Provide benefits that outweigh costs
  • Demonstrate effective use of resources
  • Effectively employ partnerships
  • Achieve strategic objectives

If you have questions, please email or call 202-624-7710.

2019 Winner

New Mexico Mortgage Finance Authority

2019 Entries

Kentucky Housing Corporation:
Repurposing Abandoned Schools for Affordable Housing

There are creative opportunities across the United States to revitalize abandoned school structures and create affordable, low- and mixed-income homes that residents can be proud to live in. Having a safe place to call home can be transformative to both families living successfully in these units and to communities by making old, forgotten, and abandoned structures revitalized with new purpose and renewing blighted areas.

Adaptive Reuse of Motherhouse

Originally built in 1906, the Motherhouse, in Portland’s Deering Center Neighborhood, was home to the Sisters of Mercy until it closed in 2005. With financing from MaineHousing, the Developers Collaborative chose he Motherhouse as the first building in a multi-phase redevelopment of the Sisters of Mercy campus. The Motherhouse has 88 apartments for adults 55 years of age and older. Many original features have been preserved including grand stairways, stained glass, chapel and organ.

Preserving the 13A Portfolio in Massachusetts

The preservation of developments in the state’s “Chapter 13A” portfolio represents one of the most pressing housing issues in Massachusetts. Modeled after the federal 236 program, the 13A program created a stock of housing that has served some of the state’s lowest income residents. Facing the end of mortgage terms and affordability restrictions, MassHousing has been able to develop a property-specific, case-by-case approach to address this preservation challenge.

New Mexico Mortgage Finance Authority:
Ventana Fund: An HFA-CDFI Partnership to Preserve Naturally-Occurring Affordable Housing

MFA helped to establish and provided key support for a new statewide CDFI that provides financing to acquire, rehabilitate and preserve naturally-occurring affordable housing, which is estimated to comprise 40 percent of New Mexico's rental housing stock. In less than five years, the MFA/Ventana Fund partnership has generated $8.5 million in construction and mini-perm loans, and as of 2018, a majority of the loan portfolio consists of naturally-occurring affordable housing properties.

New York City Housing Development Corporation:
Mitchell-Lama Reinvestment Program (MLRP)

HDC’s Mitchell-Lama Reinvestment Program (MLRP) is rapidly deploying new capital to provide low-cost, long-term financing needed to anchor the affordability of the approximately 100 remaining moderate- income Mitchell-Lama developments originally developed in the 60s and 70s. These developments consist of more than 45,000 homes (of which 9000 units have been refinanced), resulting in the preservation of a significant source of affordable homeownership and rental units in New York City.

New York State Homes and Community Renewal:
Celebrating the Beauty of Community History; Creating a Unique Housing Opportunity

The Larkin District of Buffalo is coming back to life thanks to a mix of commercial and residential development. New York State Homes and Community Renewal’s recent renovation of the 118-year-old Atlantic & Pacific Tea Company Warehouse from vacant industrial hulk to 147 affordable loft apartments has helped guarantee that workforce housing has a permanent place in this rapidly changing neighborhood.

Virginia Housing:
A Partnership to Transform Public Housing

As a result of a partnership between VHDA and VAHCDO, more than 1,000 units of deeply subsidized affordable rental housing have been preserved for a minimum of 30 years. Working together, VHDA and VAHCDO are helping to preserve the majority of public housing units through models such as RAD to address the critical housing needs for the most difficult to serve populations in the Commonwealth.