A New Day at ‘the New Northgate’ The Nonprofit Takes OwnershipFebruary, 1990
On the last day of 1989, Northgate was purchased from Fairfield Associates. by a partnership of two nonprofit entities, Northgate Housing Inc (NHI) and a subsidiary of Housing Vermont. Together, these organizations secured city, state, private equity and HUD funding – as well as equity from the federal Low-Income Housing Tax Credits program – to purchase Northgate. In addition, this action paved the way for public policy to preserve HUD-funded affordable housing nationwide.
Designated resident seats on the Northgate Housing Inc Board of Directors ensured that residents had a say in how their housing was operated, and the purchase partnership ensured the long-term affordability of Northgate. Significantly, it was the first nonprofit buyout of a HUD 221.D.3 project –out of 360,000 built under that program around the country.