Ghebre Selassie Mehreteab, co-chairman and CEO of theNHPFoundation, says the 1980s-built Tanglewood at 1300Tanglewood Dr. is 55% occupied, but anticipates that will increaseonce interior renovations are completed. Upgrades will begin bySeptember, with completion estimated for mid-2009.

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Tanglewood is one of many affordable housing properties that NHPhas acquired in the Gulf Coast region in the past three years.NHP's goal is to provide affordable housing to lower- andmoderate-income residents displaced by the 2005 hurricanes.

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In recent months, NHP has invested heavily in Baton Rouge, LA,acquiring the 184-unit Goodwood Place Apartments at 356 ApartmentCt.; 246-unit Magnolia Trace Apartments at 11581 N. Harrells Ferry;313-unit Copper Ridge Apartments at 2080 N. Lobdell Ave.; 96-unitTowne Oaks Apartments at 1331 N. Sherwood Forest Dr. It alsoacquired the 276-unit Cypress Apartments at 4249 Fifth Ave. in LakeCharles.

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NHP also is backed by a $4.5-million grant from the state ofQatar, which provides aid to low- and moderate-income residentsdisplaced by the hurricanes. A recent decision added Magnolia Traceand Copper Ridge to the roster. Mehreteab says the grant,originally issued to NHP in 2006, was initially geared towardTanglewood Apartments and the 284-unit Forest Park Apartments at3708 Garden Oaks Dr. in New Orleans.

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Mehreteab tells GlobeSt.com that the grant provides a $100 to$200 per month subsidy to displaced families. "Unlike Section 8funding, where residents can take the voucher and go wherever, thisgrant is only for our properties," he says. "Tenants have to meetstrict income criteria as well, making 60% below the medianincome."

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Mehreteab adds that Qatar most likely will provide more grantmoney as NHP creates more housing. He says the company is lookinginto rehab and ground-up development opportunities in New Orleans,with the end goal to have 3,000 units in Gulf Coast states by theend of 2009. Mehreteab says the company needs to acquire or buildabout 1,100 more units to reach the goal.

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