CAHEC Closes Six Properties in June

RALEIGH, NC, July 19, 2023 /24-7PressRelease/ — Working towards its mission of strengthening communities by providing affordable housing, CAHEC is proud to announce the closing of six affordable housing properties throughout the month of June that will help ensure everyone has access to a home they can afford.

Covenant Senior Housing
Covenant Senior Housing is a new development in Castle Hayne, NC, an area experiencing strong population growth and a shortage of available rental properties, leading to an increased demand for affordable housing options. This new construction project consists of 68 units designed for individuals aged 55 and older, with income eligibility ranging from 30% to 60% of the Area Median Income. CAHEC, in collaboration with Eastern Carolina Community Development (ECDI), a trusted partner with an extensive portfolio of over 16 low-income properties, is spearheading the development of this community. The need for housing in the area is evident, as indicated by the 100% average occupancy rate of rental housing across the county. Covenant Senior Housing will provide residents with standard in-unit amenities, a clubhouse featuring multipurpose rooms, and a covered picnic area.

Eastport II at the Park
Eastport II at the Park is a new construction, family development in Beaufort, NC. The community will comprise 48 rental units and aims to cater to households with incomes ranging from 30% to 60% of the Area Median Income. By providing additional affordable housing options, Eastport II will help alleviate the demand and waitlists witnessed at other low-income properties in the region caused by limited supply and high market rent. The development of this project is particularly significant as it addresses the need for affordable housing in an area experiencing substantial growth while recovering from previous natural disasters. This project has come to fruition through the collaborative partnership between CAHEC and East Carolina Community Development Inc. (ECCDI), a respected nonprofit organization and designated Community Housing Development Organization (CHDO) serving North Carolina since 1995.

Hardee Street Apartments
Hardee Street Apartments is a new construction development for families located in Durham, NC. The project will consist of 132 units, including one-, two-, and three-bedroom apartments, designed to accommodate households with incomes up to 30% and 60% of the Area Median Income. DHIC, Inc. and Self-Help Ventures Fund are partnering to develop Hardee Street, marking CAHEC’s sixth investment with DHIC and their first Low Income Housing Tax Credit (LIHTC) investment with a Self-Help affiliate. This development holds particular significance as it will provide affordable housing units within a neighborhood in Durham housing predominantly Black and Hispanic residents, many of whom are experiencing financial hardship. The community amenities at Hardee Street Apartments will include a grilling area, playground, on-site management, a community room with a kitchen, a computer center, a laundry room, storage lockers, a common area, WiFi, and a walking path. The development of Hardee Street Apartments will help address the high demand for affordable housing options, as evident from the average occupancy rate of 100% seen in all other LIHTC properties within the surrounding areas.

Pembrook Apartments
Pembrook Apartments, an existing property in the rural market of Pamplico, SC, plays a crucial role in providing essential affordable housing to low-income residents. Established in 1986, this rental community caters specifically to elderly individuals with incomes below 60% of the Area Median Income. Over the past three years, Pembrook Apartments has consistently maintained a minimum occupancy rate of 96%. CAHEC, in partnership with CAHEC Development, LLC, is preserving this property. The proposed renovations for Pembrook Apartments aim to improve residents’ living conditions while minimizing disruption and keeping rents affordable. The upgrades will encompass new cabinets, light fixtures, plumbing fixtures, HVAC systems, roofs, doors, and windows. Residents will also benefit from the addition of a new covered mail kiosk, playground, ADA-accessible route, and enclosed trash area. The rehabilitation of Pembrook Apartments will ensure that 24 low-income households can continue to reside in safe and affordable housing. Furthermore, all units are equipped with rental assistance, thereby increasing the availability of affordable housing to the most financially vulnerable senior households.

Westridge Apartments
Through a collaborative effort between CAHEC and Pendergraph Development, Westridge Apartments, constructed in 1985, is undergoing preservation and rehabilitation. Pendergraph Development will act as the developer for this project. The property contains 30 one- and two-bedroom units for families in Stoneville, NC, and its surrounding areas, whose incomes fall below 60% of the Area Median Income. This rehabilitation initiative aims to bring much-needed improvements to the current residents while ensuring that the property continues to offer an affordable rental housing option in a market with limited availability. The planned renovations for Westridge Apartments encompass a comprehensive overhaul, including replacing cabinets, light fixtures, plumbing fixtures, roofs, doors, and windows. With a strong track record, as seen in the average occupancy rate of 96% over the past three years, Westridge Apartments will aid in combating the existing high demand for affordable housing.

West End Manor
CAHEC, in collaboration with CAHEC Development, LLC, is undertaking the rehabilitation and preservation of West End Manor Apartments, a senior housing development located in Union, SC. Constructed in 1993, this 28-unit property caters to individuals aged 62 and older with incomes below 60% of the Area Median Income. Over the past three years, West End Manor has maintained a minimum occupancy rate of 99.9% with a waitlist, indicating high demand. The planned enhancements include replacing cabinets, light fixtures, plumbing fixtures, HVAC systems, roofs, doors, and windows. The project also entails the addition of a new covered mail kiosk, picnic shelter, and enclosed trash area. Within Union County, senior renter households (aged 65+) have witnessed a substantial 26% growth from 2010 to 2023, with an anticipated further increase of 9% by 2028. This demographic shift will undoubtedly amplify the demand for affordable housing options. The proposed upgrades to West End Manor will ensure its longevity, offering local seniors a secure, accessible, and affordable rental housing option for many years.

About CAHEC

CAHEC is a community development organization based in Raleigh, NC, and Columbia, SC, that offers housing and life-changing opportunities to residents throughout its Southeast and Mid-Atlantic footprint. CAHEC’s product areas include investing in low-income housing tax credits, historic tax credits, new markets tax credits, and renewable energy credits. CAHEC also provides loan programs, wellness and education initiatives for residents, affordable housing development, and property management services. To learn more about their contributions to affordable housing and surrounding communities, visit CAHEC’s website.

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