New Development In Spotsylvania To Provide Families With Over 100 Units Of Affordable Housing |
|
Spotsylvania County is situated in northern Virginia, adjacent to several rivers and lakes. Rich in history and scenery, Spotsylvania boasts an abundance of recreational activities for residents and visitors alike. Being along Interstate 95, Spotsylvania offers an easy commute to metropolitan areas such as Washington, D.C., and has thus become one of Virginia's fastest-growing communities. Along with several historic museums, the county also attracts people with large parks and many commercial and retail businesses. Spotsylvania has seen high population growth over the past several years, increasing the need for affordable housing options. |
|
Keswick Apartments is a new construction development in Spotsylvania County that consists of 120 units of affordable housing for families in the area. The community consists of four buildings that include one-, two-, and three-bedroom apartments ranging in size. Keswick Apartments targets families earning up to 60% of the Area Median Income, with some units reserved for families earning under 40% or 50% of the Area Median Income. All units include amenities such as kitchen appliances, ceiling fans, and walk-in closets. |
|
Keswick Apartments was developed by The Humanities Foundation, Inc., a nonprofit regional developer of affordable housing based in South Carolina. Since 1992, The Humanities Foundation, Inc. has developed more than 1,600 units of affordable housing for families and seniors across South Carolina, Virginia, and Louisiana. The property is managed by an affiliated entity, JDC Management, that serves as the property management company for each property developed by The Humanities Foundation, Inc. |
|
Families who live in Keswick Apartments also have access to a clubhouse, community room, fitness center, laundry facility, and playground as some of the additional community amenities. With the updated interior design and convenient amenities to help meet the needs of residents, Keswick Apartments will serve as both a safe and affordable housing option for families in Spotsylvania County. |
|
The Need for Affordable Housing is Critical |
According to the 2019 State of the Nation’s Housing report, released by the Joint Center for Housing Studies at Harvard, 31% of US households were cost-burdened, spending over 30 percent of their incomes for housing, including 15% who were severely burdened (spending over 50 percent of their incomes for housing. They also noted that rent across the nation continued to climb in 2018, up 3.6 percent for the year according to the Consumer Price Index. As we continue to work towards alleviating the high affordable housing demand, it is important to remember the LIHTC program's excellent track record and its essential role in developing and preserving affordable housing.
|
|
Created by Congress as part of the Tax Reform Act of 1986, the Low Income Housing Tax Credit (LIHTC) generates private capital investment used to finance the construction and rehabilitation of affordable rental housing for households earning on average 60% or less of the area median income. According to the Joint Center for Housing Studies at Harvard University, the housing tax credit is "widely regarded as the most successful housing production and preservation program in the nation's history." Since it was enacted, the LIHTC program has led to the development of more than 3.1 million units of affordable housing.
In addition to providing safe, decent, and affordable housing for working-class families and seniors on limited incomes, the economic impact of the LIHTC program is visible in communities throughout the country. The development of affordable housing increases spending and employment in the local economy. Moreover, affordable housing can affect an employer's ability to attract and retain employees. LIHTC investment plays a significant role in community revitalization, which in turn can improve economic opportunities for local residents.
|
|
One of the nation's leading nonprofit equity syndicators, CAHEC helps finance the development of attractive and affordable rental housing. Headquartered in Raleigh, N.C., CAHEC works with investors and developers in eleven states and the District of Columbia to raise and invest capital in affordable housing, historic preservation, and mixed-use community revitalization projects. Since its founding in 1992, CAHEC has raised and invested more than $2.4 billion toward the development of over 34,000 units of affordable housing. |
|
Copyright 2020 Community Affordable Housing Equity Corporation
This institution is an equal opportunity provider
|
|
|
|
|
|
|
|
|
