New Rental Community Offers Families in NC

Access to Safe and Affordable Housing

The Need for Affordable Housing

The number of individuals that cannot afford a comfortable and safe place to call home has reached a record high. The National Low Income Housing Coalition reports that there is currently a shortage of more than seven million affordable homes for the nation’s more than 10.8 million extremely low-income households. The burden of this shortage is far-reaching and has a lasting economic and social impact on individuals and communities. The development of affordable housing benefits the economy and helps communities thrive. Research shows that affordable housing encourages social connection, reduces overcrowding, attracts businesses with job opportunities, and lowers crime rates.

Project Overview:

Stockton Pointe

By The Numbers

Kinston is a small family-centered town between the North Carolina coast and the bustling state capital of Raleigh. In the heart of Kinston's quaint but vibrant community, a new beacon of hope arose with the construction of the affordable rental property Stockton Pointe Apartments.

Comprised of sixty units spread across three, three-story residential buildings and one community hub, Stockton Pointe offers a diverse mix of living spaces tailored to households earning 60% or less of the Area Median Income (AMI). With fifteen units specifically allocated for those earning below 50% AMI, Stockton Pointe is a testament to inclusivity and accessibility in housing.

Project Impact

Developed and managed by Frankie Pendergraph and her affiliated companies, Stockton Pointe is set to help redefine affordable family living in Lenoir County. Located on a picturesque 5.0-acre site, Stockton Pointe is positioned to serve the local community's needs. What sets Stockton Pointe apart is its commitment to affordability and dedication to quality within the community.

Each unit has modern amenities, from kitchen appliances to walk-in closets, ensuring residents experience comfort and convenience in every aspect of their daily lives. The community building at Stockton Pointe is a focal point for social interaction and supportive services for residents. This property will give local families access to high-quality, affordable housing for many years.

What is LIHTC?

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 percent 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 being enacted, the LIHTC program has helped develop more than 3.5 million affordable housing units.

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.

Who is CAHEC?

CAHEC is a community investment organization that strengthens communities by providing affordable housing and supportive service initiatives to residents in the Southeast and Mid-Atlantic regions. CAHEC engages in diverse product areas, including low-income housing tax credits, historic tax credits, new markets tax credits, and renewable energy credits. Additionally, CAHEC offers loan programs, wellness and education initiatives for residents, affordable housing development, and property management services.

This institution is an equal opportunity provider