New Senior Affordable Rental Community to Address Housing Needs in NC

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:

Cascade Gardens

By The Numbers

In the heart of Mooresville, North Carolina, a new affordable rental community was recently built to help meet the growing demand for housing options in the area. Cascade Garden Apartments, an innovative senior development spearheaded by Wesley Community Development Corporation (Wesley CDC), Prosperity Unlimited, Inc., and Community Foundations CDC, Inc., has significantly impacted the local housing landscape.

Cascade Garden Apartments isn't just another housing project; it's a testament to collaboration and dedication to serving the community's needs. Comprising 68 units tailored specifically for senior households aged 55 and older, the development addresses a critical gap in affordable housing. With units designed to accommodate various income levels—up to 30%, 50%, and 60% of the Area Median Income—Cascade Garden ensures inclusivity and accessibility for all seniors in the area.

Project Impact

With convenient access to essential services, public transit, and arterial roads, Cascade Garden becomes more than just a place to live—it becomes a hub for community engagement and connection. From its integrated community spaces to an array of amenities, including a computer center, exercise room enhanced by monies from CAHEC's Active Lifestyle Grant, and outdoor sitting area, Cascade Garden fosters a vibrant and enriching lifestyle for its residents.

Moreover, Cascade Garden responds to a growing demographic trend in the region. With an increasing senior population projected through the next several years, the development meets a critical need for age-appropriate housing options. By offering modern amenities and a supportive community environment tailored to seniors' needs, Cascade Garden becomes a model for future developments aiming to address the evolving needs of aging populations.

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 3.34 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