Existing Affordable Rental Community Renovated & Preserved for Families in WV

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:

Vickers Parke II

By The Numbers

Charleston, known as the Appalachian Mountains' cultural, recreational, and business capital, is located in central West Virginia. The state's capital city has a large renter population, accounting for nearly half of all households. The demand for affordable housing is high in Charleston and surrounding areas and will continue to increase as the population does. It is crucial to not only develop new affordable housing throughout the state but to preserve existing rental communities as well.

Vickers Parke II is an affordable housing community built in 1980 that underwent extensive renovations for the property's rehabilitation. Comprised of forty units spread across three residential buildings and one community office, Vickers Parke II offers a diverse range of living spaces tailored to households earning 60% or less of the Area Median Income (AMI). The property has maintained over 90% occupancy, demonstrating the importance of preserving affordable housing options like this one.

Project Impact

Developed by Harbinger Development and managed by Encore Management, Inc., Vickers Parke II has helped redefine affordable family living in Charleston and beyond. To preserve the property, upgrades were made throughout the community including new appliances in all units, enhanced landscaping, and an updated playground. Residents of Vickers Parke II have access to on-site management and a laundry facility; both within the community building, which was also upgraded.

Site Manager, Christi Clendenin, stated, "Vickers Parke II Apartments is more than just a place to live—it's a cornerstone of our community, offering a safe and welcoming home to families and individuals who might otherwise struggle to find affordable housing. Nestled close to town, Vickers Parke II ensures that its residents can easily access schools, jobs, and local amenities, helping them to stay connected and supported within the community. This complex is a testament to our shared values of compassion and equity, providing shelter and a safe place where people can build better lives and feel a true sense of belonging. In a world where affordable housing is increasingly hard to find, Vickers Parke II Apartments is a beacon of hope, ensuring that everyone can be a part of our vibrant community."

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