Property Impact: Families in Tabor City Now Have Access to Much-Needed Additional 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:
Forest Glen
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In North Carolina, 89% of extremely low-income renters pay over 30% of their income for housing and as a result, cannot afford to live near their jobs, schools, and health care services. In Tabor City, where 40% of renter households are cost-burdened, the need for new affordable housing is both apparent and critical. | |
To help meet this need, CAHEC partnered with ILEX Properties, LLC, on the development of Forest Glen, a new construction apartment community targeted to families earning at or below 50% and 60% of the Area Median Income. ILEX Properties, managed by Holly Smith, has experience in successfully developing affordable housing and has previously partnered with CAHEC on six other Low Income Housing Tax Credit properties. Southern Residential Management, LLC, a Greensboro-based company with experience managing multifamily properties, is overseeing all daily operations at Forest Glen as the sites property manager | |
Forest Glen, the second phase of an existing community; called Forest Edge Apartments, consists of 48 one-, two-, and three-bedroom units in garden-style apartments. The two adjacent properties share access to site amenities, including sports courts, a clubhouse, and craft rooms. Neighboring Forest Edge and Forest Glen is the Tabor Crossing Shopping Center, which contains a grocery store, pharmacy, and salon. Dottie Hardin, a resident of Forest Glen, said that the property is "a wonderful place to live with friendly staff and a convenient location." CAHEC is proud to be part of developing communities such as Forest Glen that provide local families access to necessary resources while living in safe housing they can afford. | | |
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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. | |
One of the nation's leading nonprofit equity syndicators, CAHEC helps finance the development of safe and affordable rental housing. Headquartered in Raleigh, N.C., CAHEC works with investors and developers in twelve states and the District of Columbia to raise and invest capital in affordable housing, historic preservation, and mixed-use community revitalization projects. Since its inception in 1992, CAHEC has raised and invested over $2.9 billion to help develop more than 37,000 affordable housing units. | |
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Copyright 2022 Community Affordable Housing Equity Corporation
This institution is an equal opportunity provider
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