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:

Brown Proctor Apartments

By The Numbers

Kentucky has recently experienced considerable population growth, resulting in increased senior renters needing affordable housing options. Coupled with the fact that there is an estimated shortage of 89,375 affordable rental homes available for the population, it is undeniable that efforts to develop or preserve affordable rental housing for seniors are both necessary and urgent.

CAHEC and Winterwood, Inc.'s affiliate Smart Property Group, LLC, aided in preserving a former hotel in Winchester, Kentucky, that was renovated into an affordable multi-family rental property. Brown Proctor was initially constructed in 1905 and later converted into apartments in 1983. The property has averaged a 94% occupancy rate, demonstrating the need to preserve it for senior renters in the area. Brown Proctor Apartments comprises 49 one- and two-bedroom units targeted to senior households earning less than 60% of the Area's Median Income.

Renovations to the rental community in Kentucky included the installation of all new appliances in each unit, replacing the parking lot pavement, and accessibility improvements throughout the property. Residents not only have access to site amenities such as laundry facilities and a computer room but are conveniently situated in the heart of downtown Winchester, putting them within walking distance from medical services, shopping areas, and dining options. The improvements made to Brown Proctor Apartments will ensure that seniors in Kentucky continue to have access to affordable housing for years to come.

What is LIHTC?

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?

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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