Development of New Property in NC Creates Additional Affordable Housing Options for Local Seniors
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Gastonia, a city that sits just west of Charlotte, North Carolina, boasts a desirable combination of natural surroundings and a vibrant business environment. Gastonia's ideal location, size, and atmosphere have allowed the city to be selected as an "All-American City" three times. The overall population of Gastonia has been steadily growing, especially among senior renters (55+) in part due to its proximity to Charlotte and smaller town feel. The senior demographic is expected to continue to grow over the next few years. The demand for additional affordable housing options in the community is clear with area Low Income Housing Tax Credit (LIHTC) properties regularly maintaining 100% occupancy with lengthy waitlists.
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Glenwood Gardens is a new construction development comprised of 58 affordable housing units for seniors earning less than 60% of the Area Median Income. The split-level elevatored building consists of one- and two-bedroom units that are equipped with a range, refrigerator, dishwasher, ceiling fans, walk-in closets, and emergency pull cords. The property's design allows all units to open to an interior hallway and includes self-locking exterior doors that have keypads for added security.
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Mosaic Development Group partnered with CAHEC for the sixth time to serve as the developer of Glenwood Gardens. The Charlotte-based non-profit has been developing affordable housing as well as providing technical assistance to community and faith-based organizations in North Carolina for over 50 years. The property is being co-managed by Mosaic and Excel Property Management. Excel specializes in the management of more than 4,200 affordable units across 85+ properties.
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Glenwood Gardens is located in eastern Gastonia within an established community that includes residential homes and an array of businesses and services that are desirable to seniors. Residents also have convenient access to public transportation options and will be able to enjoy the covered drop-off area in front of the building. The property also features a community room, computer center, fitness facility, craft area, library, laundry room, and a patio with a gazebo and seating area. Glenwood Gardens offers a place that is affordable, safe, and convenient for local seniors to call home.
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The Need for Affordable Housing is Critical
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According to Out of Reach 2021, a report released annually by the National Low Income Housing Coalition, before the pandemic, there were only 37 affordable and available rental homes for every 100 renter households with extremely low incomes, and every state and nearly every county in the U.S. lacked an adequate supply. As a result of this shortage, 85% of extremely low-income renters could not afford their rent, and 70% were spending more than half of their incomes on housing costs. As we persist in our mission of ensuring everyone has access to affordable housing, it is important to remember the LIHTC program's excellent track record and its essential role in developing and preserving affordable housing.
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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% 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 it was enacted, the LIHTC program has led to the development of more than 3.1 million units of affordable housing.
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.
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One of the nation's leading nonprofit equity syndicators, CAHEC helps finance the development of attractive and affordable rental housing. Headquartered in Raleigh, N.C., CAHEC works with investors and developers in eleven states and the District of Columbia to raise and invest capital in affordable housing, historic preservation, and mixed-use community revitalization projects. Since its founding in 1992, CAHEC has raised and invested more than $2.5 billion toward the development of over 35,000 units of affordable housing.
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Copyright 2021 Community Affordable Housing Equity Corporation
This institution is an equal opportunity provider
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