Property Impact: Preservation of Existing Property in TN Provides Updated Affordable Housing to Seniors | |
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:
Camelot Manor
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In Tennessee, there is an estimated shortage (-127,102) of affordable and available rental homes for extremely low-income renters. With 26% of households in the state classified as extremely low-income, it is imperative that new affordable housing properties be developed and existing affordable communities be preserved. This is evident in Ridgely, TN, specifically, where the number of senior renter households is projected to modestly grow by 7.3% by 2025. | |
CAHEC, together with Hallmark Development Services, LLC, preserved Camelot Manor, an affordable rental community in Ridgely, TN, through extensive renovations. The property was constructed in 1989 and is targeted at elderly renters earning less than 50% and 60% of the Area's Median Income. Occupancy at this property has averaged 96% over the past several years, demonstrating the need for preservation. | |
Camelot Manor Apartments consists of 24 one- and two-bedroom units and a community building that houses the laundry facilities and community room. The sites property manager stated that "Some residents came from other housing and have said Camelot Manor was a wish come true for them, one lady said that Camelot Manor was a quiet and clean place to live, someone else said that she is so glad she came to Camelot Manor where she feels safe." As part of the property's rehabilitation, each apartment received all new appliances, upgraded countertops, lighting, and ceiling fans. Exterior renovations included replacing all sidewalks, roofing, and mail kiosks to enhance the property's accessibility for residents. These updates will help ensure that Camelot Manor Apartments can provide safe and affordable housing to local seniors for years to come. | | |
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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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