Rehabilitation of Rural Development Property
 Provides Updated Affordable Housing to Seniors in SC
Rich in history and culture, Bennettsville, South Carolina, is known for its agricultural advances and distinguished architecture. Downtown Bennettsville features local cuisine, shopping, and a historic district, creating a desirable community for seniors to relocate to and settle down. The senior population of Bennettsville has been on the rise and is expected to continue to increase – census data anticipates growth of 10% over the next five years. With all the affordable rental properties in the area averaging 100% occupancy, it is especially important to ensure the preservation of affordable housing options for seniors in and around Bennettsville. 
Oakwood Manor Apartments is a Rural Development (RD) property, originally constructed in 1993, that was recently updated to create modern affordable housing for seniors. The property consists of 24 one-bedroom units targeted to individuals 62 years and older with incomes at or below 50% and 60% of the Area Median Household Income (AMHI). The community underwent extensive interior and exterior renovations, including an abundance of cosmetic updates; brand new kitchen appliances, water heaters, bathtubs, and faucets; and improved landscaping, sidewalks, and parking lots. To enhance safety for residents, a video security system and fence were installed around the property. Seniors living at Oakwood Manor will enjoy new amenities including an exercise facility in the community building and an outdoor sheltered picnic area, as well as the remodeled laundry area and computer room.
WWJ, LLC, a South Carolina-based company with experience in developing affordable rental properties, acted as the initial developer for Oakwood Manor Apartments. CAHEC Development, a subdivision of CAHEC Properties Corporation, has taken over managing interests of the properties in WWJ, LLC's portfolio. CAHEC Management, Inc., a nonprofit affiliate of CAHEC that oversees the day-to-day operations of over 330 affordable residential properties throughout the southeast, serves as the property manager for the community at Oakwood Manor. 
Oakwood Manor’s location makes it ideal for senior residents – it sits in a primarily residential area of Bennettsville that is near several shops, a fire station, a primary care center, and several community parks and libraries. As the need for affordable housing options for seniors continues to rise in the community, it is important to focus on developing new housing options along with preserving existing affordable housing. The rehabilitation of Oakwood Manor Apartments ensures that local seniors will have access to safe, modern affordable housing for years to come.
The Need for Affordable Housing is Critical
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.
What is the 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% 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.
Who is CAHEC?
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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