Newly Constructed Rental Community Expands Affordable Housing for Seniors in NC
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Brimming with history and culture, Raleigh, North Carolina, was ranked as one of the top ten places for people to retire. This southern city, which serves as the state capital, boasts a world-class healthcare system, an abundance of outdoor recreational areas, and easy access to the coast and mountains. The population of renters age 55 and older has been steadily increasing, while the amount of affordable properties in the area has remained limited. The few affordable rental communities in Raleigh have maintained an average occupancy rate of 98%, indicating the need for additional properties.
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Amber Spring Apartments is a newly constructed rental community in Raleigh consisting of 42 one- and two-bedroom units for individuals 55 and older earning up to 40% and 60% of the Area Median Income. Each unit includes standard appliances, central heat, a coat closet, an internet connection, ceiling fans, and an emergency pull chain. Evergreen Construction Company served as the developer for Amber Spring Apartments. This Raleigh-based company specializes in developing family and senior rental properties throughout NC and has successfully partnered with CAHEC on 22 other projects. Additionally, Evergreen Construction Company manages Amber Spring Apartments as it self-manages all of the developments it constructs.
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The property also features community amenities such as a community room, computer center, library, tenant storage areas, exercise room, and laundry facility. The three-story building that houses all 42 units also has an elevator and covered drive-thru entrance. Amber Spring Apartments conveniently sits adjacent to a grocery store, shopping plaza, and several major highways. As the need for affordable housing for seniors continues to rise in the community, it is critical to continue developing new properties such as this one. Amber Spring Apartments will offer a safe and affordable community for seniors in Raleigh to call home for years to come.
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The Need for Affordable Housing is Critical
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According to the 2022 America's Rental Housing report, released by the Joint Center for Housing Studies at Harvard, approximately 46% of US rental households were cost-burdened, spending over 30 percent of their incomes on housing, including 24% who identified as severely burdened (more than 50 percent of their income goes towards housing). They also noted that rent across the nation continues to rise significantly, with an 11% increase in rental costs between 2020 and 2021. As we continue to alleviate the high affordable housing demand, it is critical to remember the LIHTC program's excellent track record and 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 3.34 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 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 founding in 1992, CAHEC has raised and invested more than $2.6 billion toward the development of over 36,000 units of affordable housing.
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Copyright 2022 Community Affordable Housing Equity Corporation
This institution is an equal opportunity provider
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