Transformative Adaptive Reuse Project Provides Affordable Housing for Seniors in West Virginia

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:

Cavalier Heights

By The Numbers

In the heart of rural West Virginia sits the quaint and historic city of Montgomery. While the area continues to see a growing need for affordable housing options, the adaptive reuse of the former College of Economic and Business (COBE) building on the former West Virginia University Institute of Technology campus into housing for the elderly promises a new era of revitalization for the region.

Originally constructed in 1951 to cater to the educational needs of returning veterans, the COBE building stands as a testament to the town's rich history. Now, Cavalier Heights Apartments offers affordable housing and community revitalization while preserving its heritage. With 28 units tailored to seniors aged 55 and older who earn below 40% and 60% of the Area Median Income, it addresses a critical need for housing in Montgomery and its surrounding areas.

Project Impact

To successfully repurpose the building, CAHEC partnered with Harbinger Developments and its affiliate Encore Management, Inc., which manages the property's daily operations. Cavalier Heights provides amenities such as a classroom, vending area, and community room, fostering engagement among residents. These facilities enhance the well-being of seniors while cultivating a shared sense of community within Montgomery.

Cavalier Heights symbolizes more than just a housing development; it represents a commitment to the future of Montgomery. Repurposing a historic landmark into a vibrant community hub set a precedent for sustainable revitalization and inclusive growth. As the area continues to grow, Cavalier Heights will ensure that local seniors have access to safe and affordable housing for years to come.

What is 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 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 3.5 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.

Who is CAHEC?

CAHEC is a community investment organization that strengthens communities by providing affordable housing and supportive service initiatives to residents in the Southeast and Mid-Atlantic regions. CAHEC engages in diverse product areas, including low-income housing tax credits, historic tax credits, new markets tax credits, and renewable energy credits. Additionally, CAHEC offers loan programs, wellness and education initiatives for residents, affordable housing development, and property management services.

This institution is an equal opportunity provider