Rehabilitation Project to Provide Updated Affordable Housing to Families in Tennessee
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Decatur is a small, rural town located in Meigs County, Tennessee. The town has a population of fewer than 2,000 residents, but has seen consistent growth over the past several years. While most of Decatur is made up of land, there are multiple larger cities within close proximity. Decatur offers a quaint feel and a strong sense of community for those who live there. Families make up a significant percentage of the town's residents, and there is an increased need for affordable housing options as the population continues to grow.
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Stevenson Square Apartments is the rehabilitation of an existing apartment complex that now provides families earning up to 60% of the Area Median Income an affordable place to live. The property was originally constructed in 1978 and consists of 24 two-bedroom units across six buildings. The rehabilitation of this property included replacing all roofing and siding, new paint and trim, new kitchen and bathroom cabinets and countertops, updated flooring to include vinyl plank and new carpet, installation of new bathroom tubs, and appliances that are Energy Star rated.
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The developer for Stevenson Square Apartments was Woda Cooper Development, Inc. Beginning in 1990, the company has utilized the Low Income Housing Tax Credit (LIHTC) program to develop over 250 affordable housing developments in thirteen states. Nationally, Woda Cooper Development is the sixth-largest affordable housing developer. The property is managed by their property management firm, Woda Management & Real Estate, LLC.
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Stevenson Square Apartments also features a standalone building that houses the management office as well as a laundry facility for all residents. Exterior and landscaping renovations included the replacement of the existing playground equipment, repairing sidewalks that are deteriorated or non ADA compliant, and milling/repairing the top layer of asphalt in parking areas. The updates made to Stevenson Square Apartments will allow the property to offer families a safe and affordable housing option for many years to come.
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The Need for Affordable Housing is Critical
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According to the 2019 State of the Nation’s Housing report, released by the Joint Center for Housing Studies at Harvard, 31% of US households were cost-burdened, spending over 30 percent of their incomes for housing, including 15% who were severely burdened (spending over 50 percent of their incomes for housing. They also noted that rent across the nation continued to climb in 2018, up 3.6 percent for the year according to the Consumer Price Index. As we continue to work towards alleviating the high affordable housing demand, 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 $2.4 billion toward the development of over 34,000 units of affordable housing.
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Copyright 2020 Community Affordable Housing Equity Corporation
This institution is an equal opportunity provider
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