New Construction Property in South Carolina to Provide Updated Affordable Housing to Seniors
Established in 1874, Lake City is a classic southern small-town community that is conveniently located within a short drive of major metropolitan areas such as Myrtle Beach, Charleston, and Columbia, SC. The population of Lake City has been steadily growing, as has the average age of residents. There are currently no other senior Low Income Housing Tax Credit (LIHTC) developments in the area, and any nearby family LIHTC developments are 100% occupied with waiting lists.
Marion Commons is a 45-unit new construction development for the senior community of Lake City, SC. The development will be for individuals aged 55 and older, earning 50 to 60 % of the Area Median Income. It will consist of 14 one-bedroom units and 31 two-bedroom units. The property includes convenient amenities such as a business center, fitness center, and laundry room onsite.
Marion Commons Apartments was developed by Greenway Residential Development, LLC (GRD). GRD was formed in October 2009 to develop, construct, and operate affordable housing communities in the Southeastern United States. The company has a proven track record in developing affordable housing communities with 27 properties, totaling 1,962 units, that are located in North Carolina, South Carolina, and Tennessee.
Marion Commons Apartments is located near several grocery stores, a pharmacy, and within walking distance of the historic downtown area and the Lake City Senior Center, making it an ideal place for seniors to call home. Marion Commons Apartments will provide accessible and affordable housing to seniors for years to come.
The Need for Affordable Housing is Critical
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.
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 $2.4 billion toward the development of over 34,000 units of affordable housing.
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