Affordable Housing for Families in Tenneessee Expands Through Rehabilitation Project
Benton, part of Polk County, Tennessee, is a small town that sits at the Appalachian and Great Smoky mountains base. Polk County is also located near several major highways, offering convenient access to larger cities such as Chatanooga. Residents of Benton enjoy a quaint downtown area and the delicious home cooking that can be found on most corners. Although the town is considered rural, there has been an increase in both the total population as well as the number of households over the past several years, which is expected to continue. The two other low-income rental properties in the area have a combined occupancy rate of 98.5%, which indicates the need for additional affordable rental options.
Blue Ridge Landing is the rehabilitation of an existing property that was constructed more than 26 years ago and has consistently seen an occupancy rate of 90% or higher. The property consists of 48-units, spread between six two-story buildings, that are targeted to family households earning less than 60% of the Area Median Income (AMI) with 10 of the units reserved for those earning below 50% of the AMI. 32 of the units within the property are three-bedroom, with the remaining 16 units being one-bedroom apartments. Extensive repairs such as the installation of all-new roofing and siding, as well as new countertops and cabinets in the kitchen and bathroom areas, were included in the renovation of Blue Ridge Landing. The toilets, bathtubs, and kitchen appliances were also replaced with modern equipment to provide a safer and more energy-efficient home for the residents.
The developer of this project, Woda Cooper Companies, is a company that has successfully developed more than 250 affordable housing units across 13 states since 1990. Woda Cooper Development, Inc. has previously partnered with CAHEC on more than 17 properties and is ranked as the sixth-largest affordable housing developer in the country. Woda Construction, Inc. and Woda Management & Real Estate, Inc., two affiliates of the company, served as the general contractor and will serve as the property management company of Blue Ridge Landing.
Residents of Blue Ridge Landing will now enjoy exterior improvements done to the site including updated landscaping, sidewalks, and parking areas. The property features other great amenities such as a community building equipped with a laundry room as well as a playground for children that was updated with brand new equipment as part of the renovation project. The work done to Blue Ridge Landing was thorough and will allow for the families who reside there to enjoy a safe and affordable place to call home 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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