Furthering its mission of strengthening communities, CAHEC has announced the closing of six affordable housing properties during the second quarter of 2024. This initiative will help ensure that more individuals and families have access to homes they can afford. The six communities, located throughout North and South Carolina, collectively offer 602 units of affordable housing and represent a net equity investment of $53,996,848.
These developments feature a mix of new construction and acquisition/rehabilitation projects, which focus on preserving and enhancing existing affordable housing communities. The properties completed in the second quarter of 2024 include Azalea Park in Summerville, SC with 64 units for families; Birch and Branch Apartments in Raleigh, NC with 180 units for families; Elijah's Landing in Morehead City, NC with 168 units for families; Meadowgreen Apartments in Reidsville, NC with 70 units for families; Mountain Glen Apartments in Brevard, NC with 56 units for families; and Stateside Landing at Roanoke in Roanoke Rapids, NC with 64 units for families.
Greg Mayo, CAHEC's Vice President of Acquisition and Risk Management, emphasized the importance of these developments. "The communities completed in the last quarter hold significant importance, serving as exemplars of our commitment to forging new pathways in affordable housing and preserving and revitalizing existing communities. As the demand for affordable housing continues to rise, CAHEC takes immense pride in our role within collaborative partnerships that create or preserve these communities across the Southeastern region," Mayo stated.
CAHEC, based in Raleigh, NC, and Columbia, SC, is a community investment organization dedicated to providing housing and life-changing opportunities to residents in the Southeast and Mid-Atlantic regions. The organization invests in 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. For more information about their contributions to affordable housing and surrounding communities, visit CAHEC's website.
