CAHEC has taken a significant step forward in its mission to provide affordable housing across the Southeast by closing three properties in the second quarter of 2025. These developments, totaling 146 units, are located in Staunton, Virginia; Florence, Alabama; and Elizabeth City, North Carolina, catering to families and seniors with incomes ranging from 30% to 80% of the Area Median Income (AMI). This initiative not only addresses the pressing need for affordable housing but also preserves and enhances existing communities through a combination of new construction and rehabilitation efforts.
Lily Gardens in Staunton, Virginia, introduces 50 affordable units equipped with modern amenities, including vinyl flooring, P-Lam countertops, and energy-efficient appliances, alongside community features like a leasing office and fitness center. In Florence, Alabama, the Gateway Double Creek property's 48 units have been updated to meet the needs of families earning up to 60% AMI, in a market with a proven demand for affordable housing. Similarly, Renaissance Commons in Elizabeth City, North Carolina, has undergone upgrades to offer 48 units for seniors, with the local market showing a 100% occupancy rate for comparable properties.
Greg Mayo, CAHEC's Vice President of Acquisitions & Risk, emphasized the organization's commitment to creating and preserving affordable housing opportunities. These developments are a testament to CAHEC's role in fostering collaborative partnerships that not only build but also sustain affordable rental communities in the Southeast. The need for such housing is ever-growing, and initiatives like these are crucial in ensuring that individuals and families have access to homes they can afford, thereby strengthening communities at large.
For more information on CAHEC's efforts and contributions to affordable housing, visit https://www.cahec.org.
