CAHEC Closes Three Affordable Housing Properties in Southeast, Adding 146 Units

CAHEC has successfully closed three affordable housing properties in the Southeast during the second quarter of 2025, marking a significant step toward addressing the region's housing needs. These properties, totaling 146 units, are designed to cater to families and seniors earning up to 80% of the Area Median Income, ensuring a wide range of affordability. The developments highlight the ongoing demand for accessible rental housing and the importance of both new construction and rehabilitation projects in meeting this need.

In Staunton, Virginia, Lily Gardens Apartments will introduce 50 new affordable units, featuring modern amenities and facilities such as a fitness center and leasing office. This project represents a direct addition to the local housing stock, aiming to serve community members who may otherwise struggle to find suitable housing. Meanwhile, the Gateway Double Creek in Florence, Alabama, undergoes rehabilitation to update 48 units, responding to the high demand evidenced by waiting lists in the area. The renovation of existing properties is crucial for preserving affordable housing and preventing displacement, as detailed in resources on housing preservation at https://www.hud.gov/program_offices/comm_planning/affordablehousing.

Similarly, Renaissance Commons in Elizabeth City, North Carolina, has been upgraded to provide 48 essential housing units for seniors, with the market showing a 100% occupancy rate for comparable properties. This underscores the acute need for senior-specific affordable housing, a segment often facing limited options. Greg Mayo, CAHEC's Vice President of Acquisitions & Risk, emphasized the organization's commitment to both creating new affordable housing opportunities and preserving existing communities. These developments reflect CAHEC's role in fostering collaborative partnerships to meet the growing need for affordable rental housing in the Southeast, as supported by broader initiatives like those found at https://www.enterprisecommunity.org/solutions-and-innovation/affordable-housing.

The closure of these properties matters because it directly impacts housing accessibility in a region grappling with affordability challenges. By targeting families and seniors at up to 80% AMI, CAHEC's projects help mitigate housing cost burdens, which can improve economic stability and community well-being. The implications extend beyond immediate shelter, potentially reducing homelessness, supporting local economies, and promoting social equity. As housing shortages persist, such investments are vital for sustainable community development, aligning with national efforts to expand affordable housing, as referenced in policy discussions at https://www.congress.gov/bill/118th-congress/house-bill/2. The success of these properties could also encourage further public and private partnerships, setting a precedent for addressing housing needs through coordinated action.