CAHEC Expands Affordable Housing in Southeast with Six New Developments

Furthering its mission of strengthening communities, CAHEC has announced the closing of six affordable housing properties during the second quarter of 2024. These new developments, located throughout North and South Carolina, will add a total of 602 units to the region's housing stock, backed by $53,996,848 of net equity. This initiative combines both new construction and the acquisition and rehabilitation of existing properties, ensuring the preservation and enhancement of affordable housing communities.

The communities closed in the second quarter of 2024 are:

• Azalea Park in Summerville, SC, providing 64 units for families
• Birch and Branch Apartments in Raleigh, NC, offering 180 units for families
• Elijah's Landing in Morehead City, NC, with 168 units for families
• Meadowgreen Apartments in Reidsville, NC, adding 70 units for families
• Mountain Glen Apartments in Brevard, NC, contributing 56 units for families
• Stateside Landing at Roanoke in Roanoke Rapids, NC, with 64 units for families

"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," stated Greg Mayo, Vice President of Acquisition and Risk Management.

CAHEC is a community investment organization based in Raleigh, NC, and Columbia, SC, that offers housing and life-changing opportunities to residents throughout its Southeast and Mid-Atlantic footprint. CAHEC's product areas include investing in low-income housing tax credits, historic tax credits, new markets tax credits, and renewable energy credits. They also provide loan programs, wellness and education initiatives for residents, affordable housing development, and property management services. To learn more about their contributions to affordable housing and surrounding communities, visit CAHEC's website.