CAHEC Advances Affordable Housing in the Southeast with Three New Properties

CAHEC has successfully closed three affordable housing properties in the Southeast during the second quarter of 2025, adding a combined total of 146 units to the region's affordable housing stock. This initiative underscores CAHEC's commitment to strengthening communities by providing accessible housing options for families and seniors with limited incomes.

The properties include Lily Gardens in Staunton, Virginia, offering 50 units for families earning up to 30%, 50%, 60%, and 80% of the Area Median Income (AMI). Gateway Double Creek in Florence, Alabama, involves the acquisition and rehabilitation of 48 units for families earning up to 60% of AMI. Renaissance Commons in Elizabeth City, North Carolina, provides 48 upgraded units for seniors earning up to 50% and 60% of AMI.

These developments not only address the critical need for affordable housing but also contribute to the preservation and enhancement of existing communities. With features like modern appliances, fitness centers, and updated living spaces, these properties are designed to meet the needs of their residents while fostering a sense of community.

Greg Mayo, CAHEC's Vice President of Acquisitions & Risk, highlighted the organization's dedication to creating and preserving affordable housing opportunities. The demand for such housing is evident, with comparable properties in the areas maintaining high occupancy rates and waiting lists.

CAHEC's efforts in the Southeast and Mid-Atlantic regions demonstrate the impactful role of community investment organizations in addressing the affordable housing crisis. By leveraging tax credits and providing comprehensive services, CAHEC continues to make a difference in the lives of many.