Year In Review
Making an Impact: CAHEC at Work / July 1, 2018 – June 30, 2019

Featured Properties

Elizabeth Way Apartments

Developer: Harbinger Development, Inc.
Location: Ripley, West Virginia
New Construction / Senior / 32 units

Elizabeth Way Apartments, located in Ripley, West Virginia, is a newly constructed LIHTC community serving seniors aged 62 years and older. Ripley is home to just over 3,000 people with the senior demographic making up a quarter of the population. Like many communities across the country, Ripley was experiencing a high demand for affordable housing, but was falling short in its supply with the closest LIHTC community over 35 miles away. The construction of Elizabeth Way, which is located just south of downtown, was a much-needed addition to the community. Elizabeth Way is a 3-story, elevator-served building consisting of 14 one-bedroom units and 18 two-bedroom units. The property offers residents access to an office, a multi-purpose room, and a wellness room provided by a grant from the CAHEC Foundation. The developer for Elizabeth Way was Harbinger Development and RLJ Management Company will provide onsite management for the property. The addition of Elizabeth Way Apartments serves a critical need for seniors in the area, and provide a high-quality, safe home in the community they love.

Red Oak Ridge

Developer: DSI Real Estate Partners, LLC and Alethia House Housing, Inc.
Location: Lincoln, Alabama
New Construction / Family / 42 units

Red Oak Ridge is a newly constructed development for low-income families located in Lincoln, Alabama. The new community consists of seven two-story residential townhomes and one multi-family residential building. Lincoln and its surrounding communities were hit hard during the national recession with unemployment rates reaching higher than the national average. Today, Lincoln is a thriving community serving as home to the Talladega Superspeedway, the Honda Manufacturing of Alabama plant, and Logan Martin Lake. Red Oak Ridge serves residents earning 50 to 60 percent of the area median income and features a community building, picnic area, computer room, and exercise room. In addition, the property received a $15,000 grant from the CAHEC Foundation to help install a youth playground. Red Oak Ridge was developed by DSI Real Estate Partners and Aletheia House, Inc. Before, individuals seeking affordable housing options in this growing community were met with few choices. The development of Red Oak Ridge Apartments provides the community with a charming and safe affordable housing option for both current and future citizens.

Village East Apartments

Developer: Weaver Investment Company
Location: Kernersville, North Carolina
Acquisition Rehab / Family / 88 units

Originally built in 1989, Village East Apartments in Kernersville, North Carolina, underwent extensive interior and exterior renovations. The property now features 88 garden-style units in 11 two-story buildings and a new community building for social gatherings and potlucks. In addition, Village East received a $15,000 Active Lifestyle Grant through the CAHEC Foundation to help install a youth playground – a big hit with many children living in the complex. The project developer, Weaver Investment Company, has been committed to Village East Apartments since the very beginning – it was an affiliate of their company who originally built the community in 1989. Kernersville’s high quality of life is appealing to both new and old residents, and as population growth continues to rise in the Kernersville area, the demand for housing, especially affordable housing, will continue to be a necessity. The renovation of Village East positions the community to provide residents an affordable, safe place to live and play for years to come.

Mechanicsville Cityside

Developer: New Affordable Housing Partners, LLC and SUMMECH CDC
Location: Atlanta, Georgia
New Construction / Family / 74 units

Mechanicsville Cityside, located in Atlanta, Georgia, is a unique development in CAHEC’s portfolio. The LIHTC community consists of 66 newly constructed single-family homes and the rehabilitation of 8 existing single-family homes. The Mechanicsville neighborhood – one of the oldest in Atlanta – got its name from the railroad and locomotive repairmen (“mechanics”) that worked in the area. The once thriving neighborhood saw decades of economic decline and population loss. To combat this issue, the Mechanicsville Cityside Initiative was formed between the State of Georgia and the City of Atlanta. One success of this initiative was a new affordable housing development, Mechanicsville Cityside. Each single-family home consists of energy star appliances, security systems, spacious floorplans, and washer/dryer hookups. The goal of this new community is to maintain neighborhood stabilization and promote community cohesion. The site, scattered over a 20-block radius, was developed by Columbia Residential and SUMMECH Community Development Corporation. The construction and renovation of these single-family homes in Mechanicsville has provided a much-needed boost to the community. Families will have a safe, affordable place to live for many years to come in a neighborhood they can proudly call home.