Academy II Apartments
Developer: PPS Development
Location: Moscow, Pennsylvania
New Construction/Senior/48 units
Academy II Apartments is located just outside of Scranton, PA, in the small town of Moscow. Although a small community, population growth has been steady with low-income senior households increasing the most. The newly constructed Academy II serves seniors age 62 and over earning up to 60 percent of the Area Median Income. The development consists of 48 units, with 44 one-bedroom units and four two-bedroom units. The residents enjoy spaciously sized apartments along with a picnic area, community room, laundry area, and close-by walking trails leading to parks. The property offers on-site activities for its residents including weekly bingo games. Academy II Apartments also received a Rex Williams Wellness Grant from the CAHEC Foundation which was used to help install new exercise equipment for residents. PPS Development, the developer for Academy II, consists of brothers Mark and Joseph Paradise along with John W. Pardue. All three of the partners are local residents that serve the Scranton area and are able to engage with the residents frequently. Academy II allows seniors to continue to live in their close-knit community without worrying about safety or affordability.
American Tobacco Lofts
Developer: ATH Developer, LLC
Location: Richmond, Virginia
Adaptive Reuse/Family/134 units
Richmond, Virginia, incorporated in 1742, has the distinct honor of being America’s oldest major city. Although the economy has been rebounding since 2010, and unemployment is steady at 4 percent, quality, affordable housing is still in high demand. American Tobacco Lofts, located just south of the James River in downtown Richmond, is the first phase of the adaptive reuse of a former tobacco manufacturing, storage, and research facility. The completed restoration consists of 135 affordable units of housing for families earning 30 to 80 percent of the Area Median Income. All units feature full kitchens, washer and dryer connections, and internet connection. The development also consists of amenities for residents such as a community building, car wash area, business and fitness centers, picnic area, and a dog park. Port City II Developer, LLC served as the developer for the project. Residents have access to an abundance of desired services including schools, a hospital, grocery stores, and public transportation. The newly renovated American Tobacco Lofts will bring high quality, affordable apartments to a community that needed it the most.
Developer: Greenway Residential Development, LLC
Location: Camden, South Carolina
New Construction/Family/60 units
Established in 1732, Camden, South Carolina, is rich with history. Camden is the oldest inland city in South Carolina, and home to the Carolina Cup and the National Steeplechase Museum. The town’s proximity to Columbia, one of the state’s economic centers and the state capital, is a benefit. While the economy is healthy, projections show an increase in lower-income renter households, which will increase demand for affordable housing in the next several years. Cedarbrook Apartments is a beautiful 60-unit new construction development for families earning 50 to 60 percent of the Area Median Income. It consists of 42, two-bedroom units, and 18 three-bedroom units. The development will feature three units specifically designed and set aside to serve households with special needs. The property also features a community building with an all-purpose room, kitchen, fitness center, computer room, and laundry room. Young residents can also enjoy the on-site playground, made possible by a grant from the CAHEC Foundation. As an additional benefit, the community is located near several grocery stores, a pharmacy, schools, and a library. The community was developed by Greenway Residential Development, LLC, which has a proven track record in the affordable housing space with 1500 units in 24 properties. Residents in Camden and the surrounding communities will reap the benefits of this charming, affordable community for many years to come.
Elkhorn City School Apartments
Developer: AU Associates, Inc.
Location: Elkhorn City, Kentucky
Adaptive Reuse/Family/27 units
Elkhorn City, Kentucky, sits in the foothills of the Appalachian Mountains of Eastern Kentucky. The city itself spans about two miles and is home to just over 900 people. The local economy has struggled since the 2008 recession with the employment base showing no signs of growth in recent years. With limited rental options in Elkhorn City and the closest comparable Low Income Housing Tax Credit (LIHTC) property 52 miles away, the rehabilitation of Elkhorn City School into affordable housing was a welcome addition to this small town. Elkhorn City School Apartments is an adaptive reuse of a vacant high school into 27 affordable units for families. The rehabilitation features one- to three-bedroom units for families earning 50 to 60 percent of the Area Median Income. Originally built in 1938, the hardwood floors, tall ceilings, and wide hallways in this historic building were all maintained during construction. Residents can now also enjoy a brand-new playground thanks to a grant by the CAHEC Foundation. Elkhorn City School Apartments is co-owned by AU Associates and an affiliate of the Pike County Housing Authority (PCHA). AU Associates was formed in 1990 to focus on adaptive reuse developments and opportunities for urban infill and revitalization. The property provides a safe and affordable quality housing option in an economy where lower-wage employees are most vulnerable.