Camelot Manor

Camelot Manor

Preservation of Existing Property in TN Provides Updated Affordable Housing to Seniors

The number of individuals that cannot afford a comfortable and safe place to call home has reached a record high. The National Low Income Housing Coalition reports that there is currently a shortage of more than seven million affordable homes for the nation’s more than 10.8 million extremely low-income households. The burden of this shortage is far-reaching and has a lasting economic and social impact on individuals and communities. The development of affordable housing benefits the economy and helps communities thrive. Research shows that affordable housing encourages social connection, reduces overcrowding, attracts businesses with job opportunities, and lowers crime rates.

In Tennessee, there is an estimated shortage (-127,102) of affordable and available rental homes for extremely low-income renters. With 26% of households in the state classified as extremely low-income, it is imperative that new affordable housing properties be developed and existing affordable communities be preserved. This is evident in Ridgely, TN, specifically, where the number of senior renter households is projected to modestly grow by 7.3% by 2025.

Camelot Manor
Camelot Manor

Rehabilitation: 24 Units
Private Equity Investment: $1,989,601

During Construction:
Local Jobs Supported: 9
Local Government Revenue: $46,179

CAHEC, together with Hallmark Development Services, LLC, preserved Camelot Manor, an affordable rental community in Ridgely, TN, through extensive renovations. The property was constructed in 1989 and is targeted at elderly renters earning less than 50% and 60% of the Area's Median Income. Occupancy at this property has averaged 96% over the past several years, demonstrating the need for preservation.

Camelot Manor Apartments consists of 24 one- and two-bedroom units and a community building that houses the laundry facilities and community room. The sites property manager stated that "Some residents came from other housing and have said Camelot Manor was a wish come true for them, one lady said that Camelot Manor was a quiet and clean place to live, someone else said that she is so glad she came to Camelot Manor where she feels safe." As part of the property's rehabilitation, each apartment received all new appliances, upgraded countertops, lighting, and ceiling fans. Exterior renovations included replacing all sidewalks, roofing, and mail kiosks to enhance the property's accessibility for residents. These updates will help ensure that Camelot Manor Apartments can provide safe and affordable housing to local seniors for years to come.