Serving as the capital and most populated city in West Virginia, Charleston has an abundance of opportunities for its residents. The city and surrounding area offer a robust education system, including several colleges and universities, and boasts a variety of community events. Although the bustling metropolitan area presents many attractions, the poverty rate is almost double that of the country average, leaving people in need of more East Building options of affordable housing.
East West Townhouses is a new construction development that consists of 20 units of affordable housing for families earning up to 60% of the Area Median Household Income. The property spans two sites, with ten units at each location. In total, the development contains 16 two-bedroom townhouses and four three-bedroom townhouses ranging in size from 800 to 1,000 square feet. Relative to comparables in the areas, each unit includes superior amenities, including in-unit washers and dryers.
New Construction: 20 Units
Private Equity Investment: $3,111,396
Local Jobs Supported: 18
Local Government Revenue: $339,920
The property was developed by Christopher Sadd, Stephen Sadd, and Mark Sadd, local Charleston, WV developers and residents. CAHEC has proudly partnered with the Sadds on seven LIHTC properties in total, one of which, Glenwood School, is located within one mile of East West Townhouses. The rents at East West Townhouses are positioned below the programmatic LIHTC rent levels, with market rent advantages ranging from 23% to 51%, depending on unit type.
The property is located just outside of downtown Charleston and offers convenient access to businesses, schools, and a major hospital. Residents of East West Townhouses will enjoy the ability to walk to nearby shops and restaurants. The Roosevelt Community Center sits across from the townhouses on the eastern site, which provides families with an indoor gym, game room, and a variety of programs for youth. The ideal location, coupled with the amenities and space available in each unit, will provide families of Charleston the safe and affordable housing option that they need for many years.