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 South Carolina, the National Low Income Housing Coalition estimates a shortage of more than 85,000 rental homes available to extremely low-income renters. The lack of rental housing that is affordable and available has lasting effects, especially on the senior population, who often have to sacrifice necessary expenses such as medical care to afford rent. In addition to the need for new housing options for elderly renters, it is also critical to preserve the affordable properties that already exist.
Rehabilitation: 24 Units
Private Equity Investment: $1,503,747
Local Jobs Supported: 7
Local Government Revenue: $33,376
One such property, Fairmeadow Apartments in Latta, SC, was restored by CAHEC to aid local seniors needing affordable housing. Initially constructed in 1993, Fairmeadow Apartments features 24 one-bedroom units targeted to individuals age 62 and over earning below 50% and 60% of the Area Median Income. The property was jointly developed by CAHEC Development, LLC and WWJ, LLC. CAHEC Properties Corporation, the owner of CAHEC Development, LLC, has assumed the managing interests of the properties in WWJ, LLC's portfolio including Fairmeadow Apartments. CAHEC Management, Inc., a nonprofit affiliate of CAHEC, that oversees the day-to-day operations of over 330 affordable properties throughout the southeast, serves as the property manager for the community at Fairmeadow.
The renovated community building at Fairmeadow Apartments includes a laundry room, community room, kitchen, management office, and equipped exercise and computer rooms. Outdoor amenities include a new covered picnic shelter with seating and ceiling fans, new perimeter fencing, a covered mail kiosk, and a video security system. Fairmeadow Apartments is in a desirable portion of town for the senior population as it is close to essential community services such as grocery stores, pharmacies, discount stores, public safety services, and a doctor's office. Accessibility, safety, and cosmetic upgrades were all included in the renovations of Fairmeadow Apartments and will ensure that local seniors can call this community home for many years to come.