Forest Glen

Families in Tabor City Now Have Access to Much-Needed Additional Affordable Housing

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 North Carolina, 89% of extremely low-income renters pay over 30% of their income for housing and as a result, cannot afford to live near their jobs, schools, and health care services. In Tabor City, where 40% of renter households are cost-burdened, the need for new affordable housing is both apparent and critical.

BY THE NUMBERS

New Construction: 48 Units
Private Equity Investment: $3,378,387

During Construction:
Local Jobs Supported: 43
Local Government Revenue: $815,808

To help meet this need, CAHEC partnered with ILEX Properties, LLC, on the development of Forest Glen, a new construction apartment community targeted to families earning at or below 50% and 60% of the Area Median Income. ILEX Properties, managed by Holly Smith, has experience in successfully developing affordable housing and has previously partnered with CAHEC on six other Low Income Housing Tax Credit properties. Southern Residential Management, LLC, a Greensboro-based company with experience managing multifamily properties, is overseeing all daily operations at Forest Glen as the sites property manager.

Forest Glen, the second phase of an existing community; called Forest Edge Apartments, consists of 48 one-, two-, and three-bedroom units in garden-style apartments. The two adjacent properties share access to site amenities, including sports courts, a clubhouse, and craft rooms. Neighboring Forest Edge and Forest Glen is the Tabor Crossing Shopping Center, which contains a grocery store, pharmacy, and salon. Dottie Hardin, a resident of Forest Glen, said that the property is "a wonderful place to live with friendly staff and a convenient location." CAHEC is proud to be part of developing communities such as Forest Glen that provide local families access to necessary resources while living in safe housing they can afford.

Download PDF Version

View More Properties