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. Developing 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.
For many years, the country has struggled to address the growing housing demand for millions of low-income seniors nationwide. According to the National Council on Aging, more than 25 million Americans aged 60-plus live at or below 250% of the federal poverty level (FPL) of $29,425 per year per single person. In Jamestown, Tennessee, in 2020, renter households represented 22.8% of total households, with senior households (ages 62+) accounting for approximately 13.2%. As the number of senior renter households is projected to grow 4.4% annually within Jamestown and the surrounding area through 2025, it was pertinent that the focus was not only on building new low-income housing but on preserving existing communities.
Acquisition/Rehab: 24 Units
Private Equity Investment: $1,876,119
Local Jobs Supported: 8
Local Government Revenue: $42,213
To ensure seniors living in and around Jamestown, TN, have access to affordable housing, CAHEC partnered with Hallmark Companies, Inc on the rehabilitation and preservation of Jamestown Manor Apartments, an existing rental property for seniors earning less than 50% and 60% of the Area Median Income. Since its founding in 2009, Hallmark Development Services, LLC, has rehabilitated and preserved more than 1,000 high-quality rental units with the use of low-income housing tax credit (“LIHTC”) equity, Section 1602 Funds (“TCAP”), and/or multi-family housing preservation and revitalization (“MPR”) loans.
Jamestown Manor Apartments contains 24 one-bedroom units and a community building that houses laundry facilities. The property was constructed nearly 40 years ago and has maintained 94% average occupancy for the past several years, indicating the need for preserving such properties. Significant exterior and interior renovations at the property included the installation of all new energy-efficient appliances and upgraded safety and security features. Although there is still significant work that needs to be done to help solve the housing crisis for seniors, Jamestown Manor Apartments is a step forward by ensuring local seniors have a place they can call homes for years to come.