Incorporated in 1883, Woodland, North Carolina, is a small but diverse community. This rural town is part of Northhampton County, an agricultural region located in the northeastern section of the state. Although the population is small, the demand for affordable housing—especially for seniors—remains high. In fact, all other communities in the area are at 100% occupancy and maintain waitlists. Woodland Olney Apartments is the rehabilitation of an existing affordable housing development. Originally a school built in 1929, the building was converted into residential units in 1998. The rehabilitation of the school utilized a federal Historic Tax Credit to preserve the school, which was a historic landmark. This project addressed the need for affordable housing while preserving a treasured community asset. The development is composed of 30 one- and two-bedroom units for seniors earning up to 50% of the Area Median Income.
Acquisition/Rehab: 30 Units
Private Equity Investment: $2,789,742
Local Jobs Supported: 17
Local Government Revenue: $84,880
The rehabilitation of Woodland Olney is being undertaken by Weaver-Kirkland Development, LLC and Choanoke Area Development Association (CADA). Weaver-Kirkland Housing has developed 700 units of affordable housing across four states. CADA is a non-profit whose mission is to help low income citizens achieve a better quality of life through developing affordable housing. Woodland Olney will be the third CAHEC-sponsored investment with Weaver-Kirkland Housing, and the fourth investment with CADA. The rehabilitation will improve living quality at Woodland Olney. Each unit currently includes amenities such as a refrigerator with ice maker, ceiling fans, walk-in closet, exterior storage unit, internet connections, and an emergency pull cord.
Community amenities are also available to residents such as a laundry room, community building, computer center, elevator, exercise room, game/TV room, gazebo community garden, and transportation services. Some of the updates being done are adding new flooring, repaving of parking lots, and new finishes such as painting and trims throughout the community. These improvements will ensure that residents of Woodland Olney have a safe and affordable place to call home for years to come.