CAHEC Advances Affordable Housing in the Southeast with Three New Properties
CAHEC's closure of three affordable housing properties in the Southeast underscores the critical need for accessible housing and community development in the region.
CAHEC has successfully closed three affordable housing properties in the Southeast during the second quarter of 2025, marking a significant step towards addressing the housing needs of low to moderate-income families and seniors. The properties, located in Staunton, Virginia; Florence, Alabama; and Elizabeth City, North Carolina, collectively offer 146 units designed to cater to various income levels, from 30% to 80% of the Area Median Income (AMI).
The Lily Gardens Apartments in Staunton will introduce 50 new affordable units, featuring modern amenities and community facilities such as a fitness center. In Florence, the Gateway Double Creek property's 48 units will undergo rehabilitation to meet the housing demands of families earning up to 60% AMI, a market with a proven need as indicated by existing waiting lists. Similarly, Renaissance Commons in Elizabeth City has been upgraded to provide 48 essential housing units for seniors, a demographic facing increasing housing challenges in the area.
Greg Mayo, CAHEC's Vice President of Acquisitions & Risk, emphasized the organization's commitment to both creating new affordable housing opportunities and preserving the integrity of existing communities. These developments not only address the immediate need for affordable housing but also contribute to the long-term sustainability and vitality of the communities they serve. For more information on CAHEC's initiatives, visit https://www.cahec.org.