Rehabilitation of Florida Property Supplies Families with Updated Affordable Housing
Madison, FL, is rich in history and radiates small-town country charm. Located on the central northern border and designated as one of the "Best Little Towns in Florida," Madison is brimming with quaint shops, pleasant dining, diverse outdoor attractions, and prominent historical markers. As Madison provides an environment ideal for families, it is critical that the limited affordable rental properties in the area are preserved. 
Southern Villas of Madison is an existing family development constructed in 1983 under the USDA-RD 515 program, offering rental assistance from USDA-RD for 71% of units. This program allows tenants to pay only 30% of their income toward rent despite the income restriction being 60% of the Area Median Income. The property, targeted to families earning between 45% and 60% of the Area Median Household Income, consists of 35 one-, two-, and three-bedroom units spread across seven one-story buildings. The rehabilitation of this community included approximately $60,000 per unit in renovations. Units received new energy-efficient appliances, lighting, plumbing fixtures, HVACs, along with new windows and flooring. The property also received exterior updates, including light timers and sensors for external building lights and a playground for families to enjoy.
Hallmark Development Partners, LLC, an affiliate of The Hallmark Companies, Inc, served as the developer for the rehabilitation of Southern Villas of Madison. The Georgia-based company, ranked the top developer of rural housing by the Council for Affordable and Rural Housing (CARH) in 2020, has successfully rehabilitated and preserved over 4,000 affordable housing units since 2013. Hallmark Management Company, which has managed the property since 2011, will continue to oversee daily operations at the property. 
Ideal for families, this community is located near several essential resources, including a public library, North Florida College, and within walking distance to a grocery store and pharmacy. Beyond offering updated units, the property also includes site amenities such as on-site management, parking, a computer center, and laundry facilities. As the need for affordable housing options continues to rise in the community, preserving properties such as Southern Villas of Madison is critical in ensuring that local families have access to safe, modern affordable housing for years to come.
The Need for Affordable Housing is Critical
According to the 2019 State of the Nation’s Housing report, released by the Joint Center for Housing Studies at Harvard, 31% of US households were cost-burdened, spending over 30 percent of their incomes for housing, including 15% who were severely burdened (spending over 50 percent of their incomes for housing. They also noted that rent across the nation continued to climb in 2018, up 3.6 percent for the year according to the Consumer Price Index. As we continue to work towards alleviating the high affordable housing demand, it is important to remember the LIHTC program's excellent track record and its essential role in developing and preserving affordable housing.
What is the LIHTC?
Created by Congress as part of the Tax Reform Act of 1986, the Low Income Housing Tax Credit (LIHTC) generates private capital investment used to finance the construction and rehabilitation of affordable rental housing for households earning on average 60% or less of the area median income. According to the Joint Center for Housing Studies at Harvard University, the housing tax credit is "widely regarded as the most successful housing production and preservation program in the nation's history." Since it was enacted, the LIHTC program has led to the development of more than 3.1 million units of affordable housing.

In addition to providing safe, decent, and affordable housing for working-class families and seniors on limited incomes, the economic impact of the LIHTC program is visible in communities throughout the country. The development of affordable housing increases spending and employment in the local economy. Moreover, affordable housing can affect an employer's ability to attract and retain employees. LIHTC investment plays a significant role in community revitalization, which in turn can improve economic opportunities for local residents.
Who is CAHEC?
One of the nation's leading nonprofit equity syndicators, CAHEC helps finance the development of attractive and affordable rental housing. Headquartered in Raleigh, N.C., CAHEC works with investors and developers in eleven states and the District of Columbia to raise and invest capital in affordable housing, historic preservation, and mixed-use community revitalization projects. Since its founding in 1992, CAHEC has raised and invested more than $2.4 billion toward the development of over 34,000 units of affordable housing.
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