New Community in Charlotte Ensures Seniors Have Access to Affordable Housing | |
The Need for 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. | |
Project Overview:
Bingham Park
| |
|
In the heart of Charlotte, North Carolina, is Bingham Park Apartments, a new construction community offering affordable housing to seniors earning up to 30%, 50%, and 60% of the Area Median Household Income (AMHI). The property features 43 one-bedroom units and 17 two-bedroom units that range in size, ensuring that seniors can choose the living space that suits their needs.
| |
|
Mosaic Development Group, Inc. is the driving force behind Bingham Park, partnering with CAHEC to develop the community. The Charlotte-based nonprofit organization has over 55 years of experience creating and preserving housing and is well-equipped to create a welcoming and affordable community for seniors. The property manager for Bingham Park is Excel Property Management, a group with whom Mosaic has closely collaborated on numerous previous developments. This partnership ensures that residents of Bingham Park will receive exceptional support and service.
| |
|
Charlotte and the surrounding areas have seen rapid population and household growth over the past few years, with senior households projected to grow even more rapidly, particularly for those aged 55 and above. These statistics indicate a strong demand for the new units at Bingham Park and a growing base of potential income- and age-appropriate renters to support them.
| |
|
Bingham Park fosters a true sense of community for residents with numerous amenities, including on-site management, a community room, a computer center, a fitness center, a craft room, a library, laundry facilities, and a covered patio. When asked about their favorite thing about living at Bingham Park, one resident noted: "Lovely neighbors. There is always someone there with a sense and willingness to help. The apartment is lovely and very spacious. Maintenance is always available and there to maintain the property." Bingham Park is more than just a housing development; it's a testament to CAHEC's commitment to providing a secure, affordable, and vibrant community for everyone.
| | |
|
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 percent 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 being enacted, the LIHTC program has helped develop more than 3.34 million affordable housing units. | |
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. | |
One of the nation's leading nonprofit equity syndicators, CAHEC helps finance the development of safe and affordable rental housing. Headquartered in Raleigh, N.C., CAHEC works with investors and developers in twelve states and the District of Columbia to raise and invest capital in affordable housing, historic preservation, and mixed-use community revitalization projects. Since its inception in 1992, CAHEC has raised and invested over $3 billion to help develop more than 38,000 affordable housing units. | |
|
Copyright 2023 Community Affordable Housing Equity Corporation
This institution is an equal opportunity provider
| |
| | | |
