CAHEC Addresses High Demand for Affordable Senior Housing in PA with New Community | |
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:
Regency Commons
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Regency Commons offers 42 one- and two-bedroom apartments for seniors age 62 and older that will serve Clarion, PA, and the surrounding community in an ongoing effort to enhance local affordable housing. This pet-friendly community, targeted to seniors earning below 50% of the Area Median Income, promotes a vibrant and health-conscious lifestyle for its residents. It offers a range of amenities such as a media room, fitness center, pet washing station, a covered patio with a fireside gathering lounge, an innovation center featuring a library, and a spacious community room. Residents also have complimentary laundry facilities on each floor, state-of-the-art stainless-steel appliances, elegant granite countertops, contemporary cabinetry with ample pantry space, and more.
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The development of Regency Commons was made possible through CAHEC's partnership with the Hudson Companies, a real-estate developer with more than 30 years of experience based in Hermitage, PA. New to working with the Low Income Housing Tax Credit, Hudson Group has completed two affordable housing properties. Their stabilized portfolio includes 23 properties; 12 are Government-leased office buildings, two are multifamily properties, two are medical buildings, six are multiple tenant/medical buildings, and their corporate office.
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It is estimated that the senior population in Clarion accounts for around 20% of the total population, with households aged 65 and older comprising 30% of total households in the area. Both numbers are projected to increase moderately over the next several years, indicating the need for additional affordable senior housing. According to data from 2017, 1,146 individuals in Clarion meet the age and income requirements, while there are only 155 units available specifically for seniors. Current occupancy at low-income properties in Clarion is over 98%, with all age-restricted properties being at 100% occupancy. Regency Commons will help alleviate the high demand for senior housing caused by the lack of affordable properties nearby.
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Regency Commons was built for local seniors to feel at home while enjoying a convenient location and modern amenities. The property sits in a neighborhood close to the primary business district of Clarion, offering easy access to necessary resources and services. The apartment community engages with residents through on-site events such as holiday parties, spring soup sales, and contests. Local senior renters will now have Regency Commons as an affordable and safe option to call home.
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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 $2.9 billion to help develop more than 37,000 affordable housing units. | |
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Copyright 2022 Community Affordable Housing Equity Corporation
This institution is an equal opportunity provider
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