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Property Impact: New Development Brings Affordable Homes to Families in Rural West Virginia

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:

Glade View Apartments

By The Numbers

The National Low Income Housing Coalition estimates that 33% of renters in West Virginia have extremely low income, earning 30% or less of the Area's Median Income. Of these households, approximately 64% are severely cost-burdened, having to sacrifice expenses such as food and healthcare to afford rent. As these numbers increase annually, creating additional affordable housing throughout the state is vital. 

To help meet the demand for low-income housing in West Virginia, CAHEC teamed up witAU Associates to develop Glade View Apartments, a new rental community in Cowan, WV, targeted to households earning up to 40% and 60% of the Area Median Income. The property contains 33 townhouse-style units, with a mix of one-, two-, and three-bedroom floorplans that range in size. Site amenities available for residents include a club house featuring a multipurpose room and kitchen, a playground, and security cameras throughout the community for added safety.

AU Associates, Inc. is a Kentucky-based developer that has produced high-quality, affordable housing and mixed-use developments since 1990. Their property-management affiliate, AU Management, Inc., oversees daily operations and ensures resident satisfaction at Glade View. The property managers host themed parties throughout the year for residents, along with offering bible study and other classes. One resident who has lived at Glade View for a year says her favorite thing about living there is the comfort of the units and the convenience of being down the street from several local stores. As a newly built community, Glade View will be around to offer safe and affordable housing to local families for many years to come.

What is 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 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.

Who is CAHEC?

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.

Copyright 2022 Community Affordable Housing Equity Corporation 

This institution is an equal opportunity provider

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