CAHEC Advances Affordable Housing in the Southeast with Three Key Developments

CAHEC has made significant progress in addressing the Southeast's affordable housing crisis by closing three properties in the second quarter of 2025. These developments, totaling 146 units, are aimed at families and seniors earning up to 80% of the Area Median Income (AMI), broadening access to affordable living options.

In Staunton, Virginia, the Lily Gardens Apartments will add 50 affordable units, complete with modern amenities like a fitness center and leasing office. The Gateway Double Creek in Florence, Alabama, is seeing the rehabilitation of 48 units to meet the high demand, as indicated by existing waiting lists. Similarly, Renaissance Commons in Elizabeth City, North Carolina, has been upgraded to offer 48 essential housing units for seniors, a move supported by the 100% occupancy rate of similar properties in the market.

Greg Mayo, CAHEC's Vice President of Acquisitions & Risk, highlighted the organization's dedication to not only creating new affordable housing opportunities but also preserving existing communities. These efforts underscore CAHEC's pivotal role in building partnerships to tackle the increasing need for affordable rental housing across the Southeast.