Charlotte Mecklenburg Housing Partnership - HearthSide Lafayette Senior Apartments

Fayetteville, a suburb of Atlanta, Georgia, has experienced over a decade of significant growth and economic expansion, especially along I-85. This is in part due to the budding film community taking advantage of tax incentives and opening studios and production companies throughout the area. To accommodate the growth, Fayetteville has multiple big-box retailers, restaurants, grocery stores, banks, and community centers, but the only new multi-family development in the area is a luxury property that isn’t affordable to the increasing numbers of seniors looking for affordable housing.

Charlotte Mecklenburg Housing Partnership (CMHP) came to Community Housing Capital for an acquisition loan of $1,768,500. CMHP’s goal was to acquire 5.6 acres of land for a new development, the HearthSide Lafayette Senior Apartments, a 125-unit affordable senior housing community. This much needed development project will be the only new, affordable senior rental community built in the area. The property will have multiple senior-friendly amenities including a community room, an arts and crafts room, beauty salon, and library. HearthSide Lafayette will also benefit from a network of partnerships including the Jewish Family and Career Services and Center for the Visually Impaired. Up to 10% of the units will be subsidized with Section 811 rental assistance in order to provide integrated supportive services to persons with disabilities. Finally, the sustainability achievements for the project will include Earthcraft Multifamily and Earthcraft Communities certifications.

HearthSide Lafayette will contain 75 LIHTC units reserved for senior households (62+) earning up to 50 percent and 60 percent of the Area Median Income (AMI) and 50 market-rate units. 10% of the units will comply with Section 811 disabilities accommodation with integrated support. The HearthSide Lafayette Senior Apartments are part of a larger 110-acre planned community with single and multi-family housing, a hotel, and public amphitheater.

CMHP is a nonprofit housing development and financial corporation organized to expand affordable and well-maintained housing for low- and moderate-income families. Since the Partnership was incorporated as a 501(c)(3) in 1988, its efforts have been focused in the City of Charlotte and Mecklenburg County. In recent years, however, it has expanded its footprint to include neighboring South Carolina and Georgia.

CHC can help you determine the best mix of financing for your project. Call us to learn more at (404) 373-5662.

Atlanta Neighborhood Development Partnership (ANDP)

Atlanta, GA

Project: Single Family Acquisition Line of Credit

$750,000

Single Family New Construction

15 units

Atlanta was one of the hardest hit markets in the country during the housing and economic crisis. As a result, investors have dominated the acquisition of homes resulting in a diminishing supply of affordable housing in the Metropolitan Atlanta region. As Georgia’s largest nonprofit rehabilitator of foreclosed homes, Atlanta Neighborhood Development Partnership (ANDP) is helping reclaim declining neighborhoods in its core with dedicated programs, development, lending, and advocacy. Since 2008, the organization has rehabilitated over 400 units, primarily in metro-Atlanta’s 16-county region.

Although the foreclosure crisis continues, one of the funding sources relied upon by ANDP has been HUD's Neighborhood Stabilization Program (NSP). This program provides emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. With the impending closure of the NSP program, ANDP is partnering with Community Housing Capital (CHC) and others to help find additional methods of financing this important work going forward.

With a $750,000 line of credit from (CHC), ANDP will acquire, rehabilitate, and sell approximately 60 scattered-site homes to households with a maximum of 120% of area median income (AMI). For those properties with additional government funding sources (e.g. HOME/CHDO), homes will be sold to households with a maximum of 80% AMI. CHC is committed to helping our borrowers strengthen local neighborhoods with increased opportunities for affordable, single-family homeownership.

Reynoldstown Revitalization Corp. (RRC)

Atlanta, GA

$532,500 Interim Loan

Purpose: Creation of affordable homeownership units

The $532,500 Interim loan will fund the acquisition and renovation of three duplex housing structures in Conyers, Georgia, for conversion into six fee-simple single-family homes. Each two-bedroom, two-bathroom home will feature a combined living room-dining area, patios, spacious back yards, and off-street parking. The homes will be priced to be affordable to low- to moderate-income families and are part of the Reynoldstown Revitalization Corp.’s overall strategy to increase homeownership opportunities as a member of the NeighborWorks® Campaign for Homeownership. The adaptive redevelopment of existing housing units is becoming increasingly prevalent in today’s market, offering practical affordable solutions for a new generation of home buyers while complimenting community stabilization and sustainability efforts.

NeighborWorks Columbus

Columbus, GA

$500,000 Permanent Multifamily

Purpose: Single Family Acquisition, Rehabilitation and Rental

Refinance of scattered site single-family homes. Community Housing Capital's funding enabled NeighborWorks Columbus to restructure its debt on its portfolio of six single family homes. In doing this, the organization was able to convert these homes from for-sale units to rentals with a lease/purchase option for low-income borrowers.

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