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.