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Mountain Town in NC Boasts Updated AffordableHousing

On the foothills of the Blue RidgeMountains in North Carolina sitsTaylorsville, a small town with a wealth ofhistory and scenery. Taylorsville wasestablished in 1847 and is bordered onthe north by the Brushy Mountains, one ofthe oldest mountain chains in the US.Although Taylorsville is small in size, it islocated halfway between Winston-Salem and Asheville, two large cities on thewestern side of North Carolina. The town offers a quaint historic atmosphere in itsdowntown and boasts some of the best schools in the area. The combination oflandscape, history, and a high-quality education system makes for an idealcommunity for families.

In 2019, CAHEC helped finance the acquisitionand rehabilitation of Mountain WoodApartments, an apartment community situatedjust outside of downtown Taylorsville. Thedevelopment features 40 units for familiesearning up to 60% of the Area Median Income.Mountain Wood consists of 24 one-bedroomand 14 two-bedroom apartments spread amongfour buildings. The property recently underwent

a full rehabilitation that included remodeling of all units with updated paint, floors,appliances, and fixtures as well as enhanced landscaping.

This property is currently at full occupancy and offers residentsvarious site amenities such as a community center, laundry, and abrand new playground funded through the Active Lifestyle Grantoffered by the CAHEC Foundation. The residents also enjoy theability to easily access shopping centers, restaurants, and medicalfacilities within downtown Taylorsville. The property managerspoke highly of the community that Mountain Wood offers, statingthat “it was easy to get to know all the residents and it is apleasure to share a wonderful camaraderie with them.”

Flatiron Holdings, LLC, a real estate holding companyowned by Fitch Irick Partners, LLC, is the developerof this project. The principals of Fitch Irick Partnershave developed more than 75 affordable housingprojects across eight states including eight additionalproperties with CAHEC. With an updated appearanceand added amenities, Mountain Wood will continue to

offer a safe and affordable apartment community for families to call home for yearsto come.

The Need for Affordable Housing is Critical

According to the 2019 State of the Nation’s Housing report, released by the JointCenter for Housing Studies at Harvard, 31% of US households were cost-burdened,spending over 30 percent of their incomes for housing, including 15% who wereseverely burdened (spending over 50 percent of their incomes for housing. Theyalso noted that rent across the nation continued to climb in 2018, up 3.6 percent forthe year according to the Consumer Price Index. As we continue to work towardsalleviating the high affordable housing demand, it is important to remember theLIHTC program's excellent track record and its essential role in developing andpreserving affordable housing.

What is the LIHTC?Created by Congress as part of the Tax Reform Act of1986, the Low Income Housing Tax Credit (LIHTC)generates private capital investment used to financethe construction and rehabilitation of affordable rentalhousing for households earning 60% or less of the

area median income. According to the Joint Center forHousing Studies at Harvard University, the housingtax credit is "widely regarded as the most successfulhousing production and preservation program in thenation's history." Since it was enacted, the LIHTCprogram has led to the development of more than 3.1million units of affordable housing.

In addition to providing safe, decent, and affordablehousing for working-class families and seniors onlimited incomes, the economic impact of the LIHTCprogram is visible in communities throughout the

country. The development of affordable housing increases spending andemployment in the local economy. Moreover, affordable housing can affect anemployer's ability to attract and retain employees. LIHTC investment plays asignificant role in community revitalization, which in turn can improve economicopportunities for local residents.

Who is CAHEC?One of the nation's leading nonprofit equity syndicators, CAHEC helps finance thedevelopment of attractive and affordable rental housing. Headquartered in Raleigh,N.C., CAHEC works with investors and developers in eleven states and the Districtof Columbia to raise and invest capital in affordable housing, historic preservation,and mixed-use community revitalization projects. Since its founding in 1992, CAHEChas raised and invested more than $2.4 billion toward the development of over34,000 units of affordable housing.

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