CAHEC has successfully closed three affordable housing properties in the Southeast during the second quarter of 2025, marking a significant step towards addressing the region's housing needs. These properties, totaling 146 units, are designed to cater to families and seniors earning up to 80% of the Area Median Income (AMI), ensuring a wide range of affordability. This initiative is crucial as it directly combats the escalating housing affordability crisis affecting low- to moderate-income residents across multiple states, providing stable housing options that are increasingly scarce in competitive rental markets.
In Staunton, Virginia, Lily Gardens Apartments will introduce 50 new affordable units, featuring modern amenities and facilities such as a fitness center and leasing office. This development is particularly important for Northern Virginia and surrounding areas like Fairfax and Arlington Counties, as it demonstrates a regional commitment to expanding affordable housing inventory beyond immediate metropolitan centers. The project helps alleviate pressure on urban housing markets by offering viable alternatives in nearby communities, potentially reducing commute times and improving quality of life for residents who work in Northern Virginia but struggle with housing costs there.
Meanwhile, the Gateway Double Creek in Florence, Alabama, undergoes rehabilitation to update 48 units, responding to the high demand evidenced by waiting lists in the area. Similarly, Renaissance Commons in Elizabeth City, North Carolina, has been upgraded to provide 48 essential housing units for seniors, with the market showing a 100% occupancy rate for comparable properties. These preservation efforts are as critical as new construction, as they maintain existing affordable stock that might otherwise be lost to market-rate conversion or deterioration. Greg Mayo, CAHEC's Vice President of Acquisitions & Risk, emphasized the organization's commitment to both creating new affordable housing opportunities and preserving existing communities.
These developments reflect CAHEC's role in fostering collaborative partnerships to meet the growing need for affordable rental housing in the Southeast. The implications extend beyond immediate housing provision, potentially stabilizing communities, supporting local economies through construction and maintenance jobs, and reducing housing cost burdens that often force families to choose between rent and other essentials. For Northern Virginia residents, these projects represent part of a broader regional solution to housing affordability challenges that transcend jurisdictional boundaries, highlighting the interconnected nature of housing markets throughout the Southeast corridor.
