September 30, 2024
Community Housing Partners (CHP), which provides affordable and sustainable housing across the Southeast and Mid-Atlantic, is excited to announce that it has been awarded 9% Low Income Housing Tax Credits to support the construction of new affordable homes adjacent to its existing Oak Hill Apartments in Davidson, North Carolina. This funding, totaling more than 10 million over the next 10 years, will allow CHP to add 46 new homes for low-income families to the existing Oak Hill Apartments community, addressing the growing need for affordable rental homes in Mecklenburg County.
Oak Hill Apartments is home to working families whose incomes are below 60% of the Area Median Income and provides an accessible option in a region where housing costs have steadily risen. The additional apartments will provide more families with access to new, sustainable homes while allowing them to stay connected to the resources and opportunities the Davidson area offers.
“Expanding Oak Hill with 46 new affordable rental homes is about creating lasting opportunities for families in Davidson to thrive in a stable and safe community and enjoy the jobs, schools, and quality of life that Davidson offers,” explained Andy Davenport, Vice President of Real Estate Development at CHP.
In addition to the tax credits, CHP will leverage other funding sources to bring the new rental homes to completion. The development is set to break ground in July 2025, with the new homes anticipated to be completed by December 2026. CHP will also ensure that the new homes are energy-efficient by incorporating sustainable building practices, keeping utility costs lower for residents while benefiting the environment.
Earlier this year, CHP secured Low Income Housing Tax Credits for three developments in Virginia. For more information about CHP’s real estate development efforts, visit the CHP Development webpage.