MARK O’MEARA, SENIOR WRITER, NOVOGRADAC & COMPANY LLP
The small town of Hendersonville, N.C., is getting a big boost in affordable housing.
Flatiron Partners leveraged 9 percent low-income housing tax credits (LIHTCs) for Cedar Terrace Apartments, its recently completed 80-apartment affordable housing development located on 11 acres. That’s a significant amount of housing for a city that is only 7 square miles and has 13,840 residents.
“There is a pent-up demand for affordable housing in Hendersonville,” said Tami Fossum, executive director of GEM Management, the property management company in charge of Cedar Terrace Apartments.GEM Management’s focus is affordable housing. It manages 9,500 apartments across 250 properties in seven states in the Southeast. “When the first building was completed, it was full the day it opened. Our biggest challenge was getting residents moved in fast enough.”