Developing Affordable Rental Housing For Low-Income Households


I.   TOPIC          Camel Ridge Subdivision

II.  LOCATION  Henderson, North Carolina 

                    III. SUBJECT   Developing Affordable Rental Housing For
                    Low-Income Households
                    
IV.    SUMMARY

     Camel Ridge Subdivision is a newly constructed planned unit development consisting of
     22 single-family, three bedroom, rental housing units. It is the only single-family,
     detached rental subdivision in North Carolina. This subdivision addresses the need for
     affordable rental units (rent starts at $270 per month) while improving the quality of life
     for low-income tenants by offering an alternative to the congested environment and crime
     associated with multifamily housing "projects." Camel Ridge results from a unique
     partnership of a Community Action Agency (CAA), a private-for-profit partner, the
     North Carolina Housing Finance Agency, and a local bank.
     
     Individual homes are located on large lots that tenants are required to maintain.
     Homeownership counseling, home maintenance training, budgeting classes, and
     educational training is provided to all families by the CAA.
     
     The goal of the CAA sponsor is to provide self-sufficiency services to tenants to enable
     them to use their single-family experience as a stepping stone to homeownership.
     
V.     SUCCESSFUL PRACTICE

     Creation of a state, federal, private sector, community action agency partnership that
     resulted in the development of 22 units of affordable housing for low-income residents of
     Vance county in rural North Carolina.
     
VI.    CONTACT

     Henderson S. Owens, Executive Director
     Franklin-Vance-Warren Opportunity
     (A Community Action Agency)
     P.O. Box 1453
     Henderson, North Carolina 27536
     919-492-0161
     FAX: 919-492-6250
     VII.   CASE STUDY

The Problem: A lack of affordable single-family detached rental housing for the rural low-income residents of Vance County, North Carolina.

The Approach Adopted: Franklin, Vance, Warren Opportunity, Inc. (A Community Action
Agency) decided develop affordable low-income rental housing in partnership with federal, state
and private resources

How They Implemented The Approach: Franklin, Vance, Warren Opportunity, Inc. put
together a partnership consisting of a private developer, the North Carolina Housing Finance
Agency, the North Carolina Affordable Housing Equity Fund, Centura Bank, the Community
Investment Corporation of North Carolina, United Federal Savings Bank, and the Federal Home
Loan Bank of Atlanta.

Results: This partnership was able to leverage $595,755 in federal low-income housing tax
credits to develop 22 rental units (10 three bedroom units renting for $270 per month and 12
three bedroom units renting for $364 per month) with a total project cost of $1,687,600.

VIII.  KEY WORDS

Affordable Housing
Community Action Agency
Federal Home Loan Bank
Housing
Low-Income Housing
Single Family Detached Rental Development
Tax Credits







ref:   camel.doc