WNC & Associates, Inc. (WNC) joined Resource Housing Group, Inc. and East Carolina Community Development, Inc. to celebrate the grand opening of Cliffmore Park, a new 72-unit affordable housing community for adults ages 55 and older located at 5133 Identity Lane in Fayetteville, N.C.
Supported through the Low-Income Housing Tax Credit (LIHTC) program and serving households earning 40%, 50% and 60% of Area Median Income (AMI), Cliffmore Park expands access to high-quality affordable senior housing. Cliffmore Park is WNC’s second affordable housing investment in Fayetteville, and the company invested approximately $6.5 million in equity to support the development.
“Cliffmore Park reflects the power of thoughtful partnerships to create housing that allows seniors to age with dignity, independence and stability,” said Ryan Thayer, assistant vice president of originations at WNC, in a press release. “We are grateful to Resource Housing Group, East Carolina Community Development and our financing partners for helping bring this community to life. Together, we have created quality affordable housing with the amenities, services and accessibility features that support healthy and connected lives.”
The new construction community consists of a three-story, elevator-served building featuring 36 one-bedroom and 36 two-bedroom units. Each apartment includes ceiling fans, washer and dryer hookups, central air conditioning, a dishwasher, a self-cleaning oven, a range hood and emergency call buttons. Private storage is available, and the development was constructed to meet ENERGY STAR Multifamily New Construction Program certification standards. Shared spaces include on-site management offices, multiple lounges and seating areas on each floor, a multipurpose room with a kitchenette, a computer center, an exercise room and laundry facilities. Outdoor amenities include a covered porch, gazebo, patio with picnic tables and additional seating areas.
The community offers convenient access to transportation, shopping, healthcare, a senior center and recreation, and a Fayetteville Area System of Transit (FAST) bus stop is steps from the property.
In addition to serving seniors, 10% of the community's units are designated through North Carolina's Key Rental Assistance Program, which provides housing opportunities for individuals experiencing homelessness and people with disabilities.
Financing for the development included a construction loan from ServisFirst Bank, a permanent loan from Centrant Community Capital, a Rental Production Program loan from the North Carolina Housing Finance Agency and a loan from the City of Fayetteville.
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