Cliffmore Park, a 72-unit new construction rental development, is set to provide much-needed affordable housing for seniors aged 55 and over in Fayetteville. The property, an approximately 81,000 square-foot, three-story building with two elevators, is currently under construction. It will offer 36 one-bedroom and 36 two-bedroom apartments, aiming to serve residents at or below 80% of area median income with rents designed to remain affordable.
The project is being developed by East Carolina Community Development, Inc. and Resource Housing Group, Inc. at 5133 Identity Lane in Fayetteville. In 2021, Cliffmore Park was awarded federal Low Income Housing Tax Credits (LIHTC), a critical step that enabled the project to move forward. The process of securing the credits was highly competitive.
“Out of [around] 150 properties that apply, we generally fund somewhere between 30 and 35 properties a year across the state. And so it’s highly competitive … we say no more than we say yes, and it’s not because they’re not good deals, but simply because there’s just not enough of this very limited resource to go around,” said NC Housing Finance Agency Executive Director Scott Farmer…