- November 1, 2018
- Category: News
Camden, SC – Boyd Management Inc. and portfolio owner WWJ, LLC along with Greystone Affordable Development, South Carolina State Housing Finance and Development Authority, and Community Affordable Housing Equity Corporation worked together with public and private partners to rehabilitate 18 Low-Income Housing Tax Credit (LIHTC) multifamily properties across 15 counties in South Carolina. The project was financed by a $77.3 million tax-exempt bond transaction and kept 762 at-risk units available and affordable for SC residents.
The Housing Preservation Grand Opening celebrating the rehabilitation of these properties was held at Canterbury Apartments in Camden, SC. The celebration included a property tour, ceremony, ribbon cutting and entertainment. The keynote speaker was South Carolina State Representative Laurie Slade Funderburk, House District 52.
“Making South Carolina stronger has always been a priority for me’” said Representative Funderburk, “One of the ways to achieve this is to ensure greater access to affordable housing. This project represents how investment partners, communities, and leaders can come together to make this possible and improve the lives of our residents.”
Originally built between 1975 and 1989, the 18 properties received an average of $30,000 per unit in renovations over 13 months without permanently displacing any of the residents. In the early stages of planning, the owners placed a priority on energy efficiency and sustainability. This included upgrading the attic insulation, installing Energy Star windows, replacing HVAC units, water heaters, exterior and interior light fixtures and refrigerators. Water saving devices were implemented with the purchase of new tubs, toilets, and plumbing fixtures. The owners selected sustainable products such as luxury vinyl tile floor covering, vinyl columns and rails, entry doors and premium siding. The leasing office, parking lot, common areas, playgrounds and landscaping were updated to enhance the curb appeal and safety of the property.
Joe Wilczewski, Vice President of Finance, WWJ, LLC added, “Together with Greystone, we’ve advanced the preservation of affordable housing in rural communities and enhanced the lives of many South Carolina residents. To date, we have preserved over 6,300 affordable housing units in South Carolina. Thanks to the investment support of the South Carolina State Housing Finance and Development Authority, CAHEC, and USDA, we were able to complete extensive renovations and preserve homes for those who need them the most.”