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City poised to endorse tax credit financing for Lofts at Chadwick

By Lightning Reports, Published: April 28, 2024

The Hendersonville City Council this week is likely to endorse WDT Development LLC's application for tax credit financing the developer needs in order to move forward with a 60-unit affordable housing apartment building for seniors on Greenville Highway at Chadwick Avenue.

A resolution the council will act on Thursday night says that the city "has a core belief that it must pursue and provide opportunity for responsible growth in order to generate affordable housing options and reduce the impacts of high cost of living within our community."

The resolution supporting the Lofts at Chadwick cites the 2021 Bowen Research Report, which showed that Henderson County had a 99.8 percent occupancy rate for multi-family projects and 453 families on rental housing wait lists and found that 42.8 of renters were cost burdened.

Developers' applications for tax credit financing must be filed next month with the North Carolina Housing Finance Agency, which usually announces approved projects in August.