NHT Plans Development for new South Carolina Community
In Spring of 2020, NHT Communities, in partnership with Cadence Development, will build a mixed-income multifamily rental community in Abbeville, SC. The Refinery, with a total of 60 units, will include 39 units reserved for families at 60% of area median income (AMI), 12 units reserved for families at 50% AMI, and 9 units will have no income restrictions.
Comprised of two 30-unit buildings, The Refinery will be located on two parcels at the corner of Chestnut Street and Washington Street in Abbeville, SC. Although the land is currently vacant, it once held a textile and cotton refinery operation. The property will consist of 12 one-bedroom units, 24 two-bedroom units and 24 three-bedroom units. Residents will have access to community features, including two playgrounds, a pet exercise area, a covered picnic pavilion, and a 1,500 square foot community building which will contain the leasing office, laundry room, a multi-purpose room, computer center and fitness center.
To acquire the land and pay for the construction of the buildings, NHT Communities has secured an allocation of 9% Low-Income Housing Tax Credits (Housing Credits) and anticipates securing additional equity through the South Carolina Communities Textile Communities Revitalization Act. NHT Communities expects to close on financing and the building permits in early Spring 2020.
With a population of over 5,000, Abbeville is the largest city in the county. The Refinery is a much-needed multifamily community in an area where new housing has not occurred for many years. Centrally located, with banks, restaurants and other community services nearby, NHT Communities is excited to bring affordable homes to this growing city.
For more information on NHT Communities or its award-winning properties, visit www.nhtcommunities.org