Governor directs $3 million to Caldwell County senior housing project

The struggle to find affordable housing in Caldwell County will soon be getting a bit easier for senior residents.

North Carolina Gov. Josh Stein announced, on Aug. 25, the state’s allocation of more than $69 million in Community Development Block Grant Disaster Recovery (CDBG-DR) funds to 10 projects across the western portion of the state, supporting the development of 828 units — 60 of which will comprise the Abbington Overlook in Lenoir.

The apartment complex will consist of one building with elevator service at 205 Greenhaven Drive NW, in the area of Empire Buffet and Bo’s Family Entertainment, offering one- and two-bedroom apartments.

“Getting families back into safe housing that they can afford is critical to the recovery from Hurricane Helene,” Stein said. “This program will ensure these 828 apartments remain financially accessible to people living in the 828 area code for the next 30 years.”

The funding is a joint effort between the governor, the North Carolina Department of Commerce’s Division of Community Revitalization, and the North Carolina Housing Finance Agency (NCHFA). Abbington Overlook is being developed by Atlanta-based Rea Ventures Group, LLC.

The $3 million is a low-cost, gap-financing loan for the development of multi-family affordable housing, drawn from the Rental Production Program for Disaster Recovery (RPP), which combines CDBG-DR funds with the NCHFA’s Low-Income Housing Tax Credit.

Trey Coogle, a partner at Rea Ventures, explained that the loan makes the 60-unit project feasible, helping to pave the way for construction permitting and other needs.

“It’s geared toward seniors at 60% of the area’s median income — (which is) generally retired seniors,” Coogle explained. According to the NCHFA website, RPP loans provide long-term financing for rental developments that serve families falling at or below that 60% mark in a given area.

To qualify for low-income housing tax credits, owners agree to keep rents affordable for a period of 30 years, according to the NCHFA website. The North Carolina Department of Commerce will monitor this project and others through the “affordability period to ensure continued compliance” with the low- and moderate-income requirements.

Coogle was unable to confirm specific rental rates at Abbington Overlook as of last week.

Rea Ventures has begun the design process and estimated approximately 9 months to groundbreaking, and another 14-16 months before the apartments are move-in ready, pushing the opening date to the late summer or early fall of 2028.

Although the project had a special use permit approved in 2016, zoning rules changed in 2019, and the current zoning appears to accommodate the project without requiring another rezoning or special-use permit, said Lenoir Planning Director Hannah Williams.

City ordinances allow for 20 units per acre, and the specific parcel of land is approximately 3.2 acres.

“It’s right at a transitional area between our major commercial corridor and a neighborhood, so it’s a prime spot for a multifamily as a step down from a commercial area to a neighborhood,” Williams said.

“Lenoir has a goal of attracting all kinds of housing. There’s a recognition that we need more of all types of housing. We do like to see more density in appropriate areas.”