Atlantic Housing Foundation, Inc. (AHF) is celebrating the completion of the renovation and modernization of the Waters at West Ashley apartments in Charleston, South Carolina. This HUD Section 8 property, formerly known as Orleans Gardens, was built in 1969 and acquired by Atlantic Housing in 2005. The Waters at West Ashley is conveniently located near the junction of Interstate 526 and U.S. Highway 17 and within walking distance of the revitalized Citadel Mall. The 100-unit property needed an update, and residents couldn’t be more thrilled. Shantell Rivers said, “I’ve been living here for about seven years and enjoying it. The new apartments are beautiful, the newlandlord is so sweet and nice. I think anyone would love to move here.”
Through the dedication of our team and partners, AHF is providing Waters at West Ashley tenants a beautifully renovated community to call home. The property will continue to house residents who qualify for low-income Section 8 housing. All of the units will be LIHTC-restricted to families earning at or below 60 percent of the area median income (AMI). By investing in the long-term future of this property, AHF is living out its mission to provide quality affordable housing for low to moderate income families and help residents improve their lives.
Our development team enhanced the property’s exterior with new siding and paint on the buildings and increased security with an access-controlled gate and video surveillance system. They also built a business center and community center for the residents’ convenience, and a playground for the children. Within each unit, residents will enjoy new kitchen appliances including garbage disposals and dishwashers, new countertops and cabinets, upgraded bathroom fixtures, new flooring, doors, windows, and interior lighting. Of note is the installation of a centralized HVAC system in every unit, which will replace older, inefficient window units. Per our Director of Development, Kent Foster, “Our architects, engineers, and general contractor did a masterful job installing this system, making them appear as if they were part of the original design. The combination of these enhancements will allow our residents to comfortably enjoy their homes while helping to reduce their utility expenses.”
Federal LIHTC equity investment was provided by R4 Capital, State LIHTC equity investment was provided by Sugar Creek Capital, and the tax-exempt mortgage was provided by R4 Capital Funding issued through the South Carolina Housing and Finance Authority. The City of Charleston also awarded Atlantic Housing Foundation a Choice Neighborhood Grant of $500,000. The total financing for the substantial rehabilitation at the Waters at West Ashley was over $33 Million.