Woda Cooper Cos., a leading affordable housing developer, and Beaufort Memorial, a nonprofit hospital, are teaming to build a 120-unit community in Bluffton, South Carolina.
The partners have started construction on Livewell Terrace, which will feature 30 one-, 60 two-, and 30 three-bedroom units on 6.9 acres of land provided by the hospital.
Livewell Terrace is the latest example of the Ohio-based affordable housing company collaborating with a healthcare system.
The development, which will serve residents earning approximately 40% to 80% of the area median income, will be about a quarter mile from Beaufort Memorial’s new hospital, says David Cooper, president and general counsel of Woda Cooper, noting the neighborhood is a key medical district for the region.
Livewell Terrace will help meet several needs in the community, including providing needed housing opportunities for hospital workers and other community members, according to Cooper.
“The Lowcountry’s rapid growth is driving unprecedented demand for both healthcare services and the workforce needed to provide them, while simultaneously intensifying the region’s housing challenges,” says Russell Baxley, president and CEO of Beaufort Memorial. “Addressing these interconnected issues requires strong, forward-thinking partnerships like our collaboration with Woda Cooper. By working together, we are creating innovative solutions that help attract, support, and retain the healthcare professionals our community depends on today and in the future.”
It also puts families in close proximity to healthcare services. Officials expect the hospital to provide outreach and services to residents.
The $39 million development is being financed by low-income housing tax credits allocated by the South Carolina State Housing Finance and Development Authority. Red Stone Equity and Sugar Creek Capital are providing the equity investment. TD Bank is Red Stone’s equity investor and is also providing loan funds for Livewell Terrace. Cedar Rapids Bank & Trust is providing the first permanent mortgage for the project.
“It’s a model in the sense we are seeing more and more connections between healthcare systems and other community organization in their need to find reasonably priced housing for their workers or other people who are part of their programs,” Cooper says.
In Wyoming, Michigan, Woda Cooper is developing a 56-unit affordable housing community, with 20 permanent supportive housing units. Shea Ravines will be adjacent to Cherry Health’s community health center.
“Housing instability is a critical social determinant of health,” says Tasha Blackmon, president and CEO, Cherry Health. If housing is stable, patients are more likely to show for appointments, which improves health outcomes. Partnering with Woda Cooper on Cherry Health’s first housing endeavor is just another way we’re meeting our mission to increase access to care for those who need it most.”
Cherry Health is Michigan’s largest Federally Qualified Health Center, operating in six counties across the state.