LIHTC Attributes

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The site at 604 N. Main Street presents a highly favorable profile under North Carolina’s LIHTC Qualified Allocation Plan, making it an attractive option for multifamily development. Situated in a Metro Region within a Moderate Income county, the property is conveniently surrounded by grocery stores, shopping centers, pharmacies, healthcare facilities, banks, dining options, and public amenities—all within 1.5 miles. This concentration of amenities boosts the site’s evaluation points under the LIHTC criteria, providing developers with a competitive advantage when applying for North Carolina tax credits.

With no incompatible uses nearby, safe access, and visibility along regular traffic patterns, the site is likely to score well on neighborhood characteristics and site suitability. These attributes significantly enhance Elevé’s appeal for LIHTC allocation, positioning it as a prime site for investors seeking a high-scoring application.

Geographic Region for Cumberland County: Metro

Income Designation for Cumberland County: Moderate

Neighborhood characteristics within ½ mile: Fair

OLMSTEAD Settlement County:  Yes

Groc (< 1.5mile):

- Compare Foods of Spring Lake (1159 N Bragg Blvd)

- Wal-Mart Supercenter (670 Lillington Hwy)

Shopping (< 1.5mile):

- Family Dollar (205 Skyland Plaza)

- CitiTrends (239 Skyland Plaza)

Pharmacy (< 1.5mile):

- Walgreens (200 N Bragg Blvd)

Other Services (< 1.5mile):

- Zaxby’s (130 S 3rd St)

- Checkers (149 S Bragg Blvd)

- Ruby Tuesdays (215 S. Bragg Blvd)

- Various international food restaurants (Thai, Mexican, Korean)

- Bank of America (1109 N Bragg Blvd)

- Truist Bank (1066 N Bragg Blvd)

- PNC Bank (121 NC-87)

- Circle K Gas (405 S Bragg Blvd)

Healthcare (< 1.5mile):

- Kidz Care Pediatrics (1022 N Bragg Blvd)

- Neighborhood Clinic Family & Urgent Care PLLC (1095 N Bragg Blvd, St 104)

- Spring Lake Dental Group (103 Superior Dr)

Public Facilities (< 1.5mile):

- City Hall & Fire Department & Police Department (300 Ruth St)

- Splash Pad and Playground (245 Ruth St)

- Spring Lake Public Library (101 Laketree Blvd)

- Senior Center (301 Ruth St)

Public Transportation near site:  No

Incompatible uses:

- @1/2 mile - (none)

- @500ft - (none)

- @250ft - (yes-high traffic road Hwy 24/87, aka 'Bragg Blvd')

Negative features – None

The site is visible to potential tenants traveling along normal routes, and traffic controls ensure safe access.

Bonus Consideration: Elevators in Four-Story Buildings

Although elevators are not required in the current design, incorporating them into the two four-story buildings at Elevé would provide a significant competitive advantage under the LIHTC program. Elevators would enhance accessibility for seniors and residents with disabilities, broadening the tenant base and aligning with key LIHTC criteria for mobility-impaired units. This enhancement can lead to additional scoring points, better compliance with accessibility standards, and increased appeal to agencies evaluating credit applications.

From an investment perspective, the added construction cost of elevators may be offset by heightened demand, as accessible units generally lease more quickly and experience lower turnover rates. Furthermore, positioning Elevé as an inclusive development for seniors and mobility-impaired households elevates the project’s marketability to both public funders and private equity partners. In summary, elevators are not merely a design feature—they represent a strategic improvement that enhances LIHTC competitiveness and long-term project viability.