North Carolina Builder Emerges As Housing Leader
The Regency Housing Group has quietly made itself one of the largest builders of affordable apartments in the country since its founding seven years ago.
"Backed by federal tax credits that entice private developers to build apartments that will rent below market rate, Regency Housing has built communities in dozens of cities and small towns in the Southeast aimed at senior citizens and families earning below the median income in a region. This year, the Raleigh-based company says it will build about 750 apartments in the Triangle -- more units than any market-rate developer in the area. Though it faces little competition in the affordable apartment market, the company says government-controlled rents mean less profit than commercial builders take in."
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