Triangle Elderly Housing Corporation

Triangle Elderly Housing Corporation was established in June 2011 through the merger of four independent elderly housing projects: Cary Central Elderly Housing, Smithfield Elderly Housing, Princeton Elderly Housing, and Kenly Central Elderly Housing. This amalgamation not only brought these entities under one umbrella but also saw each project refinance their HUD Section 202 direct loan with a HUD mortgage insured under Section 223(F) of the National Housing Act. The resulting corporation now manages 74 HUD-assisted elderly housing units, catering to individuals and families with very low incomes, where at least one person is 62 years or older.

The project's primary focus is on providing elderly housing, with its mortgage program serving as its major HUD initiative. This mortgage program is crucial in ensuring the financial stability and maintenance of the elderly housing units. Apart from its mortgage program, Triangle Elderly Housing Corporation also boasts a Section 8 rental assistance contract, which serves as its non-major HUD program. This contract supplements the rental income for the residents, ensuring that they can afford to live in the affordable housing provided by the corporation. For the fiscal year ending December 31, 2022, rental revenue from HUD accounted for 56.6% of the total revenue, highlighting the importance of both programs in funding the corporation's activities.