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CICCAR Newsletter Vol 23, 2nd Qtr 2013
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"If you're any good at all, you know you can be better."
--Lindsay Buckingham
"Nothing is so painful to the human mind as a great and sudden change."
--Mary Shelley
"Change is inevitable - except from a vending machine."
--Robert C. Gallagher
There are many, many quotes about change - mostly related to the fact that it's an ever-present part of life. Whether in our personal or business lives, change will eventually alter just about everything that we see or do. For years, we have distributed our CICCAR Newsletter via e-mail as a way to keep our members informed about the status of their loan commitments and participations, to share stories and photos related to our properties, and to provide updates on critical industry information. With this quarterly installment, we've taken on a bit of change ourselves by adopting a new electronic format for the newsletter.
While the general layout and content of the newsletter remain the same, you will find that it is now a "one-stop" source rather than an e-mail with multiple attachments. This gives us more flexibility in the ways that we share information with you, and will also make it easier for you to access that information. For example, if you are looking for the quarterly Watch List, you can access that report directly from this newsletter via the link in the Table of Contents at the left.
As always, we appreciate your support and welcome your feedback. We hope that you find this new format to be a welcome change, in the spirit of one last quote:
"Some things never change. They just become different."
--Joshua Caleb
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2013 NC Affordable Housing Conference |
Join us for the 2013 North Carolina Affordable Housing Conference at the Raleigh Convention Center, September 10-11, 2013. This conference is hosted by Community Investment Corporation of the Carolinas, the North Carolina Housing Finance Agency and the North Carolina Housing Coalition. We welcome your sponsorship to help fund the conference. Exhibitor booths are going fast! Please contact Shellie Lempert at shellie@ncbankers.org for more information, or if you'd like to sponsor or exhibit.
A big thank you to all of the companies who have already committed to sponsor
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Bank of America Merrill Lynch | Enterprise | RBC Capital Markets | | Bernard Robinson & Company, LLP | Fred Beck & Associates, LLC | Red Stone Equity Partners | | Blanco Tackabery | KMW Builders | Southern Bank & Trust | | CAHEC | NC Housing Search | SunTrust | | Carolina Bank | North State Bank | The Pendergraph Companies | | CohnReznick | Parker General Contractors, LLC | TightLines Designs/Maurer Architecture | | Dauby O'Connor & Zaleski, LLC | PIRHL, LLC | Weaver Cooke Construction, LLC | | Dixon Hughes Goodman LLP | Raymond James Tax Credit Funds, Inc. | Wells Fargo |
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Newest CICCAR Members | |
CICCAR is pleased to welcome the following new members:
- Bank of Tennessee, Kingsport, TN
- Bank of Travelers Rest, Travelers Rest, SC
- CoastalStates Bank, Hilton Head Island, SC
- NBSC, a Division of Synovus Bank, Columbia, SC
For more information about CICCAR membership, please contact David Bennett at (919) 781-7979 or david@ncbankers.org. |
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Proposed CRA Q&A Revisions | |
On March 18th, the joint supervisory agencies announced proposed revisions to the Interagency Questions and Answers Regarding Community Reinvestment, which provide guidance to financial institutions regarding compliance and implementation of the Community Reinvestment Act (CRA) regulations.
Among other topics, the revisions appear to boost the "weighting" that regional and statewide community development loans (such as those provided by CICCAR) and investments would receive during an institution's examination under the Community Reinvestment Act -- even if those activities are not located within an institution's delineated CRA assessment area.
Go to http://www.ffiec.gov/cra to review the proposed revisions, which are now available for comment.
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FHLBank Atlanta AHP | |
A shareholder's submission of an application under the FHLBank Atlanta AHP Competitive program has been determined by a regulator as an eligible Community Reinvestment Act (CRA) "service."
At a CRA workshop hosted by the FHLBank Atlanta on March 27, 2013, FDIC Compliance Examiner Elaine M. Hunter, provided the following as an example of community development "service" noted in the Interagency CRA Q&A:
"Providing technical assistance on financial matters to small businesses or community development organizations, including organizations and individuals that who apply for loans or grants under the Federal Home Loan Bank's Affordable Housing Program."
Please call the FHLBank Atlanta today if you have any questions or would like more information about using the FHLBank Atlanta products to advance your CRA and business development opportunities.
Lia Webster
LWebster@fhlbatl.com
404-888-8060 |
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Advisory Council Nominations |
Request for Nominations: Persons from North Carolina
Deadline: May 1, 2013
Federal Home Loan Bank of Atlanta Affordable Housing Advisory Council
North Carolina Nomination Form
The Federal Home Loan Bank of Atlanta (Bank) is soliciting nominations from North Carolina to serve on the Bank's Affordable Housing Advisory Council (Advisory Council). Nominations can be made by completing and returning the nomination form in the link above by close of business May 1, 2013.
The Bank seeks nominees from a diverse range of for-profit or nonprofit corporations and organizations and private, public or quasi-public entities actively involved in affordable housing and/or economic development in the state of North Carolina. The Advisory Council meets quarterly to advise the Bank's board of directors on ways in which the Bank can better carry out its housing finance and community lending mission, including, but not limited to, advice on the low- and moderate-income housing and community lending products, market conditions and credit needs in the Bank's district, and on the use of the Bank's Affordable Housing Program (AHP) products and services for these purposes. Members of the Advisory Council receive a fee for each quarterly meeting they attend and are reimbursed for travel, lodging, and meal expenses. Meetings are typically one and a half days, beginning at noon.
Appointments to the Advisory Council are for a three-year term with a maximum of two consecutive terms. This year, the Bank will appoint one new member from North Carolina. The North Carolina appointee is to fill a vacancy for the remainder of an unexpired term that ends in December 2014. The appointee may be eligible for reappointment for a three-year term at the conclusion of the unexpired term.
Please consult the Bank's website www.fhlbatl.com or call Arthur Fleming, Senior Vice President and Director of Community Investment Services, at (800) 536-9650, extension 8359, if you have questions about the Advisory Council or the nomination process. |
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Development Update Report |
| Pool # | Project Name | Location | Stage of Completion | |
263
269
270
272
273
274
278
279
280
281
283
285
286
287
288
289
290
291
293
294
295
296
297
298
299
300
301
302
303
304
305
306 |
Willow Oak Run
Forest Park Crossing
Lanier Pointe II
Port Royal
Colony Place
Woods at Avent Ferry
Auburn Trace II
Jobbers Overall
Ellsworth Commons
Summerville
Chestnut Place
The Cottages at Azalea
The Highlands
Hampton Pointe
Westgate Senior
Laurel Crossing
Forrest Green
Cottages @ Brevard
Linville Cove
Applewood Villas
Pebblebrook Place
Long Creek
Forest Hill
Cleveland Green II
Autumn Oaks II
Poplar Crossing
Landwood Ridge
Forest Glen
The Villas @ Hope Crest
Cooper Creek Heights
Hunter Hill
Madison Place |
Charlotte, NC
Kannapolis, NC
Shelby, NC
Beaufort, SC
Fayetteville, NC
Holly Sprgs NC
Burlington, NC
Lynchburg, VA
Greenville, NC
Summerville SC
Sumter, SC
Lancaster, SC
Goldsboro, NC
Hillsborough NC
Leland, NC
Knightdale, NC
Wilson, NC
Brevard, NC
Newland, NC
Seneca, SC
Newberry, SC
Dallas, NC
Lexington, NC
Garner, NC
Sanford, NC
Concord, NC
Greenville, SC
Tabor City, NC
Salisbury, NC
Mocksville, NC
Tarboro, NC
Rocky Mnt NC |
Construction complete - leasing units - anticipate closing June 2013
Construction complete - leasing units - cmt extended to 7/1/13
Construction complete - leasing units - anticipate closing April 2013
Construction complete - anticipate closing April 2013
Renovation 100% complete - leasing the units - cmt extended 7/19/13
Construction 100% complete - leasing the units - cmt extended 7/22/13
Construction complete - leasing the units
Renovation 100% complete, new building 100% complete - leasing units
Construction 95% complete - leasing units
Construction 95% complete - leasing units
Construction 100% complete - leasing units
Construction 30% complete
Construction 65% complete
Construction 40% complete
Construction 45% complete
Construction 40% complete
Rehab completed - construction on new building 30% complete
Construction loan closed - construction 10% complete
Construction loan closed - construction underway
Closing construction loan
Closing construction loan
Construction loan closed - construction underway
Construction loan closed - construction underway
Construction loan closed - construction underway
Construction loan just closed
Construction loan closed - construction just started
Construction loan closed - renovation just started
Construction loan closed - construction just started
Closing construction loan
Closing construction loan
Closing construction loan
Closing construction loan |
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Loan Closing Report
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We anticipate the following loans will close within the next three months
Pool 270, Lanier Pointe II, Shelby, NC
Pool 272, Port Royal Apartments, Port Royal, SC
Pool 283, Chestnut Pointe, Sumter, SC
Loan Extensions
Pool 269, Forest Park Crossing, Kannapolis, NC, has been extended until July 1, 2013
Pool 270, Lanier Pointe II, Shelby, NC, has been extended until May 28, 2013
Pool 272, Port Royal Apartments, Port Royal, SC, has been extended until July 22, 2013
Pool 273, Colony Place Apartments, Fayetteville, NC, has been extended until July 19, 2013
Pool 274, The Woods at Avent Ferry Apartments, Holly Springs, NC, has been extended until July 22, 2013
Recent Loan Closings
Loan #265248, Autumn Oaks Apartments, Sanford, NC, closed on February 28, 2013 for $1,282,090
Loan #242249, Powell Spring Apartments, Pittsboro, NC, closed on March 4, 2013 for $544,055 |
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Let us know if we should forward CICCAR investment opportunities to anyone else at your financial institution. Please send updated CRA contact information to shellie@ncbankers.org.
Sincerely,
Shellie Lempert Community Investment Corporation of the Carolinas
Phone: (919) 781-7979 * Fax: (919) 781-2155
P.O. Box 19999, Raleigh, NC 27619-9916
shellie@ncbankers.org |
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