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NC Affordable Housing Conference
Newest CICCAR Members
Proposed CRA Q&A Revisions
FHLBank Atlanta AHP
Advisory Council Nominations
Development Update Report
Loan Closing Report
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CICCAR Newsletter                                                    Vol 23, 2nd Qtr 2013
"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

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

Bank of America Merrill Lynch
EnterpriseRBC Capital Markets
Bernard Robinson & Company, LLPFred Beck & Associates, LLCRed Stone Equity Partners
Blanco TackaberyKMW BuildersSouthern Bank & Trust
CAHECNC Housing SearchSunTrust
Carolina BankNorth State BankThe Pendergraph Companies
CohnReznickParker General Contractors, LLCTightLines Designs/Maurer Architecture
Dauby O'Connor & Zaleski, LLCPIRHL, LLCWeaver Cooke Construction, LLC
Dixon Hughes Goodman LLPRaymond James Tax Credit Funds, Inc.Wells Fargo

 

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.

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.

 

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

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.

Development Update Report
Pool #Project Name   LocationStage 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

Loan Closing Report

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

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