CAHEC Connection: Your CAHEC Newsletter

CAHEC created the Open Doors Homeownership Grant to assist nonprofit organizations in the development of affordable housing for sale to low-income households within our footprint. To date, CAHEC has awarded $410,000 to develop homes for households earning 80% or less of the area median income. Each application submitted is carefully reviewed and scored based on their community's need for affordable housing, the social services provided to targeted families, the organization's need for additional funding, and other goals of the project.

Congratulations to the 2015 grant recipients:

Better Housing Coalition - Richmond, VA
Mountain Housing Opportunities, Inc. - Asheville, NC
Athens Land Trust - Athens, GA

Newly renovated home located in the Church Hill neighborhood, where the city of Richmond, VA, and Better Housing Coalition plan to continue their ongoing revitalization initiatives.

Each of these organizations is making important strides in providing their communities with much-needed affordable housing. To read about the recipients' missions and how their projects will change the lives of their residents, please visit our website.

Our Mission in Action

CAHEC is more than a provider of equity financing. We are committed to being a relevant presence within the communities we serve by supporting a number of initiatives that provide sustainable opportunities such as loans, grants, and our unique Community Investments to our partners.

For 2016, CAHEC has partnered with the North Carolina Bankers Association to offer youth residents the opportunity to attend Camp Challenge, which promotes financial literacy throughout our footprint. Please visit our website for more information on this Youth Leadership Initiative. An announcement will be sent to all CAHEC properties when the application process begins.

Almost $100,000 was granted to over 60 residents at 35 properties this year through CAHEC's David T. Peet Adult Education Grant. Of the recipients, 40% are pursuing an associate's degree, while 48% are pursuing a bachelor's degree or higher. The remaining 12% of recipients are taking certification courses. Congratulations to the CAHEC adult residents enhancing their education!

"I would not be able to go to school without this grant. It allowed me to pay for tuition and books that I would otherwise not be able to afford. Thank you, CAHEC!" - 2015 Recipient

CAHEC awarded Technology Resource Grants to five North Carolina properties this month. Congratulations to Willow Creek, Riverwood Haven, Cooper Terrace, Benchmark Commons, and North Glen on receiving a computer workstation to help give residents access to technology!

Our Community Investments staff conducts educational orientations to assist our partners with selecting CAHEC wellness and education grants. To schedule an orientation, or for assistance with CAHEC's Community Investments, please contact Stefanie Lee at 919-645-9825 or slee@cahec.com. A detailed overview of our Community Investments grants can be found on our website.

Residents Help Decorate Houses for Triangle Tree Challenge

Each year, CAHEC participates in the Triangle Tree Challenge in Durham, NC, where nonprofits around the triangle compete to decorate a tree that best represents the mission of their organization. For 2015, CAHEC decided to incorporate decorations from the people who make our company mission so worthwhile: our residents. By decorating these wooden houses, residents from Bowman Manor, Glenbrook Meadows, Village of New Hope, and Water Garden Park, were able to share their sentiments regarding what home means to them.

Words like "family, safe, love, and fun" appeared multiple times on various ornaments, inspiring our employees to keep doing a great job in the communities we serve. We appreciate the residents of these properties sharing their creativity and messages with us!

Stay tuned for directions on how to vote for the CAHEC tree!

Building Inclusive Communities

By Andrew Foster, CAHEC Board Member

Earlier this year, the United States Supreme Court decided a case that focused on whether Texas's process of allocating the Low Income Housing Tax Credit violated the federal Fair Housing Act. The case, Texas Department of Housing and Community Affairs v. Inclusive Communities Project (hereafter, "Inclusive Communities"), was closely watched and the Court's decision was highly anticipated.

In the case, the Inclusive Communities Project, a nonprofit organization, alleged that the state's QAP violated the Fair Housing Act because the allocation process it set out had the effect of concentrating the development of new tax credit projects in high-poverty, majority-minority communities and, thus, exacerbated the problem of residential segregation. As evidence, the Inclusive Communities Project was able to show that, between 1995 and 2009, no LIHTC projects were built in predominantly white census tracts. Importantly, the Inclusive Communities Project did not allege that the Texas QAP was designed with discriminatory intent but rather that it had a disproportionate effect, or disparate impact, on racial minorities and that it was this disparate impact that violated the Fair Housing Act.

New Markets Tax Credit Project Creates Hundreds of Jobs

On Friday, October 16, several CAHEC staff were on hand to celebrate the grand opening of our newest New Markets Tax Credit project - a Rooms to Go Distribution Center. This new construction, 1.5 million square foot building in Dunn, NC, serves as a distribution, retail, and outlet center for the mid-Atlantic states. It is estimated that the new facility will bring approximately 400 new jobs to the area, which is especially important for a region that lost over 38,000 jobs in the last 25 years. The total project cost is approximately $59 million, with CAHEC New Markets, LLC, providing $10 million of the $30 million of NMTC allocation the project used.

To learn more about CAHEC New Markets, LLC, please visit our website.

Special Hotel Rate for 2016 CAHEC Partners Conference

The 2016 CAHEC Partners Conference will be held Tuesday, May 24, and Wednesday, May 25, at the Raleigh Convention Center. A block of guest rooms at the adjoining Marriott City Center is now available for attendees at the special conference rate of $189 per night (plus tax).

The deadline for this special rate is April 25, 2016, so click here to make your hotel reservation today.

To learn more about the 2016 CAHEC Partners Conference, please visit our website.

CAHEC on the Road

The CAHEC team will be attending the following upcoming events:

Mid-Atlantic AHMA Fall Conference - November 15-17 - Richmond, VA
Homes Within Reach Conference - November 16-18 - Harrisburg, VA
Virginia Governor's Housing Conference - November 18-20 - Hampton, VA