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Fully Qualified
Congratulations to the following properties who achieved 100% occupancy in the last 30 days:
Campton School Apartments - Campton, KY Village Estates - Victoria, VA
Expanding Our Portfolio CAHEC has added the following properties to our portfolio in the last 30 days:
Assembly Apartments-Greenville, SC
Developer: Flatiron Partners, LLC and Assembly Developer, LLC
New Construction - 240 units for families
Pittsboro Village Phase II-Pittsboro, NC
Developer: LIHTC Developers, LLC
Acquisition & Rehabilitation - 40 units for families
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We're Hiring
Click here for a current listing of employment opportunities.
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Affordable Housing - A Resident's Perspective
By: Katrin Metz, resident of a CAHEC-sponsored property
My adopted hometown of Asheville, NC, is physically beautiful, politically progressive, and socially aware. It's a rare occasion that I don't bump into friends and acquaintances several times a day at work, the grocery store, jogging in the park, or on a hiking trail. As the single mother of a three-year-old daughter, I consider myself lucky to call such a vibrant, vital, artistic town our home.
As a future Special Education teacher, I'm looking forward to contributing to the city's culture by working to provide services to some of its historically underserved residents. The very things that I find attractive about this community - the mountains and trails, the diversity of people, the music and art - have drawn more and more residents to Buncombe County seeking the same experience. This has had some predictably negative results. According to our hometown newspaper, the Asheville Citizen-Times, the median rent for a two-bedroom apartment has now topped $1,180 per month. This makes Asheville the most expensive town in NC in which to rent - for the first time topping even Charlotte. It's something that's a topic of constant conversation amongst my friends and co-workers. Rarely does a week go by that there isn't an editorial or opinion piece written about the lack of affordable housing in the local newspapers. The situation has become so dire that public- and private-sector officials regularly refer to our housing crunch as "a crisis."
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Our Mission in Action
- Congratulations to Berryman Square in Greensboro, NC, on receiving $5,000 through CAHEC's Active Lifestyle Grant! This one-time grant provides financial assistance to our partners installing a recreation area on their property. We are positive the residents are going to enjoy this wonderful amenity.
- Thank you to the 16 non-profit organizations in CAHEC's footprint who completed an Open Doors Homeownership Grant application this year! Our team of grant readers are currently reviewing and scoring the applications and will select the grant recipients in October. Stay tuned!
- Sumner Ridge, a new LIHTC community under construction in Greensboro, NC, was recently featured on their local news. This video is a great example of how affordable housing is positively impacting the communities we serve!
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. A detailed overview of our Community Investments grants can be found on our website. To schedule an orientation or for assistance, please contact Stefanie Lee at 919-645-9825 or [email protected].
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CAHEC Foundation Sponsors Summer Lunch Program
In July, the CAHEC Foundation was proud to partner with the East Durham Children's Initiative (EDCI) to sponsor one week of their summer lunch program. Through this wellness initiative, children and adults are eligible to receive a healthy lunch during the summer months, a time when most low-income parents stress about feeding their families. During our week of sponsorship, nearly 300 meals were served to families in need.
For the past few years, EDCI has hosted the lunch program at Maureen Joy Charter School, one of CAHEC's historic tax credit investments, in Durham, NC. Organizations from the area happily volunteer their time to help distribute the meals and teach academic enrichment activities for all ages - including cooking and gardening classes, health workshops, and dance activities. On Fridays, EDCI also arranges for each family to receive a food bag containing fresh produce and pantry items to take home for their weekend meals. We were excited to learn that 100 weekend food bags were given away during CAHEC's sponsorship week.
Lauren Stephenson, Development Manager for EDCI, says "this program is critical for food-insecure families living in the EDCI area. During the 10 weeks when school is out, families suddenly have one or two fewer meals they can rely on which can create a lot of stress. EDCI Summer Lunch is a great way for families to eat a hot, healthy meal with their neighbors, and for kids to enjoy three hours of fun learning every day." Last year, EDCI served close to 3,800 meals to 500 children and 200 adults, and we are sure this year's program will be just as successful.
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The State of Our Economy - What Now?
By Kemper Baker, CAHEC Board Member
A news program I was watching the other day visited a very poor community in the deep south of the United States. Using fascinating film clips from 50 years ago, the upshot of the story was that despite all the effort that had been made, circumstances in the community have changed little since the 1960s. Only a day or so after that news show, I read of the widening wealth gap between upper and lower income segments of our society. How is it that despite all our efforts - in areas like affordable housing, social security, earned income tax credit, and education to name a few - we seem to be losing ground. The issue of "inequality" is certainly a prime topic in this year's highly charged political environment, and we often ask ourselves, "what happens now?"
For many years, home ownership was touted as at least part of the solution. Having a mortgage was considered a major step up the economic ladder. That model was useful and worked for many years, but we know all too well how the story ended - or at least paused. The financial crisis of 2007-2009 was largely about the destruction of vast amounts of home equity and thousands of mortgage foreclosures, along with significantly damaged credit. Can the model be revived? Perhaps, but much damage to our housing markets, our financial services industry, and our credit must be repaired first.
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CAHEC will be attending the following upcoming events:
- Golden Oaks Apartments Grand Re-Opening - August 18 - Lafayette, TN
- Winfield Apartments Ribbon Cutting Ceremony - August 19 - Harleyville, SC
- Sienna Dedication Ceremony - August 25 - Morgantown, NC
- NASLEF Annual Conference - September 14 - 16 - Portland, ME
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