Year In Review
Making an Impact: CAHEC at Work / July 1, 2018 – June 30, 2019

CAHEC Capital, Inc. is a nonprofit that serves as the financing affiliate of CAHEC by providing flexible and affordable loan products to Low Income Housing Tax Credit (LIHTC) developers. CAHEC Capital, Inc. began lending operations in December 2015. Loans were previously offered by CAHEC in a similar form until the program was formalized with the incorporation of CAHEC Capital, Inc. Since 1999, CAHEC and CAHEC Capital have originated $75 million in loans that have supported the development of approximately 95 affordable housing communities.

In September 2018, CAHEC Capital was selected as a recipient of a $300,000 Financial Assistance award as part of the CDFI Program’s FY 2018 funding round. As part of the FY 2018 funding round, 364 organizations requested more than $320+ million in funding. Ultimately, 221 organizations were selected to receive $159.9 million in Financial Assistance awards. CAHEC Capital was 1 of 57 award recipients in the Small and/or Emerging CDFI (SECA) category.

Additionally, CAHEC Capital was accepted as a member of the Opportunity Finance Network (OFN). OFN is the largest national association of CDFIs with membership in all 50 states. There are nearly 1,100 certified CDFIs in the U.S. with approximately 250 current OFN members. 

In the past 12 months, lending products have helped finance the construction of 923 LIHTC units across three states (NC, SC, and VA) whose total development costs exceeded $123 million. Upon completion, these 923 units will serve as homes for an estimated 2,693 low-income residents with 2,154 residents earning at or below 60% of Area Median Income (AMI) and 350 residents earning at or below 50% AMI.

 

ANNUAL LENDING VOLUME

CUMULATIVE LENDING VOLUME

Predevelopment Loans:

Up to $100k and geared specifically toward nonprofit developers

Carryover Loans:

Up to $750k to support predevelopment costs with a maximum term of 12 months

Bridge Loans:

Loan size is determined based on project underwriting with a maximum term of 24 months

Lending Footprint

CAHEC Capital currently offers financing to LIHTC developments that have an executed equity commitment with a CAHEC-syndicated fund. Our lending target market includes an 11-state footprint (AL, FL, GA, KY, MD, NC, PA, SC, TN, VA, and WV) plus the District of Columbia.

Affordable and Flexible Loan Products

Current loan products are designed to provide critical predevelopment and bridge financing to developers and ensure that LIHTC developments remain financially viable from construction start-up through project stabilization.

CAHEC Capital’s affordable and flexible loan products help offset the substantial upfront costs realized by LIHTC developers, with loan terms not typically available at traditional financial institutions.

Meet the CAHEC Capital Board

With much excitement and anticipation for the year ahead, the CAHEC Capital Board of Directors gathered in Raleigh on Friday, February 22, 2019, for its annual board meeting. The meeting brought its five members together from around the Southeast to strategize for 2019. The Board of Directors  provides strategic oversight and corporate governance to CAHEC Capital, and serves as the final approval authority for all loans originated by CAHEC Capital. Please take a minute to meet CAHEC Capital’s outstanding Board of Directors including our two most recent Directors that were appointed in January 2019 – Joel Brockmann and Dawn DeHart. 

CAHEC Capital, Inc. is a nonprofit that serves as the financing affiliate of CAHEC by providing flexible and affordable loan products to Low Income Housing Tax Credit (LIHTC) developers. CAHEC Capital, Inc. began lending operations in December 2015. Loans were previously offered by CAHEC in a similar form until the program was formalized with the incorporation of CAHEC Capital, Inc. Since 1999, CAHEC and CAHEC Capital have originated $75 million in loans that have supported the development of approximately 95 affordable housing communities.

In September 2018, CAHEC Capital was selected as a recipient of a $300,000 Financial Assistance award as part of the CDFI Program’s FY 2018 funding round. As part of the FY 2018 funding round, 364 organizations requested more than $320+ million in funding. Ultimately, 221 organizations were selected to receive $159.9 million in Financial Assistance awards. CAHEC Capital was 1 of 57 award recipients in the Small and/or Emerging CDFI (SECA) category.

Additionally, CAHEC Capital was accepted as a member of the Opportunity Finance Network (OFN). OFN is the largest national association of CDFIs with membership in all 50 states. There are nearly 1,100 certified CDFIs in the U.S. with approximately 250 current OFN members. 

In the past 12 months, lending products have helped finance the construction of 923 LIHTC units across three states (NC, SC, and VA) whose total development costs exceeded $123 million. Upon completion, these 923 units will serve as homes for an estimated 2,693 low-income residents with 2,154 residents earning at or below 60% of Area Median Income (AMI) and 350 residents earning at or below 50% AMI.

ANNUAL LENDING VOLUME

CUMULATIVE LENDING VOLUME

Predevelopment Loans:

Up to $100k and geared specifically toward nonprofit developers

Carryover Loans:

Up to $750k to support predevelopment costs with a maximum term of 12 months

Bridge Loans:

Loan size is determined based on project underwriting with a maximum term of 24 months

Lending Footprint

CAHEC Capital currently offers financing to LIHTC developments that have an executed equity commitment with a CAHEC-syndicated fund. Our lending target market includes an 11-state footprint (AL, FL, GA, KY, MD, NC, PA, SC, TN, VA, and WV) plus the District of Columbia.

Affordable and Flexible Loan Products

Current loan products are designed to provide critical predevelopment and bridge financing to developers and ensure that LIHTC developments remain financially viable from construction start-up through project stabilization.

CAHEC Capital’s affordable and flexible loan products help offset the substantial upfront costs realized by LIHTC developers, with loan terms not typically available at traditional financial institutions.

Meet the CAHEC Capital Board

With much excitement and anticipation for the year ahead, the CAHEC Capital Board of Directors gathered in Raleigh on Friday, February 22, 2019, for its annual board meeting. The meeting brought its five members together from around the Southeast to strategize for 2019. The Board of Directors  provides strategic oversight and corporate governance to CAHEC Capital, and serves as the final approval authority for all loans originated by CAHEC Capital. Please take a minute to meet CAHEC Capital’s outstanding Board of Directors including our two most recent Directors that were appointed in January 2019 – Joel Brockmann and Dawn DeHart.