Investing in Communities

CAHEC at Work   |  January 1, 2024 – December 31, 2024

Introduction
By the Numbers
Community Investments
Featured Properties
Partners Conference

Introduction

Each year, we reflect on the past twelve months with our partners to evaluate the positive impact we’ve made in the communities we serve. This report highlights the achievements we’ve accomplished together and celebrates the milestones we’ve reached. We hope you find it both informative and inspiring.

About CAHEC

Investing in Communities Since 1992

Founded in 1992, CAHEC is a community development organization that strengthens communities by providing affordable housing and supportive service initiatives to residents in the Southeast and Mid-Atlantic regions. CAHEC engages in diverse product areas, including low-income housing tax credits, historic tax credits, new markets tax credits, and renewable energy credits. Additionally, CAHEC offers loan programs, wellness and education initiatives for residents, affordable housing development, and property management services. With over 30 years of experience, CAHEC is committed to meeting the needs of our partners and ensuring the long-term impact of our efforts as the catalyst of sustainable and healthy neighborhoods.

Vision & Mission

We envision thriving communities with affordable housing and equitable opportunities for all. Our mission is to strengthen communities by providing affordable housing and creating opportunities for growth and revitalization through collaborative partnerships, innovative investments, and supportive service initiatives.

Culture

We are committed to uphold integrity in all our actions and strive for excellence through innovative solutions. We foster a fun and dynamic culture where creativity thrives, collaboration is key, and everyone feels welcomed, valued, and inspired.

Sustainability

Our vision is driven by embedding social impact in our culture. Whether it’s the residents, general partners, investors, or employees we serve, our corporate culture is the lynchpin that secures our commitment to providing sustainable products, services, and outcomes.

Learn About Our Entities

Bee Creek Crossing

City: Murray

State: KY

# of Units: 60

Tenancy: Elderly: 55 and Older

Construction: New

Resident Spotlight: Meet Donnie Flowers

If you’re a resident of Arbor Glen Apartments in Lenoir, NC, there’s a high likelihood that you know Donnie Flowers. He’s the neighbor who always walks around and picks up trash, pulls random weeds out of the flower bed, and makes the best cakes for the community potluck. There’s usually not a function that Donnie’s not attending, and he’s always first in line to lend a helping hand.

“I try to keep my day open in case my neighbors need me,” explained Donnie. “I don’t mind running errands for people who may not be able to drive, and I enjoy taking people where they need to go. Whether they need a ride to the doctor or the grocery store, I’m happy to help.” His giving spirit is something he prides himself on, sharing that he has always wanted to have a positive impact on people’s lives. “It makes me feel good to help others. When I lay down at night to go to sleep, I sleep well knowing that I did my best that day.”

Donnie has lived at Arbor Glen for 2 years, and around the same time he moved in, his kidneys began to not function properly. Since his diagnosis, he’s been on dialysis three times a week. In true Donnie fashion, this obstacle did not deter him from his giving ways. “He doesn’t let anything slow him down,” shared Keila Keller, site manager for Arbor Glen. “He’s always positive, enjoys the camaraderie with his neighbors, and really is a light on our property.”

Prior to moving to Arbor Glen, Donnie lived with his mother and was a chef before he retired. “Donnie loves to cook, and he is always inviting people over to eat dinner with him,” Keila explained. “For our resident events, he’s there helping to set up, brings food to the table, and stays after to help clean. He’s such a wonderful person!”

Donnie shared that finding Arbor Glen really made him feel at home. “I love having people close by, it makes it not so lonely. I think that’s why I enjoy helping everyone, I know that there will be a time that I may need something, and I know they’ll be there to help me, too.”

Thank you, Donnie, for all you do to help your neighbors, and for letting us share your story!

Berry Park Apartments

City: Chadbourn

State: NC

# of Units: 18

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Birch and Branch

City: Raleigh

State: NC

# of Units: 180

Tenancy: Family

Construction: New

British Woods

City: Roanoke Rapids

State: NC

# of Units: 26

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Brittany Place Apartments

City: Washington

State: NC

# of Units: 40

Tenancy: Family

Construction: Acquisition/Rehab

Brookside Apartments

City: Maxton

State: NC

# of Units: 32

Tenancy: Family

Construction: Acquisition/Rehab

Burnside Village

City: Hookerton

State: NC

# of Units: 16

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Calabash Meadows

City: Calabash

State: NC

# of Units: 60

Tenancy: Elderly: 55 and Older

Construction: New

Cambridge Creek

City: Mocksville

State: NC

# of Units: 28

Tenancy: Family

Construction: Acquisition/Rehab

Cedarwood

City: Pembroke

State: NC

# of Units: 36

Tenancy: Elderly: 55 and Older

Construction: Rehab

Chadwick Place

City: Chadbourn

State: NC

# of Units: 24

Tenancy: Family

Construction: Acquisition/Rehab

Coldwater Ridge Apartments II

City: Kannapolis

State: NC

# of Units: 60

Tenancy: Family

Construction: New

Devonshire Apartments

City: Pinetops

State: NC

# of Units: 25

Tenancy: Family

Construction: Rehab

Elijah's Landing

City: Morehead City

State: NC

# of Units: 168

Tenancy: Family

Construction: New

Gooden Village Apartments

City: Elizabethtown

State: NC

# of Units: 24

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Green Oaks Apartments

City: Grover

State: NC

# of Units: 24

Tenancy: Family

Construction: Acquisition/Rehab

Hillside Apartments

City: Mooresville

State: NC

# of Units: 59

Tenancy: Family

Construction: Acquisition/Rehab

Lakeshore Villas

City: Arden

State: NC

# of Units: 120

Tenancy: Family

Construction: New

Meadowgreen Apartments

City: Reidsville

State: NC

# of Units: 70

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Meadowview

City: Selma

State: NC

# of Units: 24

Tenancy: Family

Construction: Acquisition/Rehab

Morgan Hills

City: Morganton

State: NC

# of Units: 48

Tenancy: Family

Construction: Acquisition/Rehab

Mountain Glen

City: Brevard

State: NC

# of Units: 56

Tenancy: Family

Construction: Acquisition/Rehab

Oakhill Apartments

City: Spring Hope

State: NC

# of Units: 25

Tenancy: Family

Construction: Acquisition/Rehab

Orchard Point

City: Sanford

State: NC

# of Units: 40

Tenancy: Family

Construction: Acquisition/Rehab

Park Place II

City: Mooresville

State: NC

# of Units: 24

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Phillips Village

City: Shelby

State: NC

# of Units: 32

Tenancy: Family

Construction: Acquisition/Rehab

Pine Ridge Apartments

City: Newland

State: NC

# of Units: 32

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Pine Ridge Place

City: Polkton

State: NC

# of Units: 16

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Pine Terrace

City: Wadesboro

State: NC

# of Units: 24

Tenancy: Family

Construction: Acquisition/Rehab

Piney Point Apartments

City: Hamlet

State: NC

# of Units: 24

Tenancy: Family

Construction: Acquisition/Rehab

Pungo Village

City: Belhaven

State: NC

# of Units: 38

Tenancy: Elderly: 55 and Older

Construction: Rehab

Ridgeview Apartments

City: Sparta

State: NC

# of Units: 36

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Ridgeway Apartments

City: Taylorsville

State: NC

# of Units: 33

Tenancy: Family

Construction: Acquisition/Rehab

River Bluff

City: Fair Bluff

State: NC

# of Units: 17

Tenancy: Family

Construction: Acquisition/Rehab

River Park Apartments

City: Sylva

State: NC

# of Units: 27

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Robinwood

City: Wendell

State: NC

# of Units: 84

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Scotland Arms Apartments

City: Scotland Neck

State: NC

# of Units: 20

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Valdese Village

City: Valdese

State: NC

# of Units: 34

Tenancy: Family

Construction: Acquisition/Rehab

Wellonton

City: Chadbourn

State: NC

# of Units: 38

Tenancy: Family

Construction: Acquisition/Rehab

Willow Wood at Laurinburg

City: Laurinburg

State: NC

# of Units: 38

Tenancy: Family

Construction: Acquisition/Rehab

Wintergreen

City: Winterville

State: NC

# of Units: 32

Tenancy: Family

Construction: Acquisition/Rehab

Woodfield Apartments

City: Fairmont

State: NC

# of Units: 32

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Woodhaven

City: Albemarle

State: NC

# of Units: 40

Tenancy: Family

Construction: Acquisition/Rehab

Avonlea

City: Raleigh

State: NC

# of Units: 44

Tenancy: Family

Construction: Acquisition/Rehab

Highland Village

City: Cary

State: NC

# of Units: 50

Tenancy: Family

Construction: Acquisition/Rehab

Jeffries Ridge

City: Raleigh

State: NC

# of Units: 32

Tenancy: Family

Construction: Acquisition/Rehab

Madison Glen 

City: Raleigh

State: NC

# of Units: 120

Tenancy: Family

Construction: Acquisition/Rehab

Ripley Station 

City: Raleigh

State: NC

# of Units: 48

Tenancy: Family

Construction: Acquisition/Rehab

Sedgebrook

City: Cary

State: NC

# of Units: 32

Tenancy: Family

Construction: Acquisition/Rehab

Tryon Grove

City: Raleigh

State: NC

# of Units: 48

Tenancy: Family

Construction: Acquisition/Rehab

2100 Brainbridge Apartments

City: Richmond

State: VA

# of Units: 83

Tenancy: Elderly: 55 and Older

Construction: New

Overlook Ridge

City: Stuarts Draft

State: VA

# of Units: 50

Tenancy: Family

Construction: New

Rolling Hills Apartments

City: Ripley

State: TN

# of Units: 48

Tenancy: Family

Construction: Acquisition/Rehab

Azalea Park

City: Summerville

State: SC

# of Units: 64

Tenancy: Family

Construction: Acquisition/Rehab

Blackville Gardens Apartments

City: Blackville

State: SC

# of Units: 24

Tenancy: Family

Construction: Acquisition/Rehab

Canterfield Manor

City: Denmark

State: SC

# of Units: 20

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

The Peaks of Lexington

City: Lexington

State: SC

# of Units: 78

Tenancy: Family

Construction: New

Bradford Manor

City: Bruce

State: MS

# of Units: 24

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Eastgate Apartments

City: Belzoni

State: MS

# of Units: 16

Tenancy: Family

Construction: Acquisition/Rehab

Vickers Parke II

Vickers Parke II is an affordable housing community built in 1980 that underwent extensive renovations for the property's rehabilitation. Comprised of forty units spread across three residential buildings and one community office, Vickers Parke II offers a diverse range of living spaces tailored to households earning 60% or less of the Area Median Income (AMI). To preserve the property, upgrades were made throughout the community including new appliances in all units, enhanced landscaping, and an updated playground. Residents of Vickers Parke II have access to on-site management and a laundry facility; both within the community building, which was also upgraded. Site Manager, Christi Clendenin, stated, "Vickers Parke II Apartments is more than just a place to live—it's a cornerstone of our community, offering a safe and welcoming home to families and individuals who might otherwise struggle to find affordable housing. Nestled close to town, Vickers Parke II ensures that its residents can easily access schools, jobs, and local amenities, helping them to stay connected and supported within the community. This complex is a testament to our shared values of compassion and equity, providing shelter and a safe place where people can build better lives and feel a true sense of belonging. In a world where affordable housing is increasingly hard to find, Vickers Parke II Apartments is a beacon of hope, ensuring that everyone can be a part of our vibrant community."

Stockton Pointe

Comprised of sixty units spread across three, three-story residential buildings and one community hub, Stockton Pointe offers a diverse mix of living spaces tailored to households earning 60% or less of the Area Median Income (AMI). With fifteen units specifically allocated for those earning below 50% AMI, Stockton Pointe is a testament to inclusivity and accessibility in housing. Located on a picturesque 5.0-acre site, Stockton Pointe is positioned to serve the local community's needs. Each unit has modern amenities, from kitchen appliances to walk-in closets, ensuring residents experience comfort and convenience in every aspect of their daily lives. The community building at Stockton Pointe is a focal point for social interaction and supportive services for residents. This property will give local families access to high-quality, affordable housing for many years.

Bingham Park Apartments

In the heart of Charlotte, North Carolina, is Bingham Park Apartments, a new construction community offering affordable housing to seniors earning up to 30%, 50%, and 60% of the Area Median Household Income (AMHI). The property features 43 one-bedroom units and 17 two-bedroom units that range in size, ensuring that seniors can choose the living space that suits their needs. Bingham Park fosters a true sense of community for residents with numerous amenities, including on-site management, a community room, a computer center, a fitness center, a craft room, a library, laundry facilities, and a covered patio. When asked about their favorite thing about living at Bingham Park, one resident noted: "Lovely neighbors. There is always someone there with a sense and willingness to help. The apartment is lovely and very spacious. Maintenance is always available and there to maintain the property." It is evident that Bingham Park provides a secure, affordable, and vibrant community for everyone.

Cavalier Heights Apartments

The adaptive reuse of the former West Virginia University Institute of Technology College of Economic and Business (COBE) building into housing for the elderly promises a new era of revitalization for the city of Montgomery. Now, Cavalier Heights Apartments offers affordable housing and community revitalization while preserving its heritage. With 28 units tailored to seniors aged 55 and older who earn below 40% and 60% of the Area Median Income, it addresses a critical need for housing in Montgomery and its surrounding areas. Cavalier Heights provides amenities such as a classroom, vending area, and community room, fostering engagement among residents. Cavalier Heights symbolizes more than just a housing development; it represents a commitment to the future of Montgomery. Repurposing a historic landmark into a vibrant community hub set a precedent for sustainable revitalization and inclusive growth.

A Message From Our President & CEO

“Move yourself where the puck is going to be and not where it is now.” - Wayne Gretsky, NHL legend

Each fall we prepare budgets and goals, forecast headwinds, and evaluate our presence within the marketplace. We meticulously undertake this drill, only to repeat it one year later. While the exercise is commonplace, it has the risk of overshadowing one’s vision, purpose, and competitive advantage. It’s these latter points – where the puck is going – that allows one to persevere in the face of resistance.

This dynamic is tested everyday within the affordable housing industry. CAHEC and (many of) its peers have operated in this space for nearly 40 years and that duration has created a service/product which is fairly commoditized. While organizations may differ in geography, volume, and offerings, it’s those intrinsic characteristics which are essential to defining ones culture, values, and attraction. Without that vision, it’s simply a game of math, timing, and luck.

CAHEC’s consolidated vision is to be the premier community investment organization in the South. Our core businesses – syndications (equity and debt), property management, general partnerships, and preservation – are driven by our values of integrity, excellence, innovation, and fun. We offer an array of programs which further the objectives of our stakeholders, hedges our revenue, and creates a sustainable organization. While we’re far from perfect, the performance and impact of our businesses have been exemplary. Our targeted growth, exceptional service, and commitment to innovation has been a hallmark of our success.

CAHEC’s forward thinking also includes our voluntary commitment to environmental, social, and governance (ESG). In our recently published Impact Report, CAHEC shared its commitment to aligning with the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), and United Nation’s Sustainable Development Goals (UN SDG) standards. We selected these frameworks based on relevance to our business and expressed importance from our stakeholders. While social and governance have long been woven into our values and practices, environmental requires heightened creativity and collaboration with our external partners.

Ones vision – whether short or long term – should be driven by values and culture and not the self fulfilling need for headlines or accolades. It’s only then that one can best appreciate their accomplishments. As shared by Hall of Fame and past UNC Coach Dean Smith, “Never be proud of doing the right thing. Just do the right thing.”

We hope you find this report informative and impactful, and I wish you the best in 2025!

Sincerely,

Dana Boole
President & CEO