Making an Impact: CAHEC at Work
July 1, 2022 - June 30, 2023
Introduction
Each year we look back at the last twelve months with our partners to see how we are positively affecting the communities in which we serve. This report showcases the work we’ve accomplished together and highlights many of the milestones we’ve crossed along the way. Before you dive in, be sure to take some time to learn more about CAHEC as an organization; read a message from our President & CEO, Dana Boole; and meet the CAHEC board members who help guide us in our mission and vision. We hope you find this report informative and impactful.
Learn more about our entities
2022-2023 Numbers
Capital Under Management: $3,100,000,000
2022-2023 Community Investments
Our mission of offering life-changing opportunities to residents is accomplished through CAHEC and the CAHEC Foundation’s Community Investments. We proudly implement initiatives that will encourage residents to pursue their wellness and educational goals. By offering these opportunities, we go beyond affordable housing to ensure residents have the tools they need to succeed.
Annual: $414,000
Cumulative: $17,621,782
Grants and Scholarships
Active Lifestyle Grant: 12 grants totaling $167,000 (learn more)
Rex Williams Wellness Grant: 3 grants totaling $22,500 (learn more)
Nutrition Assistance: 100,500 meals totaling $53,000 (learn more)
Post-Secondary Scholarships : 12 scholarships totaling $40,000 (learn more)
Open Doors Homeownership Grant: 3 grants totaling $50,000 (learn more)
Disaster Relief: 4 grants totaling $18,000 (learn more)
Youth Leadership Initiative: 235 scholarships totaling $41,000 (learn more)
New Markets Community Grant: 2 grants totaling $22,500 (learn more)
Resident Spotlight – Meet Lamar ‘Junior’ Collins
Featured Properties
Killian Terrace
Developer: Flatiron Partners / Classic Development Company
Location: Columbia, South Carolina
New Construction | Family | 288 units
Amber Spring Apartments
Developer: Evergreen Construction Company
Location: Raleigh, North Carolina
New Construction | Elderly | 42 units
Glade View Apartments
Developer: Evergreen Construction Company
Location: Cowan, West Virginia
New Construction | Family | 33 units
Regency Commons
Developer: The Hudson Companies
Location: Clarion, Pennsylvania
New Construction | Elderyl | 42 units
2023 CAHEC Partners Conference
CAHEC’s 20th Annual Partners Conference a Huge Success
We were excited to welcome everyone back to our hometown of Raleigh, NC, this year, where we welcomed over 500 attendees from 24 states. On June 6-7, we gathered at the Raleigh Convention Center for an amazing line-up of speakers, sessions, and plenty of networking opportunities.
One of the highlights of the conference was the Tuesday evening welcome reception, where guests gathered at Market Hall for ‘An Evening in Hollywood.’ Attendees walked the red carpet, were photographed by the paparazzi, and enjoyed amazing food in a Hollywood-inspired event space. We were thrilled to see so many attendees embracing the theme with their costumes, we would’ve never thought Wolverine, the Golden Girls, the cast of Grease, among many others, would have made an appearance at our event!
CAHEC would like to thank the 92 sponsors that supported the 2023 CAHEC Partners Conference. With your support, we can continue offering this valuable event at no cost to attendees.
If you missed any part of the conference this year, or want to relive the festivities, please visit our Facebook page to view pictures from the event.
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.
Message from our President & CEO
2022-2023
"Don’t measure a [person] when everything is going well. Measure a team, group, or individual when adversity hits." Jaylen Brown, Boston Celtics, 5/27/23.
Adversity is in the eyes of the beholder. Most of us experience it, try to minimize its impact, and hope it never happens again. Yet reality isn’t always agreeable. While we may find a solution to each hurdle, new ones will surface, and we’re back at it again. As business leaders, we have the innate talent to preempt issues, the resources to identify solutions, and the voice to provoke change. Yet are we effective? Do we reach for easy victories or stretch for game changers?
While CAHEC has faced adversity these last few years - Covid, supply chain, and interest rate disruptions - our talented staff and market acumen, along with the work of creative partners, has allowed us to continue making a material and positive impact. We pushed ourselves in furtherance of our vision - thriving communities with affordable housing and equitable opportunities for all – and it worked (as you’ll read throughout this report)! Our efforts were reflective of teammates whose values – particularly innovation and customer service - were focused on the "greater good" and not simply corporate gain. A keen example was, and continues to be, legislative advocacy (both Federal and state). Our work in securing additional resources to bridge state-wide development gaps was vast and selfless. The impact will resonate for ages.
The coming years will be equally challenging, but not for obvious reasons. Our nation’s mental health crisis has permeated the social landscape. It is impacting our friends/families, workplace, and residents. Whether it’s in the shadows or limelight, individual struggles are gaining momentum. While we can’t singularly solve it, I believe my peers and I must use our voices to raise awareness, identify resources, and hopefully prompt those struggling to say, "I’m going to find help."
CAHEC – not unlike industry peers – faces adversity in an ever changing economic, social, and real estate marketplace. What continues to set us apart is our confidence and capacity in stretching ourselves for the good of all.
We thank our partners who have assisted in furthering our vision. To that end, this report summarizes CAHEC’s accomplishments from July 1, 2022, to June 30, 2023. I hope you find it informative and impactful.
Sincerely,
Dana S. Boole
President & CEO
Nathaniel Barber
Chief Executive Officer, South Carolina Community Loan Fund
Charleston, South Carolina
Andrew Bowden
President and Owner, Spectrum Enterprises
South Portland, Maine
Anne Conner
President Public Finance and Community Investment, TowneBank
Williamsburg, Virginia
Keith Nisbet
Senior Vice President, Community Capital Group, TD Bank, N.A.
Boston, Massachusetts
Margaret Penn
Chief Financial Officer, Weaver Cooke Construction
Greensboro, North Carolina
John Rucker
Managing Partner, Stifel
Montgomery, Alabama
Rachel Ryan
General Counsel, Dogwood Health Trust
Asheville, North Carolina
Scott Selig
Associate Vice President of Capital Assets and Real Estate, Duke University
Durham, North Carolina
William Turner
Senior Vice President, Wells Fargo
Richmond, Virginia
Our Vision
We envision thriving communities with affordable housing and equitable opportunities for all.
Our Mission
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.
Resident Spotlight – Lamar 'Junior' Collins
When we set a goal of providing safe, affordable housing in our footprint, the ultimate achievement is hearing positive feedback from the residents who live there. Lamar 'Junior' Collins, a resident living in Fairmeadow Apartments, expressed that very sentiment. 'I love living here, it’s close to the places I need to go and I’m proud to call it home. I even have neighbors I can talk to, which I didn’t have before I moved here.'
Located in Latta, SC, Fairmeadow Apartments is a 24-unit community for seniors who are 55 years and older. In most senior communities, hosting get-togethers, having on-site events, and celebrating holidays are a fun way for neighbors to get to know each other. 'Junior has lived here a little over two years, and our residents really didn’t come out much before he moved in,' explained Kim Driggers, Community Manager for Fairmeadow. 'He was always out walking and eventually got to know a lot of his neighbors, and he’s motivated a lot of them to come out and do things together as a group. We can always rely on him to be there to help with the set-up for events and clean up as well. We’re so grateful for him!'
As a former farmer and carpenter, it became evident that Junior was really good at putting things together. Last year, the property received a grant for a community garden, and he immediately became the head gardener to make sure everything grew as best as it could. 'We grow cucumbers, peppers, tomatoes, cantaloupe, okra, eggplant, and some other things, and I make sure they’re watered every day,' said Junior. 'When the produce is ready, I let my neighbors know so we can all pick the crop together.' The property also has a nutritionist visit regularly to educate residents on preparing the food they grow.
In addition to being the head gardener, Junior also helps his neighbors with taking out the trash, preparing for their apartment inspections, and picking up groceries if they need anything. 'I just love to help people,' he explained. 'Some of my neighbors can’t do these things and I don’t mind helping them. It makes me feel good to help others.' His positive attitude and cheerful demeanor are things that a lot of people notice about him. 'I wake up every morning knowing I have something to do and that I’ll stay busy. It keeps me active – and that’s what my doctor recommended I do!'
In his free time, Junior enjoys the companionship of his dog, 'Little Junior,' riding a bike that he recently refurbished, and listening to gospel music. When asked what advice he’d give other senior residents who want to volunteer in their community, he said simply, 'Get up and try. That’s all I do.'
Thank you for letting us share your story, Junior! We’re so thankful to have residents that take pride in where they live and appreciate all you do to motivate and help others.
Killian Terrace
Killian Terrace is a 288-unit new construction rental community in South Carolina for families earning below 60% of the Area Median Income. Killian Terrace features a community building with a fitness center, laundry room, swimming pool, and playground. The property is conveniently situated next to several restaurants, pharmacies, schools, and medical offices and is just a short drive from downtown Columbia. The property manager at Killian Terrace described the impact of this property on the community: "The structure of a healthy community involves education, employment, and economic growth, and it all begins at home. Killian Terrace serves a wide array of income levels, creating the strong residential base needed to support and shape economic growth within a community. Without affordable housing choices, the entire community suffers. Increasing the availability of affordable housing options helps keep neighborhoods vital and promotes diversity.”
Amber Spring Apartments
Amber Spring Apartments is a new construction rental community in Raleigh consisting of 42 one- and two-bedroom units for individuals 55 and older earning up to 40% and 60% of the Area Median Income. The property was developed by Evergreen Construction Company and features amenities such as a community room, computer center, library, tenant storage areas, exercise room, and laundry facility. As an added benefit to the elderly residents, Amber Spring Apartments conveniently sits adjacent to a grocery store, a shopping plaza, and several major highways. As the need for affordable housing for seniors continues to rise in the community, it is critical to continue developing new properties such as this one. Amber Spring Apartments will offer a safe and affordable community for seniors in Raleigh to call home for years to come.
Glade View Apartments
To help meet the demand for low-income housing in West Virginia, CAHEC teamed up with AU Associates to develop Glade View Apartments, a new rental community in Cowan, WV, targeted to households earning up to 40% and 60% of the Area Median Income. The property contains 33 townhouse-style units, with a mix of one-, two-, and three-bedroom floorplans that range in size. Site amenities available for residents include a clubhouse featuring a multipurpose room and kitchen, a playground, and security cameras throughout the community for added safety. One resident who has lived at Glade View for a year says her favorite thing about living there is the comfort of the units and the convenience of being down the street from several local stores. As a new community, Glade View will help ensure families in the area have access to affordable housing options well into the future.
Regency Commons
Regency Commons was built for local seniors to feel at home while enjoying a convenient location and modern amenities. The development, located in Clarion, PA, provides seniors 42 one- and two-bedroom apartments in an ongoing effort to enhance local affordable housing. This pet-friendly community, targeted to seniors earning below 50% of the Area Median Income, promotes a vibrant and health-conscious lifestyle for its residents. It offers a range of amenities such as a media room, fitness center, pet washing station, and a covered patio with a fireside gathering lounge. Residents also have complimentary laundry facilities on each floor, state-of-the-art stainless-steel appliances, elegant granite countertops, contemporary cabinetry with ample pantry space, and more. The apartment community is conveniently located near a business district and engages with residents through on-site events such as holiday parties and contests.