Making an Impact: CAHEC at Work

July 1, 2022 - June 30, 2023

CAHEC New Markets is a certified Community Development Entity that raises capital through the New Markets Tax Credit program to finance community facility projects that aim to create jobs, improve access to educational opportunities, health services, and other critically needed community services and stimulate community expansion in high distress low-income communities.

As of June 2023, CAHEC New Markets has received and allocated $220 million in NMTC awards for highly impactful community developments in the southeast and mid-Atlantic regions. Over the past year, CAHEC New Markets invested $29.5 million of NMTC allocation in three impactful community projects.

Our New Markets Tax Credit investments provide crucial capital to organizations deeply embedded in their communities. These organizations are actively addressing community needs and striving to create meaningful and lasting change, stated Brian Oxford, CAHEC’s Manager, Community Capital. Please take some time to read about each of the projects below.

Learn more > 

CAHEC New Markets’ $220 million of closed NMTC investments have
and are projected to help create:

Construction Jobs

Permanent Jobs

SF of Development Financed

Pre-K-12th Grade + Post-Secondary Student Seats

Healthcare Patients

Childcare Slots

Wellness/Recreation Center Visitors

Shelter/Recovery Beds

Goodwill Opportunity Campus

CAHEC New Markets provided $10,000,000 of New Markets Tax Credit financing to support Goodwill Industries of Kentucky’s state-of-the-art Opportunity Campus in Louisville, KY. This campus spans 124,266 square feet and will serve as a hub for life-enhancing services in one of the state’s most severely distressed communities. By relocating its headquarters to the Opportunity Campus, Goodwill Industries of Kentucky aims to provide a comprehensive range of essential services, including housing, transportation, employment support, soft skills development, and job placement. Additionally, Goodwill Industries will share the facility with other organizations that share similar social missions, such as Big Brothers Big Sisters of Kentuckiana, YMCA of Greater Louisville, Volunteers of America, and Legal Aid. The collaborative effort of these organizations is creates 70 new full-time jobs and will benefit an estimated 50,000 people annually, most of whom are low-income.

To learn more about the Goodwill Opportunity Campus click here and for Goodwill Industries of Kentucky click here.

Community Characteristics at Time of Investment
Poverty Rate: 40.3%
Median Family Income: 32.68%
Unemployment Rate: 20.5% (2.47x the national average)
Other Distress Criteria: FEMA Major Disaster Area (COVID-19)

Intergenerational Center for Arts and Wellness

Senior Services, Inc. received $12,500,000 in New Markets Tax Credit funding from CAHEC New Markets to help finance the construction of the Intergenerational Center for Arts and Wellness (ICAW) in Winston-Salem, NC. This innovative center, designed to accommodate multiple tenants, aims to enhance access to crucial social services, including elder care, healthcare, early childhood education, and the arts. The new facility will enable Senior Services to expand its adult day center and allow partner organizations to expand their services and create new programs serving this low-income community. These services will include an expanded Head Start program, primary care and other healthcare services, medical occupation training, and arts programming. The center will also house a café that offers culinary job training programs, promote intergenerational engagement, provide performance opportunities, and establish a geriatric clinic and research center. The positive impacts anticipated from this new facility are made possible through the collaboration between ICAW and twenty-one community partners, who will utilize dedicated or shared spaces within the center.

To learn more about the Intergenerational Center for Arts and Wellness click here and for Senior Services, Inc. click here.

Community Characteristics at Time of Investment
Poverty Rate: 35.1%
Median Family Income: 48.9%
Unemployment Rate: 18% (2.17x the national average)
Other Distress Criteria: Opportunity Zone
FEMA Major Disaster Area (COVID-19)
2019 Food Desert

Intergenerational Center for Arts and Wellness

Senior Services, Inc. received $12,500,000 in New Markets Tax Credit funding from CAHEC New Markets to help finance the construction of the Intergenerational Center for Arts and Wellness (ICAW) in Winston-Salem, NC. This innovative center, designed to accommodate multiple tenants, aims to enhance access to crucial social services, including elder care, healthcare, early childhood education, and the arts. The new facility will enable Senior Services to expand its adult day center and allow partner organizations to expand their services and create new programs serving this low-income community. These services will include an expanded Head Start program, primary care and other healthcare services, medical occupation training, and arts programming. The center will also house a café that offers culinary job training programs, promote intergenerational engagement, provide performance opportunities, and establish a geriatric clinic and research center. The positive impacts anticipated from this new facility are made possible through the collaboration between ICAW and twenty-one community partners, who will utilize dedicated or shared spaces within the center.

To learn more about the Intergenerational Center for Arts and Wellness click here and for Senior Services, Inc. click here.

Community Characteristics at Time of Investment
Poverty Rate: 35.1%
Median Family Income: 48.9%
Unemployment Rate: 18% (2.17x the national average)
Other Distress Criteria: Opportunity Zone
FEMA Major Disaster Area (COVID-19)
2019 Food Desert

Atlanta Community Food Bank

Finally, CAHEC New Markets supplied $7,000,000 as a working capital loan to the Atlanta Community Food Bank (ACFB) in Atlanta, GA. Established in 1979, ACFB is an esteemed member of the Feeding America network, dedicated to combating food insecurity across 29 counties in metro Atlanta and north Georgia. Their efforts encompass meal distribution, outreach initiatives, and programs focused on nutrition assistance. The NMTC financing facilitated by CAHEC New Markets will aid ACFB in covering food and employee costs, which have escalated due to the increased demand for food assistance in recent years. With this financing, the organization will procure approximately 1.6 million pounds of food, equivalent to an estimated 1.3 million meals, benefiting roughly 83,000 individuals within the community, of which nearly 67% are minorities.

To learn more about the Atlanta Community Food Bank click here.

Community Characteristics at Time of Investment
Poverty Rate: 21%
Median Family Income: 70.91%
Unemployment Rate: 10.6% (1.28x the national average)
Other Distress Criteria: FEMA Major Disaster Area (COVID-19)
2019 Food Desert

In accordance with federal law and U.S. Department of the Treasury policy, this institution is prohibited from discriminating on the basis of race, color, national origin, sex, age, or disability. To file a complaint of discrimination, write to the Department of the Treasury, Office of Civil Rights and Diversity, 1500 Pennsylvania Ave. NW, Washington, D.C. 20220 or call (202) 622-1160.