In his 1905 book Life of Reason, American philosopher George Santayana said “those who cannot remember the past are condemned to repeat it.” Although I am unsure if he was referencing a particular plight in America or the world, his foresight is as relevant today as it was over a century ago.
The last 18 months have been a burden on all of us and just when we thought the risk of COVID-19 was appearing in the rearview mirror, the emergence of the Delta variant became our Groundhog Day. It was an unexpected headwind for which we needed to – once again – adapt. That said, I believe CAHEC has done an excellent job with its core pandemic priority – furthering our business and protecting the health, wellbeing, and employment of its staff. Whether it be our flexible work environment, provision of necessary technology, or enhancement of benefits; CAHEC has excelled in its vision of “sustainable communities, offering housing and life-changing opportunities to their residents.”
Part of adapting to this “new norm” is recognizing that one must be resolute in their goals. In the case of CAHEC, this includes our commitment to business diversity and sustainability within the markets we serve. In the Fall of 2020, CAHEC completed an asset purchase of Boyd Management, Inc. (BMI) and their development arm, WWJ, a strategic move that allows us to advance our equity and debt platforms into a broader community investment initiative. Specifically, CAHEC Management, Inc. (previously BMI) is now the largest manager of USDA, Rural Development 515 properties in the country and CAHEC Properties Corp. (previously WWJ) is the third largest owner of rural communities, having preserved 162 USDA/tax credit-financed projects throughout the South. Our enhanced platform is scalable, diversifies our revenue, and provides an opportunity to expand our charitable efforts.
I am a firm believer that without change there are no opportunities. That said, it takes strong partners, effective leadership, and good luck to turn those opportunities into sustainable results.
Thank you for your partnership and I hope you appreciate our year in review.
Dana S. Boole
President & CEO