Like us on Facebook View our profile on LinkedIn Find us on Google+ Follow us on Twitter View our videos on YouTube
CAHEC Connection
December 2017
In This Issue
BoardCAHEC Welcomes Two New Board Members
CAHEC is pleased to announce two new additions to our Board of Directors effective January 1, 2018 - Leigh Ann Smith and Nathaniel Barber.  
Leigh Ann Smith is a Senior Vice President and Community Development Equity Executive with Bank of America Merrill Lynch. She works closely with the Low Income Housing Tax Credit, and also has experience in historic and new markets tax credits. Leigh Ann leads a team of six equity originators responsible for structuring and closing tax equity investments across the country. 
Nathaniel "Nate" Barber is the Director of CRA/Community Development at South State Bank in Columbia, SC, where he has worked since 2003. He also serves as Board Chair for South Carolina Economic Development and the Columbia Housing Development Corporation, and is a volunteer with Richland County CASA. 
Dana Boole, President & CEO of CAHEC, remarked, "CAHEC is thrilled with the addition of Leigh Ann and Nate to an already outstanding Board of Directors. Their vision, competencies, and demeanor, will further CAHEC's commitment to be a differentiating and consistent source of community investment capital throughout the mid-Atlantic and southeast."
We are excited to welcome Leigh Ann and Nate to the CAHEC team!

MIAMission in Action
  • The CAHEC team was thrilled to be part of a toy drive for the East Durham Children's Initiative (EDCI) this month! Books, toys, board games, and winter clothing were among some of the items collected and distributed to families on December 9 as part of EDCI's Holiday Zone event.
  • Congratulations to Wakefield Commons in Raleigh, NC, on receiving nearly $8,500 through the CAHEC Foundation's Rex Williams Wellness Grant. Residents will enjoy a treadmill, elliptical, spin bike, free weights, and fitness charts while utilizing this wonderful on-site wellness room.
CelebrateCelebrating 25 Years of CAHEC

CAHEC is proud to be celebrating our 25th Anniversary this year! Watch this video to reminisce with us as we take a look back at all that we've accomplished over the last 25 years.
ComplianceCompliance Insight: The Effect of  Uninhabitable 
Buildings at Year-End

By: Andy Bowden, CAHEC Board Member & President of Spectrum Companies

This time of year, Spectrum receives a lot of calls from partners regarding units that are not going to be habitable at year-end. Per the instructions for filing IRS Form 8823, a "dwelling unit within a building must be structurally sound, habitable, and in good repair." Managers and owners are nervous there may be a loss of credits due to the potential decrease in qualified basis because of uninhabitable units. A key concept of the tax credit program is that after the initial credit year, the qualified basis is set at year-end. This means that if a unit is habitable on December 31, it is considered habitable for the entire year. What happens if a unit is uninhabitable on December 31? Is there recapture and a loss of credits? The answer: it depends.

Let's assume you own a building with a credit period of 2011 - 2020, and during an August 2017 hurricane, the building loses the roof and sustains severe water damage. Because the loss was "sudden, unexpected or unusual," it would be deemed a casualty loss. What are the financial effects of this situation? There are several factors that have major ramifications.

PortfolioHighlightsPortfolio Highlights
Expanding our Portfolio

CAHEC has added the following properties to our portfolio:

New Construction

Logan Senior Apartments - Logan, WV; 36 units for seniors; Developer: AU Associates, Inc.

Ravenwood Crossing - Rocky Mount , NC; 80 units for families;  Developer: The Woda Group

Smith Creek Apartments - Bermuda Run, NC; 80 units for families; Developer: Stuart LeGrand and Fred G. Mills, Jr. 

Acquisition & Rehab

Springhill Apartments - Stanton, VA; 108 units for families;  Developer: Virginia United Methodist Housing Development Corporation

Fully Qualified

Congratulations to the following properties who have achieved 100% occupancy:

- Battle Forest - Kings Mountain, NC 
Roanoke Apartments  - Williamston, NC
Glen Lake  -  Smithfield, NC
Robinson Park  -  Harrisonburg, VA
Oak Forest  Dallas, NC

quick-linksQuick Links

Like us on Facebook View our profile on LinkedIn Find us on Google+ Follow us on Twitter View our videos on YouTube
Copyright 2017 Community Affordable Housing Equity Corporation 

This institution is an equal opportunity provider.