CAHEC Connection: August 2020 Newsletter

Brian Coyle Receives Long Leaf Pine Award

for Contributions to Affordable Housing

The Long Leaf Pine award, established in 1963, is designed to recognize individuals who have made significant contributions to the state of North Carolina through service to their communities. Individuals who receive this award, given by the governor, have the honor of becoming Ambassadors to the Order of the Long Leaf Pine Society.

Pictured above from left to right: Peter Duffley, Brian Coyle, and Dana Boole.

Brian Coyle, who has been involved with CAHEC since 2001, was awarded the Long Leaf Pine award in July in recognition for his contributions to both the state and his community. Brian served as Senior Vice President and Community Reinvestment Investment Manager for BB&T, where he oversaw the bank's investments in the Low-Income Housing Tax Credit (LIHTC) program and supported the development of affordable housing in North Carolina and across the Southeast. For decades Brian worked with developers, vendors, owners, and managers to provide safe and affordable housing to low-income communities in need. Not only was Brian fundamental to many of these projects, he also helped facilitate the bank’s financial support of programs offered by the CAHEC Foundation, which empowers residents to succeed through wellness and education. Brian's professional work, attitude, and service all truly exemplify the CAHEC principles of integrity and social responsibility.

Divergence of Wealth & Income in Our Economy

Written By: Kemper Baker, CAHEC Board of Directors

We the people do not agree on very much these days. Many Americans believe, though, that inequality – whether measured by income or wealth – is cause for concern. By nearly every measure, at least since 1970, inequality has become greater over time. As we all know, the impact of wealth inequality in the economy plays an important role in affordable housing.

Starting in the 1940s, household incomes were growing and inequality was diminishing overall, but things began to change over time. From 1970 until 2018, median household income for the top third of earners rose by nearly two thirds, while everyone else experienced gains of less than one-half. Additionally, from the late 1970s until the late teens of this century, the share of income going to the top one percent of earners rose from under 10 percent to more than 20 percent. To be sure, the two recessions early this century reduced those shares significantly, and while upward trends have since been restored, income and wealth recovery from The Great Recession is incomplete, at least from the latest data.

Observers have put forth numerous possible causes for the divergence of incomes and wealth across our economy. The Pew Center, for instance, cites technology, globalization, the decline of union influence, and the eroding value of the minimum wage. This list, while not exhaustive, offers a starting point for consideration. Below are a few observations on why progress made from WWII to around 1970 ceased and has actually been unwinding.

Mission in Action

Congrats to Pleasantburg Senior Apartments in Greenville, SC, on receiving a Rex Williams Wellness Grant from the CAHEC Foundation! Residents will have access to a treadmill and two elliptical machines to help keep them active onsite. We're sure they'll enjoy this amenity when it's finally open!