CAHEC Foundation Provides Turkeys
for Thanksgiving
The CAHEC Foundation partnered with the Durham Children's Initiative over the Thanksgiving holiday to help provide turkeys to families in need. With our donation, they were able to purchase 30 turkeys and distribute them in time for everyone to enjoy their Thanksgiving meal.
"The grocery store had limitations on the number we could buy, but we convinced them to let us purchase 30 of them," Collin Leary, VP of Partnership, Evaluation and Development for DCI explained. "With the remaining funding, we will be able to assemble additional meal bags for December since we're stopping our meal service on the last day of school. We appreciate the CAHEC Foundation's support!"
Happy Holidays from CAHEC!
Being Prepared for a File Review
Written By: Andy Bowden, CAHEC Board of Directors

I asked our staff (The Spectrum Companies) for feedback regarding some of the basic issues that they are seeing while performing compliance file reviews of LIHTC properties and do you know what the top recurring theme was? Over and over, I heard that a lack of knowledge on the part of the site staff regarding the regulatory requirements for their project was an issue. LIHTC projects can have vastly different income levels, rent limits, programing requirements, etc., and it is important for the site staff to know exactly what these requirements are. It is certainly not unusual for us to show up at a property to conduct a compliance audit and discover that site staff is unaware of many of the requirements of their project. Oftentimes the information is held at the corporate office and never communicated to the site.

To help solve this issue, we recommend that all management offices contain a “LIHTC Football” in either a binder or a fastened file folder. This binder will contain the most important compliance project documents and should contain, at a minimum, the following:

  1. Regulatory Agreement: Every project has a deed restriction with the state credit agency that outlines most of the technical requirements that the project is bound to adhere to. This document may be referred to as a Deed Restriction, Extended LIH Agreement, Land Use Regulatory Agreement, or a similar name. The number of units, number of restricted units, and the income levels of the units is contained in this document. It is not unusual for us to audit a project where the manager is unaware of a commitment to have units set-aside at lower rent limits.
Portfolio Highlights
Expanding our Portfolio

CAHEC has added the following properties to our portfolio:

Acquisition / Rehab

Elk Meadows - Coalmont, TN; 24 units for families; Developer: Woda Cooper Companies, Inc.

Fully Qualified

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

East West Townhomes - Charleston, WV

West Village - Huntington, WV

Copyright 2020 CAHEC
This institution is an equal opportunity provider.