CAHEC Connection: October 2024 Newsletter

Hurricanes Helene and Milton

We are devastated by the impacts Hurricanes Helene and Milton had on many areas of our footprint, and we are thankful for the incredible first responders and volunteers that are helping our communities recover.

We are committed to helping as communities rebuild and want to remind our partners of the CAHEC Foundation's Disaster Relief Initiative, which provides support to residents in a time of crisis. To learn more about this resource and see if your community qualifies, please reach out to Stefanie Lee at slee@cahec.com.

CAHEC New Markets Receives $50 Million Allocation

Last month, the U.S. Department of Treasury's CDFI Fund awarded CAHEC New Markets $50 million of New Markets Tax Credits (NMTC) allocation authority under the CY 2023 allocation round. The NMTC allocation will finance high-impact community facilities throughout the Southeast and mid-Atlantic regions, creating new jobs and improving access to education, healthcare, and essential goods and services in high distress, low-income communities.

Brian Oxford, Director, Community Capital, says he is "honored and proud we were selected from a highly qualified applicant pool and excited to work on deploying the allocation to impactful projects responding to community needs."

New Faces at CAHEC

We're excited to introduce five new faces to the CAHEC staff! Lauren Jackson and Andrea Pedone both joined the Finance & Operations team, Ashlee Odom joined the Investor Relations team, and Darius Walton and Shrey Vasireddy joined our Acquisitions and Risk Management team. Each brings a tremendous amount of knowledge to their respective roles, and we're so glad to have them join us!

Portfolio Highlights

CAHEC has added the following properties to our portfolio:

Blackville Garden Apartments - Blackville, SC; Acquisition/Rehab of 24 units for families; Developer: CAHEC Development, LLC

Canterfield Manor Apartments - Denmark, SC; Acquisition/Rehab of 20 units for seniors 62+; Developer: CAHEC Development, LLC

Lakeshore Villas - Arden, NC; New Construction of 120 units for families; Developer: Mountain Housing Opportunities, Inc.

Overlook Ridge Apartments - Stuarts Draft, VA; New Construction of 50 units for families; Developer: Surber Development and Consulting, LLC

Shepherd's Village - Daleville, AL; Acquisition/Rehab of 42 units for families; Developer: Rowlett & Company

Congratulations to the following properties on achieving 100% occupancy:

Oakhill Apartments - Spring Hope, NC

Valdese Village - Valdese, NC

Wintergreen - Winterville, NC

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