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CAHEC Connection
December 2019
In This Issue

The CAHEC Foundation partnered with the  Second Harvest Food Bank of Northwest North Carolina  last week to sponsor a food box distribution for low-income families. This is our third time participating in an initiative of this kind. Each family who came to the distribution site received enough produce, bread, meat, and non-perishable items to provide over 25 meals for their family.  Nearly 100 families received boxes filled with nutritional food options that day.

It was an honor for several CAHEC staff to be on site to help package and distribute the food items to families in need. "Our organization works hard to provide safe, affordable housing to low-income families - and the CAHEC Foundation goes beyond housing to provide resources to families that live in and around the communities CAHEC has financed," explained Stefanie Lee, Community Relations Specialist for CAHEC. "This is the kind of work that really amplifies our mission, and we were so proud to be there to see it in person."

If your organization is interested in helping the CAHEC Foundation continue their Nutrition Assistance outreach, contact Stefanie Lee at [email protected].


By: Andy Bowden, CAHEC Board of Directors

Did you know the IRS recently released a memorandum (PTMA-2019-04) providing guidance on common area noncompliance? To better explore some of the details outlined in PTMA-2019-04, let's take a closer look at a recent example of common area noncompliance and how it applies.

In November, Spectrum Enterprises inspected a project in a state where we are the Authorized Delegate. The property consists of ten residential buildings and one community building, and had recently sustained a lot of damage due to severe storm conditions. Several units in nearly every building had been rendered uninhabitable for a short amount of time, but were now back online. Overall, the project looked great with the exception of a community building that had also sustained a lot of damage. Management stated that they had made the decision to forego repairing the community building to make sure they got all the residential units repaired by year-end.

The community building consists of a management office area and a maintenance garage. Management rationalized that since the management functions were being adequately handled at a nearby property and the maintenance area was still usable even though it had a lot of water damage, there was no effect on the tenants, and thus, no big hurry to complete repairs. Because 100% of the units were in service, they felt that there were no LIHTC compliance issues. They also felt that since the damage was relatively minor - window damage and water damage to roughly 10% of the interior - that it was deemed "de minimis" and therefore not reportable to the IRS.


 

We're excited to introduce a new member of the CAHEC organization!

 

Jenna Corso joined CAHEC last month as an Asset Management Analyst. She brings a lot of experience in accounting and Excel, and her skills in preparing, analyzing, and reconciling balance sheets, income statements, and cash flow statements make her a perfect addition to the Asset Management team.

"We are excited to have Jenna join us and help increase the capacity of our team to further CAHEC's goals," stated Rebecca Dawes, Manager, Asset Management. 

Please join us in welcoming Jenna to the CAHEC family!

 
MIActionMission in Action
  • Did you get a chance to view our 2019 holiday card? If not - click the video below for a quick greeting from the CAHEC staff. We truly appreciate your partnership and look forward to a successful 2020!
  • The dates are set for our 19th annual CAHEC Partners Conference, but we need YOUR help setting the agenda! Is there a hot topic in our industry you want to learn about? Is there a specific speaker you think will stand out? Reach out to Amy Green at  [email protected]  with speaker and session ideas. We would love to incorporate your feedback into our event! 
porthighPortfolio Highlights
Expanding our Portfolio

CAHEC has added the following properties to our portfolio:

New Construction

North Florida School of Special Education  - Jacksonville, FL; NMTC: The expansion and renovation of a school that provides high quality education and vocational training for students and post-graduates 22 to 40 years old with intellectual and developmental differences. The project includes three components: a new 32,000 SF lower school with eight classrooms, four therapy rooms, a library, fine arts complex, full-sized gymnasium, and commercial teaching kitchen; a new equestrian therapy center; and renovation of the existing school building.  Developer: North Florida School of Special Education

Acquisition / Rehab

Orangemont Village I - Madison, FL; 34 units for families; Developer: Hallmark Companies, Inc. 

Southern Villas of Madison - Madison, FL; 36 units for families; Developer: Hallmark Companies, Inc.

Southern Villas of Perry  - Perry, FL; 36 Units for families; Developer: Hallmark Companies, Inc. 


 
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This institution is an equal opportunity provider.