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CAHEC Connection October 2018
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Last month, several CAHEC staff participated in a Playhouse Build in partnership with Habitat for Humanity of Durham. As part of the "A Home for the Holidays" project, nonprofits from around the Triangle make a donation to the Habitat affiliate in exchange for a team building day. Each nonprofit organization constructs, decorates, and assembles a playhouse to be auctioned off in December at the American Tobacco Campus in Durham, NC. Proceeds from the auction will go towards building a Habitat home for a deserving family.
This year, our staff decided on a reading theme and decorated each side of the house with various Dr. Seuss characters. The inside was equipped with a chalkboard, desk, and bookshelf. We are excited to see our house on display in December, and hope the family that ends up with our playhouse spends lots of time imagining, dreaming, and learning in this extra special reading wonderland.
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The 2017-2018
Making an Impact: CAHEC at Work is now available online! Take a minute to explore this interactive platform and learn how we are positively impacting the residents and communities within our footprint.
"We haven't done this [work] alone. Our partners allow us to make a difference and share the impact their investments have made. To that end, thank you and I hope you enjoy this report."
-- Dana Boole, President & CEO
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By: Andrew Foster, CAHEC Board of Directors
Changes in federal tax law enacted last year through the Tax Cuts and Jobs Act of 2017 have had a significant impact on the affordable housing market. Among other things, these changes have put downward pressure on the amount that many investors are willing to pay for investments made in affordable multi-family buildings financed with the Low-Income Housing Tax Credit (LIHTC). In some cases, this means that affordable housing developers are facing gaps in their capital stack and need to find creative ways to do more with less.
The tax benefits now available for qualified investments through the new Opportunity Zone program may help ease this burden. Opportunity Zones, which were also approved as part of the Tax Cuts and Jobs Act of 2017, are the first significant affordable housing and community development financing tool authorized by Congress since the New Markets Tax Credit (NMTC). Like the NMTC program, the Opportunity Zone program creates a tax incentive for investing in specifically identified communities that face significant economic distress. The two programs, however, also have many differences. Among these - and most important - are that there is no cap on the amount that can be invested in Opportunity Zones and that Qualified Opportunity Zone investments likely include affordable rental housing. Additionally, if otherwise eligible, Opportunity Zone investments can be combined (or "twinned") with LIHTC equity. As a result, developers of LIHTC projects located in designated Opportunity Zones should explore whether this new incentive may be able to be part of their financing package.
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 Mission in Action
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- The CAHEC Foundation recently donated $10,000 to to Food Bank of Central and Eastern NC to help provide immediate resources to those affected by Hurricane Florence. We are proud to have partners in the community that are knowledgeable and quick to react when a disaster strikes.
- A big thank you to Square 1 Bank, a division of Pacific Western Bank, for their $25,000 donation to the CAHEC Foundation's Disaster Relief Initiative! Their funding will help us continue to offer resources to residents who have been impacted by Hurricane Florence.
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Portfolio Highlights
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Expanding our Portfolio
CAHEC has added the following properties to our portfolio:
Acquisition / Rehab
Brown Proctor Apartments - Winchester, KY; 49 units for seniors; Developer:
Smart Property Group, LLC / Carol Worsham
New Construction
Keswick II Apartments
- Spotsylvania, VA; 116 units for families; Developer: The Humanities Foundation, Inc.
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Fully Qualified
Congratulations to the following properties who have achieved 100% occupancy:
Pinegate Apartments - Marshville, NC
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On the Road
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CAHEC will be attending the following upcoming events:
| Oct 14-17 |
MRI Conference - Atlanta, GA |
| Oct 15-17 |
NCSHA Annual Conference - Austin, TX |
| Oct 17-19 |
Novogradac NMTC Conference - Austin, TX |
| Oct 21-23 |
NAHMA Fall Meeting - Washington, D.C. |
| Oct 24-25 |
North Carolina Housing Works Conference - Raleigh, NC |
| Oct 24-25 |
AHIC Fall Affordable Housing Summit - Carefree, AZ |
| Oct 25 |
Grand Opening - Rocky Mount Event Center - Rocky Mount, NC
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| Oct 29-31 |
Homes Within Reach Conference - Harrisburg, PA |
| Nov 14-16 |
Virginia Governor's Housing Conference - Richmond, VA |
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Quick Links
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