Like us on Facebook  View our profile on LinkedIn Follow us on Twitter View our videos on YouTube
CAHEC Connection                                           January 2020

In This Issue

While Florida has been part of CAHEC's footprint for several years, it wasn't until late last year that we entered the state with four new investments, three using Low-Income Housing Tax Credits (LIHTC) and one using New Markets Tax Credits (NMTC). Florida can be tricky given the diverse geographic markets within the state. The Florida Housing Finance Agency's unique approach to allocations, which are awarded using a lottery system, can also require significantly more effort and cost by developers to complete a project.

The three LIHTC investments, Southern Villas of Madison, Southern Villas of Perry, and Orangemont Village I, are all acquisition/rehab properties developed by The Hallmark Companies that offer 106 units of affordable housing for families in Madison, Taylor, and Polk counties. "Given CAHEC's strong relationship with Hallmark and their prior LIHTC experience in Florida, it made sense for us to partner with them on these developments," explained Kate Hammer, Manager, Acquisitions for CAHEC. "This is the first major renovation that these properties have seen since they were built over 30 years ago. The $50,000 per unit in hard costs will be used to modernize the units so they can provide quality affordable housing for the next 20 years."

It has also been a challenge finding the right opportunity to invest NMTC allocation in Florida, a CDFI Fund targeted NMTC underserved state. CAHEC New Markets achieved its goal in November 2019 by providing $10,250,000 of allocation to the North Florida School of Special Education



CAHEC has been around for over 28 years, and part of the reason we've been so successful is because of our great partners and residents. The other part of our success is directly attributed to the CAHEC staff, which now includes 44 people. To recognize employees for their hard work and dedication to our team, we're kicking off a series of Employee Spotlights so our partners can get to know our team members even better.

Erin Griffin, our VP, Finance and Operations, recently celebrated her 20-year anniversary at CAHEC. She currently oversees multiple divisions, including Finance & Human Resources, Communications, Operations, and CAHEC Capital. Erin has had a front row seat to watching CAHEC grow into the syndicating powerhouse it is today. She started in January 2000 as an Administrative Assistant/Bookkeeper. "I was so excited to join CAHEC it didn't matter what my title was," Erin explained. "There were no departments at CAHEC when I started, so one of the first projects I participated in was creating departments and revising titles to better align with a position's functions. Soon after the Finance & Administration department was created, I was promoted to manager." Later on, Erin was made a Vice President of her department and now leads a team of nine people. 

In the beginning of her career at CAHEC, Erin's role was a lot different. "When I first started, we were a smaller company, so I oversaw Human Resources, CAHEC accounting, equity fund accounting, marketing, and operations. I was very hands-on and in the trenches." Over time, information technology and Community Investments were also added to her department. "Performing all those functions really gave me a true understanding of CAHEC as a whole. I laugh now when I think back to when I used to produce our newsletter and I'd stay late to print them and bring copies home to fold in half for mailing the next day."


2019 was a great year for CAHEC and it was only possible because of our wonderful partners and residents! Take a look at the video below to see a few of our favorite highlights as we welcome a new year full of wonderful possibilities!

CAHEC 2019 Recap


MIAMission in Action

  • Last year, the CAHEC staff volunteered over 1,000 hours at various local non-profits throughout our community. To kick off 2020, we spent time volunteering at the Food Bank of Central and Eastern North Carolina, which is one place you can find us every month! 
  • Congrats to Glenwood Gardens, a senior community in Gastonia, NC, on being awarded an $8,500 Rex Williams Wellness Grant from the CAHEC Foundation! Residents will be able to enjoy a treadmill, recumbent bike, cascade rower, free weights, and medicine balls to help keep them active on-site. 
portfolioPortfolio Highlights
Expanding our Portfolio

CAHEC has added the following properties to our portfolio:

New Construction

Boys and Girls Club of Cabarrus County - Concord, NC; NMTC:  A 29,112 SF expansion of the Boys & Girls Club's existing facility providing a 76% increase in space. The project includes a teen center for high school students and expanded space for middle school youth; a performing arts room with a stage that opens into a new multi-purpose area, seven activity rooms, and a cafeteria. The expansion will increase the club's daily capacity from 450 to 750 youth and overall enrollment from 1,300 to 2,200 of which 80% are considered low-income and receive reduced cost or free enrollment. The club currently serves students from 17 of 21 Title I schools in Cabarrus County and with the expansion will be able to serve all 21. Developer: Boys & Girls Club of Cabarrus County

Britton Village  - Salisbury, NC; 80 units for families; Developer: Scantland, Inc.

Helping Up Mission - Baltimore, MD; NMTC:  A 131,557 SF new construction facility that will include up to 260 beds for a one-year, residential substance abuse recovery program for women and their children experiencing poverty, homelessness, and addiction. In addition the facility includes an emergency shelter, commercial kitchen and dining hall, clothing/toiletries distribution center, childcare area, classrooms and multi-purpose rooms, a primary care/wellness center, mental health service area, workforce development and education center, administrative offices, and a recreation area. The Women's and Children's Center is expected to serve 300 individuals annually. Developer: Helping Up Mission

Acquisition / Rehab

Pleasant Valley Apartments - Lynchburg, TN; 33 units for seniors; Developer: The Hallmark Companies, Inc.



roadOn the Road
CAHEC will be attending the following upcoming events:

Jan 16 North FL School of Special Education Ribbon Cutting - Jacksonville, FL
Jan 21-23 NAHB IBS Conference - Las Vegas, NV
Jan 29-31 Novogradac NMTC Conference - San Diego, CA


linxQuick Links


Like us on Facebook View our profile on LinkedIn Follow us on Twitter View our videos on YouTube
Copyright 2020 Community Affordable Housing Equity Corporation 

This institution is an equal opportunity provider.