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CAHEC Connection                                   December 2018

In This Issue

The CAHEC Foundation recently partnered with the Second Harvest Food Bank of Northwest North Carolina to sponsor a food box distribution for low-income families. The first phase of this program took place in Sophia, NC, where nearly 160 families received boxes filled with nutritional food options. Each family who came to the distribution site received enough milk, produce, bread, and non-perishable items to provide 25 meals for their family. During the distribution, an appreciative recipient commented, "I am a single mother with four children, and my oldest daughter recently fell on hard times and had to move back in with me, along with her husband. You don't know how much this food means to our family, especially now." 


It was an honor to have CAHEC staff 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 slee@cahec.com.


By: Andrew Bowden, CAHEC Board of Directors

The initial response when the new Income Averaging (IA) rule was announced was overwhelmingly positive. On the surface it appeared to be a tool that would allow projects to rent-up easier and produce more income. However, eight months later, it seems that IA may not be the slam dunk that many thought it would be. Because the IRS has still not published regulations, state agencies - anxious to move forward - are formulating their IA programs to best meet the needs of their particular state. Although there has always been some inconsistency between the states on the implementation of certain compliance issues, this topic seems to offer much more variance than ever witnessed before.

As a quick refresher, IA offers an alternative minimum set-aside option whereas the owner can utilize a mixture of 20%, 30%, 40%, 50%, 60%, 70% and 80% units to satisfy a 60% or lower average. On the surface it sounds pretty simple, but the very first set of files my company, Spectrum Enterprises, Inc., received to review from a client included units at 100% AMI and higher - with the average of all the units at 80%. Maybe it isn't as simple as we initially thought! Below are three basic questions we hear most often regarding IA:


MIAMission in Action
  • Did you get a chance to view our 2018 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 2019!
CAHEC Holiday Card 2018

  • Volunteering at local organizations within our community is very important to CAHEC. We have collectively volunteered over 960 hours this year and look forward to more hours of service in 2019.
PortfolioPortfolio Highlights
Expanding our Portfolio

CAHEC has added the following properties to our portfolio:

New Construction

Adair Place  - Goldsboro, NC; 72 units for families; Developer: Pendergraph Development, LLC

Glenwood Ridge Apartments - Richmond, VA; 82 units for families; Developer: The Humanities Foundation, Inc. 

Fully Qualified

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

Sky Hope Recovery Center - Somerset, KY



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

Dec 20 Elkhorn City School Apartments Grand Opening - Elkhorn City, KY
Jan 6-11 The Special Event Company Conference - San Diego, CA


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Copyright 2018 Community Affordable Housing Equity Corporation 

This institution is an equal opportunity provider.