Created in 1992 to help finance the development of affordable rental housing in North Carolina, CAHEC today is a nonprofit regional equity syndicator headquartered in Raleigh. Over the past two decades our territory has moved beyond North Carolina's borders to encompass eleven southeastern and mid-Atlantic states plus the District of Columbia. Our core business has also expanded from an exclusive focus on qualified low-income housing tax credit developments to include a variety of tax-credit preservation and community revitalization projects.
As we have broadened our tax credit expertise, we have also evolved into a service organization whose principles and values support our mission. Overall, our mission is to better meet the needs of our partners and ensure that the long-term impact of our efforts is the provision of sustainable and healthy communities. Specifically, CAHEC's mission is twofold:
- to raise and invest equity capital in qualified low-income housing tax credit projects and other tax credit products
- to provide capital through a series of Community Investments that (i) empower residents, (ii) promote the development of affordable rental and ownership housing, and (iii) foster sustainability within the communities we serve.
CAHEC's commitment to fulfilling its mission can be measured by our numerous achievements.
Working with our partners, we are addressing the nation's growing shortage of affordable housing by providing households earning 60% or less of the area median income with quality rental housing. Since the company's founding, CAHEC has raised and committed more than $1.4 billion toward the development of nearly 21,000 units of affordable housing. CAHEC also manages historic-only credit funds. More recently, CAHEC New Markets, LLC, has begun to support the development and redevelopment of commercial and mixed-use real estate in distressed and rural communities.
We have also been a leader in the area of supportive services. In 1998, we created a set of tenant-based Community Programs designed to empower residents living in developments we help finance. Other grants (Investor Initiatives, Open Doors Homeownership Grants) and lending programs join forces with all of our Community Investments to underscore our commitment to sustainable performance at every level. In short, we have granted more than $7.2 million and lent more than $5.7 million toward a variety of Community Investment initiatives.
Performance is key at CAHEC. We have built a reputation for teamwork by being responsive, providing quality service, and maintaining high professional standards. Fundamentally, we are dedicated to building long-term relationships and winning collaborations with all of our partners.
The Griffin, Asheville, NC