CAHEC at WorkJuly 1, 2013 - June 30, 2014

MAKING AN

IMPACT

VISION

We envision sustainable communities offering housing and

life-changing opportunities to their residents.

MISSION

We provide communities with affordable housing and opportunities for

growth and revitalization by investing in qualiied tax credit products.

BOARD OF DIRECTORS

We are governed by directors with extensive experience in affordable housing, inance, real estate, and construction.

Kemper Baker

Tucker Bartlett

Terry Bibleheimer

Andrew Bowden

Marilyn Drayton

Roger Earnhardt

Andrew Foster

Michael Goodmon

Carol Jackson

Jan Roush

Dana Boole

LETTER T

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annualBY T

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CAHEC equity funds invested in 68 properties

producing 2,595 units.

jobs supported

4,557

1,651

Immediate Impact

Ongoing Impact

tenancy types

27 Elderly

34 Family

7 Other

construction types

4

48 Acquisition/Rehabilitation

15 New

5 Adaptive Reuse

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BY T

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cumulativeCAHEC equity funds invested in

491 properties producing 21,830 units.

properties by state

North Carolina

South Carolina

Virginia Georgia

West Virginia

Kentucky

Tennessee

Alabama

Maryland

$1.55 Billion

capital under management

tenancy types

179 Elderly

287 Family

20 Other

5 Special Needs

construction types

223202

202223 New

66 Adaptive Reuse

Acquisition/Rehabilitation

214 96

55

52

38

27

5

3

1

44% 20% 11% 10% 8 % 5% 1 % <1 % <1%

/ / / / / / / / /

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expanding our portfolioSTREN

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21c Museum Hotel DurhamCarmichael Building

Charles R. Drew Junior & Senior AcademyCooper Terrace

Davis Park ViewDot Foods Mid-South Distribution Facility

Eagle Market PlaceElk Valley II

Elk Village ApartmentsEmerald Forest Apartments

Fairfax Gardens Apartments Georgia Preservation Portfolio

Glenbrook MeadowsGlenwood School Apartments

Greenbrier EstatesHatcher Tobacco Flatts

Lovingston Ridge ApartmentsMannington Place Apartments

Mars Hill CommonsNew River Gardens II Apartments

North Glen ApartmentsPoplar Crossing Commons

Rooms To Go Dunn Distribution CenterShoals Manor Apartments

Shrewsbury VillageVCU Children’s Pavilion

Virginia Governor’s School of the ArtsViridian

Warsaw Manor ApartmentsWashington Court

Windsor ApartmentsWoods Landing Apartments

Durham, NCDurham, NCAtlanta, GAElkin, NCLexington, KYDyersburg, TNAsheville, NCElkview, WVElkview, WVBiscoe, NCRipley, WVGeorgia (37 properties)Garner, NCCharleston, WVBeckley, WVRichmond, VALovingston, VAManning, SCMars Hill, NCRadford, VASiler City, NCConcord, NCDunn, NCHuntington, WVCharleston, WVRichmond, VANorfolk, VALenoir, NCWarsaw, VAAbingdon, VAMetter, GADamascus, VA

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georgia preservationSTREN

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Apple Lane

Apple Village

Ashton Village

Autumnwood Village

Azalea Village

Briarwood Village

Brooks Hill

Brooks Lane

Brooks Point

BrooksieldBrookstone

Carson Village

Cherry Lane

Deerwood Village

Doyle Village

Edison Village

Falls Park

Forest Glen Village

Gibson Village

Hamilton Village

Highland Village

Holly Village

Houston Village

Laurel Village

Maple Lane

Meadowbrook Village

Oak Village

Pecan Village

Pine Village

Quail Run

Rosewood Village

Santa Ana

Shady Grove

Talbot Village

Westview Village

Willowpeg Lane

Willowpeg Village

Lexington, KY

After numerous years of

planning and teamwork,

WWJ, LLC, an afiliate of Boyd Management, Inc., and

Greystone Affordable Housing

Initiatives, LLC, partnered on

a $117 million multifamily transaction, positively

impacting multiple communities in the state

of Georgia.

Their efforts helped modernize and recapitalize the limited

stock of existing affordable housing located in rural Georgia by

inancing the acquisition and rehabilitation of 37 affordable

housing properties. In total, this collaboration preserved 1,362

units that serve low-income households in 30 counties. The

inancing, which was a combination of public and private funding,

included more than $31.5 million of Low Income Housing Tax Credit

equity generated by CAHEC. Completed this fall, the rehabilitation

plan consisted of substantial improvements to the interior and

exterior of the communitites.

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property spotlightSTREN

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Concord’s charming downtown and close

proximity to Charlotte are drawing retireesto the area. This population increase, which

has been steady over the last ten years and

doesn’t appear to be slowing down, made

Concord an ideal location for a new LIHTC

community. The demand for this type of

housing was already clear, but completion of

Brooke Pointe Manor drove the need home.

Once construction on the community was

complete, the attractive development was

100% occupied within three months.

Originally built in 1994, The View at Landwood

Ridge was long overdue for a make-over.

The renovation, which took place in 2013,

included a substantial overhaul of all units:

brand new appliances, a storage area, central

A/C, a balcony or patio, and a user-friendly

intercom system. The community spaces were

modernized, too. Residents can now enjoy a

media room, arts and crafts area, business

center, and community room. The revitalized

development provides Greenville seniors with

an affordable place they’re proud to call home.

Built as replacement housing for public housing

from the 1950s, Cottages at Arbor Pointe offers

residents the opportunity to live in brand new

apartments, something many of them had

never experienced before. Larger units, modern features, and an abundance of community

space are just some of the amenities offered

to the tenants. Cottages at Arbor Pointe is

providing many long-time Columbus seniors

much-deserved access to affordable housing.

Affordable housing was in high demand in

Goldsboro - the last LIHTC property for seniors

opened in 2002, and all other affordable housing

in the area operated with waiting lists. The City

of Goldsboro recognized the need and teamed

with developers to create the city’s newest

LIHTC property. In addition to state and federal

tax credit allocations, The Highlands utilized various funding sources, including a $300,000

permanent inancing loan from the city. This successful collaboration between partners was

an important step towards providing more safe,

affordable housing for Goldsboro’s seniors.

The Highlands Developer: RHA/Housing, Inc. and Bridgeland Development, LLC

Location: Goldsboro, NC

New Construction / Elderly / 60 units

Brooke Pointe ManorDeveloper: Solstice Partners, LLC

Location: Concord, NC

New Construction / Elderly / 60 units

The View at Landwood RidgeDeveloper: United Housing Associates, Inc.

Location: Greenville, SC

Acquisition & Rehabilitation / Elderly / 48 units

Cottages at Arbor PointeDeveloper: New Affordable Housing Partners, LLC

Location: Columbus, GA

New Construction / Elderly / 120 units

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standing outSTREN

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In September 2013, First Ward School Apartments

was named winner of a J. Timothy Anderson Award for

Excellence in Historic Rehabilitation.

First Ward School has been a part of the Elkins, West Virginia,

community since 1908, and served as a school for nearly 70 years

before it was converted into a warehouse for the school district in

1976. AU Associates, Inc., renovated this vacant and deteriorated

building into 16 affordable one- and two-bedroom apartments for

seniors earning 60% or less of the area median income. Fortunately,

the building had incurred very little structural damage. This allowed

the development team to keep many of the features that made

the architecture and design of the building famous, including wide

hallways, high ceilings, and refurbished woodwork. Congratulations to

AU Associates, Inc., and First Ward School Apartments on winning

this prestigious award.

The “Timmy Awards” honor outstanding real estate projects using

federal or state historic tax credits to rehabilitate older, historic

buildings. To learn more, visit J. Timothy Anderson Awards.

First Ward School ApartmentsBest Historic Rehab Utilizing LIHTC (Small/Under $5 million)

Developer: AU Assolciates, Inc.

Sponsor & Property Management Company: Randolph County Housing Authority

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Snew markets tax credit program

The U.S. Department of the Treasury’s CDFI Fund awarded CAHEC

New Markets, LLC, $45 million of New Markets Tax Credit allocation

authority from the tenth allocation round. Charles R. Drew Junior

and Senior Academy, located in Atlanta, Georgia, is one of CAHEC’s

investments utilizing this allocation.

CAHEC New Markets, LLC, provided $12 million of funding for the expansion of

the successful Charles R. Drew Charter School – the City of Atlanta’s irst charter

school – that opened in 2000. The new 205,000 square foot middle and high school,

which welcomed students for the 2014-2015 academic year, created 1,000 new

student seats.

The students have accomplished signiicant academic achievement over the years.

When the doors irst opened in 2000, it was the worst performing elementary school

in Atlanta. The elementary school and middle school are now ranked irst and third,

respectively, among Atlanta Public Schools. The new middle and high school will enable

students to continue their strong academic performance, which will help the school fulill

its “Cradle-to-College” mission. Construction of the school created 297 jobs and 85 new

permanent jobs are expected at full enrollment.

21c Museum Hotel Durham – Durham, NC

Carmichael Building – Durham, NC

Dot Foods Mid-South Distribution Center – Dyersburg, TN

Charles R. Drew Junior and Senior Academy – Atlanta, GA

VCUHSA Children’s Pavilion – Richmond, VA

Rooms To Go Dunn Distribution Center – Dunn, NC

Investments inanced through CAHEC New Markets’ 2012 allocation:

Charles R. Drew Junior and Senior Academy (Photos by Jonathan Hillyer)

VCUHSA Children’s Pavilion Carmichael Building (interior) 21c Museum Hotel Durham

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predevelopment loans

Predevelopment loans provide a source of funds for

nonproit entities to pay for expenses related to planning

tax credit-eligible developments for which CAHEC-

sponsored equity funds would have an interest in

providing investment capital.

carryover loans

Carryover loans are structured as short-term bridge

loans until the construction loan and tax credit equity

can close. The loans assist developers with executed

CAHEC equity offers with predevelopment and application

costs, the costs to purchase land, and other interim costs

as needed.

open doors homeownership grant

The Open Doors Homeownership Grant is offered to nonproit entities engaging

in the development of affordable housing for sale to low-income households

living in areas that CAHEC serves.

Last year, CAHEC awarded grants to the following organizations:

Cape Fear Habitat for Humanity – Wilmington, NC

Charlotte-Mecklenburg Affordable Housing – Charlotte, NC

Habitat for Humanity Goldsboro-Wayne – Goldsboro, NC

Habitat for Humanity of Greater Miami – Miami, FL

Lexington Housing Community Development Corporation – Lexington, NC

Self-Help Community Development Corporation – Charlotte, NC

annual

$0

cumulative

$470,000

annual

$1,833,400

cumulative

$10,860,650

annual

$50,000

cumulative

$310,000

Cape Fear Housing Land TrustLocation: Wilmington, NC

Grant Recipient

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CAHEC partners conferenceCREATIN

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Of course, there is never a shortage of opportunities for our guests to have a

good time during the Partners Conference. Attendees shared conference photos,

enjoyed networking opportunities, and gathered for a baseball-themed reception

and dinner to help us “Hit It

Out of the Park for Affordable

Housing.” As always, we also

recognized the dedication and

achievements of our partners

and residents at the Partners

Appreciation Luncheon.

Eighty-four partners helped sponsor the 2014 CAHEC Partners Conference. Their

generosity allows us to provide a high-caliber program free of registration fees.

We are grateful for our partners’ dedication to affordable housing and appreciate

their continued support.

CAHEC welcomed nearly 500 partners and friends in the

affordable housing industry to the 13th annual Partners

Conference. Developers, investors, and tax credit professionals

learned about current economic, legislative, and regulatory issues

impacting the tax credit industry as well as investors’ perspectives

on equity trends. Concurrently, management agents and site

personnel participated in interactive sessions that equipped them

with the tools for managing a tax credit community.

“Once again, CAHEC put

on a fun, informative, and

wonderfully organized

event. Keep up the great

work, CAHEC!”

- Annual Conference Survey

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2014 CAHEC award recipientsCREATIN

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Investor of the Year

Metropolitan Life Insurance Company

CAHEC Values Award

Steven James

Landura Management Associates

Community Programs - Participant of the Year

Marsha Day

Woodland Village

Hudson, NC

Community Programs - Partner of the Year

Partnership Property Management

Outstanding Historic Development

Maureen Joy Charter School

Durham, NC

Outstanding Family Development

Brentwood Place

Forsyth, GA

Outstanding Elderly Development

Bowman Manor

Garner, NC

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CAHEC supports its partners with a number of grants designed to invigorate and support historically underserved households and

neighborhoods. CAHEC considers its Community Programs an investment in the properties CAHEC helps inance and the people who

live in its housing developments. Community Programs provide residents with the resources to take control of their lives, improve

their prospects for success, and help their communities thrive.

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community programs

Rex Williams Wellness Centers property itness equipment for residents’ well-being

Technology Learning Centers property computer equipment for residents’ use

Community Grant property amenities and enhancements

David T. Peet Adult Scholarship assistance to residents for post-secondary education

Senior Recognition community interaction for senior residents

Youth Recognitionacademic interaction for youth residents

Supportive Services Coordinator Initiativeassistance to developers for promoting resident services

Homeownership Programassistance to residents for the purchase of a home

(discontinued in 2012)

$791,300

$446,100

$987,100

$723,500

$864,400

$436,800

$269,900

$87,700

grants

$93,400

$67,700

$137,200

$87,500

$348,300

$35,100

$68,400

n/a

annual cumulative

TOTAL $837,600 $4,606,800

community programs highlightsCH

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youth recognition

The Youth Recognition Program encourages improved academic achievement and positive behavior among youth residents. Upon completing the program,

50 students attended an activity-illed recognition trip at the YMCA Blue Ridge Assembly in Black Mountain, NC. In addition to academic success, youth

residents participated in more than 1,500 hours of community service.

senior recognition

The Senior Recognition Program promotes an active quality of life for

senior residents by encouraging their participation in community activities

and volunteer opportunities. Upon completing the program, 374 residents

attended a recognition trip where they enjoyed meeting other residents

from CAHEC-sponsored properties. Senior residents participated in more

than 68,000 hours of community activities.

Residents love u

sing the

computer center; it ’s e

ducat ional

and helpful to everyone who uses

it.

Several residents u

se the

f itness equipment eve

ry day.

It ’s a wonderful addit io

n to the

community and we really enjoy it!

Scholarship money is diff icult

to f ind as an adult going

back

to school. Th is

is a tremendous

benef it of l iving here!

Our residents enj

oy the

outdoor community space

among many other amenit ies that

are improving their qualit

y of life.Th is se

nior program helped me get

to know my neighbors and com

munity.We hiked up a mountain an

d it

was really steep,

but we made it

to the top. Th i

s was the best re

ward

trip ever!

7700 Falls of Neuse Road

Suite 200

Raleigh, NC 27615

(919) 420-0063

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