Upload
others
View
9
Download
0
Embed Size (px)
Citation preview
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
O O
UR P
ARTN
ERS
4
annualBY T
HE N
UM
BERS
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
5
BY T
HE N
UM
BERS
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%
/ / / / / / / / /
6
expanding our portfolioSTREN
GTH
EN
ING
CO
MM
UN
ITIE
S
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
7
georgia preservationSTREN
GTH
EN
ING
CO
MM
UN
ITIE
S
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.
8
property spotlightSTREN
GTH
EN
ING
CO
MM
UN
ITIE
S
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
9
standing outSTREN
GTH
EN
ING
CO
MM
UN
ITIE
S
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
10
STREN
GTH
EN
ING
CO
MM
UN
ITIE
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
11
STREN
GTH
EN
ING
CO
MM
UN
ITIE
Scommunity investments
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
12
CAHEC partners conferenceCREATIN
G P
ARTN
ERSH
IPS
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
13
2014 CAHEC award recipientsCREATIN
G P
ARTN
ERSH
IPS
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
14
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.
CH
AN
GIN
G L
IVES
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
AN
GIN
G L
IVES
15
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
Connect with Us