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CAHEC Connection
September 2019
In This Issue

A couple of CAHEC employees recently attended an on-site event at Autumn Trace Apartments in Raleigh, NC, and heard a former resident sharing her story. We knew this was one testimony we had to pass along to our partners.

Nervahna Crew was a resident of Autumn Trace Apartments for 10 and a half years. "I was a young, single mother who needed an affordable living option and stumbled across the application for Autumn Trace while it was being built. I prayed I would be eligible (and was) and stayed there for as long as I could. I was able to make great friends with my neighbors, become a member of a growing community, and learn how to save up for when it was time for me to move on."

Part of the reason Nervahna stayed at Autumn Trace for so long was because it was across the street from her grandmother's home. "I felt obligated to stay nearby as her health was declining. After she passed, I knew I could start making plans to give my son a home of his own." Determined to purchase her dream home, she began researching ways to become a homeowner and found the USDA Rural Development Program. Nervahna received counseling and started paying off debts to clean up her credit. "I listened intently to their instructions and it worked in my favor. I paid things off little by little, but in the beginning of 2017 I decided to go all in and within three months, I had been approved for a loan, found a home, closed on it, and moved. It was the most exciting yet nervous experience of my life. I wouldn't trade it for the world after seeing the smile on my son's face when he walked into his new home!"



 

A few weeks ago, several CAHEC staff came together for a Community Outreach Project where they dedicated time and resources towards a volunteer event that helped members of our community. The team partnered with the Realtor Foundation of Wake County and Healing Transitions to help up-fit two apartments for individuals recovering from drug addiction. Take a look at this video to see how their day went!


 


 

And also a special thank you to The Green Chair Project for their help in making the apartments feel more like home!

 


We're excited to introduce two new members of the CAHEC organization!

 

Lori Bryant (left) joined CAHEC in August as a Closing Coordinator. Lori brings seven years of experience as a paralegal where she primarily worked on commercial real estate transactions and joint venture partnerships. In her most recent role, she worked on a variety of complex renewable energy issues involving corporate, land use, and real estate matters. 

 

Tara Campbell (right) also joined CAHEC in August as the new Manager, Lending for CAHEC Capital. Tara has over 17 years of experience in the financial services industry including community development lending, commercial real estate lending, and relationship management. 

 

Please join us in welcoming Lori and Tara to the CAHEC family!


 

missioninactionMission in Action

  • On September 4, CAHEC staff attended the ribbon cutting for the Southeast Raleigh YMCA . CAHEC is proud to help finance the shared facility for the new Southeast Raleigh YMCA and Wake County Pre-K-5th grade elementary school with $15 million of New Markets Tax Credit allocation. The project received a total of $21 million of allocation including $6 million from SunTrust Community Capital which also was the tax credit investor. Congratulations to the YMCA of the Triangle and the Southeast Raleigh Promise , a Purpose Built Communities network member, for completing the first phase of the Beacon Campus in Southeast Raleigh! We're looking forward to seeing how the Beacon Campus revitalizes the Southeast Raleigh community.
  • Congratulations to Oakwood Manor in Bennetsville, SC, and Fairmeadows Apartments in Latta, SC, on each receiving a Rex Williams Wellness Grant from the CAHEC Foundation! With their grant funding, they were both able to install a treadmill, stretch band sets, and fitness posters in their on-site wellness center. We can't wait to hear how much the residents love using this amenity!
porthighPortfolio Highlights
Expanding our Portfolio

CAHEC has added the following properties to our portfolio:

New Construction

Bingham Park - Charlotte, NC; 60 units for seniors; Developer: Mosaic Development Group

East West Townhomes - Charleston, WV; 20 units for families; Developer: Grant Street Commons (Chris Sadd, Steve Sadd, Mark Sadd)

Pleasantburg Senior Apartments - Greenville, SC; 38 units for seniors; Developer: Flatiron Partners and Classic Development Company, LLC



Fully Qualified

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

Brown Proctor - Winchester, KY

Elkhorn City School Apartments  - Elkhorn City, KY

Hunter Oaks   - Seneca, SC

Poinsett Commons Apartments  - Travelers Rest, SC

Smith Creek  - Bermuda Run, NC

CAHEC will be attending the following upcoming events:


Sept 18
Better Housing Coalition 30th Anniversary - Richmond, VA
Sept 19
Tarboro Investment Opportunity Showcase - Tarboro, NC
Sept 22-24
Construction Managers Conference - Orlando, FL
Sept 24-25
VHA Credit Conference - Richmond, VA
Sept 26-27
IREM Global Summit / REME Awards - San Fransisco, CA
Sept 27
GAHC Fall Meeting - Atlanta, GA
Oct 7-8
NC Housing Works Conference - Raleigh, NC

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This institution is an equal opportunity provider.