CAHEC Expands Affordable Housing and Community Support in 2024

The Community Affordable Housing Equity Corporation (CAHEC) has marked a year of substantial growth and impact in 2024, with the addition of 59 properties across six states. This expansion has created approximately 2,896 housing units, offering homes to an estimated 7,620 residents. The organization's efforts underscore a deep commitment to addressing the critical need for affordable housing and strengthening communities through strategic investments and comprehensive support programs.

Under the leadership of President and CEO Dana Boole, CAHEC has reinforced its position as a leading community investment organization in the Southern United States. The organization's annual impact report highlights not only the expansion of affordable housing but also significant community investments totaling $438,875. These funds have been directed towards educational and wellness opportunities, including providing 102,000 meals for families and 250 summer camp scholarships for low-income youth, showcasing CAHEC's holistic approach to community development.

A notable financial achievement for CAHEC in 2024 was the award of $50 million in New Markets Tax Credit (NMTC) allocations for the 2023 allocation round. This funding is earmarked for financing community facilities in the Southeast and mid-Atlantic regions, with a focus on job creation and improving access to essential services in high-distress, low-income communities. This development represents a significant opportunity to catalyze economic growth and enhance the quality of life for underserved populations.

The organization's annual Partners Conference, which attracted over 515 attendees from 29 states, reflects CAHEC's extensive network and collaborative ethos. Since its inception, CAHEC has developed and preserved 884 rental properties across 13 states, creating more than 42,000 affordable housing units. Furthermore, the organization has distributed over $18 million to support initiatives that empower low-income residents, demonstrating a long-term commitment to making a tangible difference in the lives of individuals and families.

CAHEC's multifaceted strategy encompasses investments in various tax credits, including low-income housing, historic, new markets, and renewable energy credits. Additionally, the organization offers loan programs, wellness and education initiatives, affordable housing development, and property management services. This comprehensive approach not only addresses immediate housing needs but also fosters sustainable community development, setting a benchmark for non-profit organizations in the sector.