Community Affairs:
Article Archive > District of Columbia
Supporting Affordable Housing through Tax Credit Syndication
Community Affordable Housing Equity Corp (CAHEC) is a 501(c)(3) nonprofit low-income housing tax credit syndicator serving Alabama, the District of Columbia, Florida, Georgia, Kentucky, Maryland, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia. CAHEC works to create and maintain affordable rental and ownership housing in the areas it serves. Since its creation in 1992, CAHEC has developed more than 7,300 units of affordable housing. CAHEC also provides a number of supportive programs designed to assist the residents of the developments it has helped to finance.
As a tax credit syndicator, CAHEC structures equity funds using investors' capital. CAHEC's most recent fund is the South Carolina Preservation Fund II LP (SCPF II). SCPF II is a $32 million equity fund designed to preserve and renovate a portfolio of older, multifamily housing properties in South Carolina. The targeted portfolio includes 41 properties with a total of 1,548 units. Although all investments in SCPF II were fully subscribed in 2008, banks can invest in other CAHEC equity funds as they are developed. To learn more, visit their Web site or e-mail Dana Boole or call (919) 788-1803.
[Community Developments Investments, Spring 2009]
New Market Tax Credits Help Preserve Affordable Multifamily Housing
Bankers, community leaders, and government officials, are supporting an affordable housing initiative and a child care center in Washington, D.C. Enterprise Community Investment, Jubilee Housing, District of Columbia Department of Housing and Community Development (DHCD), Jubilee JumpStart, and PNC Bank each contributed financing for the Ontario Court Apartments in the Adams Morgan community. This $9 million project includes the rehabilitation of 27 affordable rental units and the development of a new 24-hour child care center.
Jubilee Housing, a faith-based, nonprofit organization, which provides affordable housing and supportive services to economically disadvantaged residents of the Adams Morgan neighborhood, purchased Ontario Court in 1980. This preservation financing will continue to keep the apartments affordable. The child care center, Jubilee JumpStart Early Childhood Development Center, will offer educational programs during the day and provide care for children during the night and on weekends, while parents work.
Enterprise Community Investment and PNC New Markets Investment Partners used the New Market Tax Credit program to make this project a reality. The tax credits were leveraged, and PNC Bank provided an additional $3 million loan. Through the Housing Production Trust Fund, DHCD contributed $3 million to the project, and Jubilee Housing provided additional funds. Once the child care center opens, PNC plans further investment through the PNC Grow Up Great program, the bank's initiative for early childhood education.
For more information, visit the Jubilee Housing Web site.
[Community Developments Investments, Fall 2008]
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