CAHEC to Partner with CHPCPosted on May 1st, 2006
During June, 2005, Community Housing Partners (CHPC) was excited to receive confirmation that tax credits had been awarded for the acquisition and rehabilitation of the Lafayette Square (106 units), Lafayette Village Family (112 units), and Lafayette Village Elderly (32 units) multifamily apartment properties located in Williamsburg, Virginia. These properties were originally constructed and have been operated under the USDA Rural Development 515 Program. CHPC considered proposals from almost a dozen different equity partners who had expressed interest in the Lafayette properties before deciding to work with Community Affordable Housing Equity Corporation (CAHEC).
From its beginning, CAHEC has partnered with private and public sectors to help individuals and families living in substandard housing to have the opportunity to live in decent, safe, affordable housing at a modest percentage of their monthly incomes. Created in 1992 as a 501(c)(3) nonprofit corporation serving only North Carolina, CAHEC is one of the largest nonprofit syndicators in the U.S. Its territory has moved beyond North Carolina’s borders to encompass ten southeastern and mid-Atlantic states plus the District of Columbia.
Since its founding, CAHEC has raised more than $400,000,000 and has invested this capital in the development of more than 5,500 units of affordable housing.
In addition to its core business of sponsoring investments in affordable housing, CAHEC has been a leader in the area of supportive services. In 1998, CAHEC created a series of community programs designed to empower residents living in developments that it helps finance. Today these programs include the David T. Peet Adult Scholarship, Community Grant Program, Homeownership Program, Youth Recognition Program, Senior Recognition Program, Technology Learning Centers, and Resident Wellness Centers. CAHEC’s commitment toward promoting homeownership is exemplified by the homeownership program, a savings-incentive plan geared for households ready to take the necessary steps toward purchasing a home.
CHPC is excited about this new partnership and looks forward to working with CAHEC to create new affordable housing opportunities.