Community investment organization CAHEC has reported substantial growth in its affordable housing portfolio for 2024, adding 59 properties across six states that will provide homes for an estimated 7,620 residents. The organization's expansion represents approximately 2,896 new affordable housing units, continuing its mission of strengthening communities in the Southeast and Mid-Atlantic regions.
Through strategic investments and community partnerships, CAHEC committed $438,875 to support resident education and wellness programs. These initiatives included funding 102,000 meals for families and providing 250 summer camp scholarships for low-income youth, demonstrating the organization's comprehensive approach to community development.
The organization also secured $50 million in New Markets Tax Credit allocations, which will finance high-impact community facilities. These investments aim to create jobs and improve access to essential services in distressed, low-income communities throughout the region.
Since its founding, CAHEC has been instrumental in developing and preserving 884 rental properties across 13 states, creating more than 42,000 affordable housing units. The organization has raised and distributed over $18 million to support community initiatives that empower low-income residents.
Dana Boole, CAHEC's President and CEO, emphasized the organization's commitment to being the South's premier community investment organization. The strategic approach focuses on syndications, property management, general partnerships, and preservation, guided by core values of integrity, excellence, innovation, and collaboration.
CAHEC's ongoing efforts underscore the critical role of targeted investments in addressing housing affordability and community development challenges in underserved regions.
