Community Affordable Housing Equity Corporation
Originally created in 1992 to help finance the development of affordable rental housing in North Carolina, CAHEC is a nonprofit equity provider now operating in eleven southeastern and mid-Atlantic states. Since the company’s founding, CAHEC has raised and committed over $2.2 billion toward the development of over 30,100 units of affordable housing. Its core business is to provide tax credit capital to a variety of low-income housing, preservation, community revitalization, and renewable energy projects.
Formally Great Lakes Capital Fund
Cinnaire is guided by an unwavering belief that all people deserve the opportunities provided by living in healthy communities. Since 1993, the organization has invested $4.2 billion toward that goal, resulting in more than $7.3 billion in community impact. A non-profit Community Development Financial Institution (CDFI) certified by the U.S. Department of Treasury, Cinnaire has supported 717 housing developments and 3.3 million square feet of commercial space, provided 101,000 affordable apartment homes and created or retained more than 65,000 jobs. Headquartered in Lansing, MI, with offices in five states, Cinnaire provides access to investment funding, lending options and title services that support community and economic development, creating stable, sustainable and vibrant communities.
Hawaii Housing Finance, LLC, has raised over $269.4 million since 1995. HHF has invested in 36 projects across the four major islands, including Molokai and Lanai. A total of 2,335 new rental units have been created for the residents of the state. In addition to investing in tax credit properties, HHF provides technical assistance and consulting to new developers, and to land owners interested in providing more affordable housing.
Housing Vermont (HV) is a full-service housing development company formed in 1988 as a nonprofit corporation. HV works in partnership with local communities to build and rehabilitate permanently affordable housing throughout the State. Since its inception in 1988, Housing Vermont has raised more than $360 million in private equity to finance 180 affordable rental housing developments throughout Vermont. This equity has leveraged an additional $470 million in private financing and public investment. The 6,000 apartments created or renovated in these efforts serve low and moderate income Vermonters including seniors and those with special needs. Many developments also include commercial space. HV received its first award of New Markets Tax Credits in 2009 and uses this resource to retain and create jobs for Vermonters by financing key community developments in downtown and village centers and in other concerted community efforts which benefit Vermont’s economic, healthcare, energy and food systems.
Massachusetts Housing Investment Corporation (MHIC) was created in July 1990 to provide financing for affordable housing and community development throughout Massachusetts. MHIC provides acquisition, pre-development, construction, and state tax credit bridge financing for housing projects with at least a 20% affordable component. LIHTC activities are conducted thru its subsidiary, The Massachusetts Housing Equity Fund, Inc. LIHTC activities are concentrated in MA, CT & RI. In 2017 MHIC passed the $1 billion mark in LIHTC syndication. MHIC has been an active CDFI involved in the New Markets Tax Credit (NMTC) program since its inception and has received 12 allocations for a total of $872 million. NMTC investments are made throughout the six New England states. Both MHIC and its lending subsidiary, MHIC LLC, are CDFI members of the Federal Home Loan Bank of Boston. In 28 years of operation, MHIC has provided in excess of $2.6 billion in financing to over 571 projects that created or helped preserve over 22,090 housing units and over 5.2 million square feet of commercial space.
Merritt Community Capital Corporation is a private, nonprofit 501(c)(3) corporation providing equity financing to affordable housing developers throughout California. Since 1989, the corporation has raised more than $804.3 million in capital for affordable housing development. Merritt Capital has created 19 upper tier limited partnerships and numerous direct investments. It is in the process of closing a 20th partnership fund. These funds invest in nine percent and four percent Low Income Housing Tax Credit projects and acquisition with moderate rehabilitation projects. Merritt Capital has provided equity which has resulted in the creation or rehabilitation of over 8,485 units of affordable housing and it manages a portfolio of over 8,311 units of housing.
Midwest Housing Equity Group, Inc. (MHEG) is a non-profit organization, created in 1993, that invests private-sector capital in affordable housing developments throughout the Midwest. Our mission is to change lives for a better tomorrow by promoting the development and sustainability of quality affordable housing. We have deployed $2 billion into over 500 developments, helping create over 17,000 units of quality affordable housing. No foreclosures and no recapture of tax credits – we deliver on our mission! Let us help you change lives in your community today!
Mountain Plains Equity Group, Inc. (MPEG) was established in 2003 to serve as a Low Income Housing Tax Credit (LIHTC) syndicator in its founding states of Montana, North Dakota, and Wyoming. MPEG has since grown its operations to also include LIHTC projects in Alaska, Colorado and South Dakota. In addition to its role as a tax credit syndicator, more recently MPEG has expanded its scope of business to include the role of partner and co-developer. Where appropriate, MPEG is now better able to work with local partners to plan and facilitate projects where there is a recognized need for housing.
The Northern New England Housing Investment Fund (NNEHIF) is a private, nonprofit 501(c)(3) corporation providing equity capital, technical assistance and consulting to affordable housing developers throughout Maine and New Hampshire. Since 1996, the corporation has raised over $600 million in equity capital for affordable housing development with investments in 6,500 units of affordable housing. NNEHIF currently manages twenty-four upper tier limited partnerships.
The Ohio Capital Corporation for Housing (OCCH) is a nonprofit, mission-driven financial intermediary based in Columbus, Ohio that works with private and public developers to create affordable housing opportunities. Since inception in 1989, OCCH has raised over $4.25 billion in private capital and invested in over 46,500 units of affordable housing in over 800 developments. Our primary areas of focus include: raising tax credit equity for LIHTC projects, providing technical assistance and financial packaging for both nonprofit and for-profit developers, and performing asset management of our portfolio. OCCH created three affiliate organizations: the Ohio Capital Finance Corporation (OCFC), a certified Community Development Finance Institution (CDFI) and a member of the Federal Home Loan Bank of Cincinnati, which offers predevelopment and acquisition loans to further affordable housing development; Community Properties of Ohio Management Services (CPO), a property management organization that is a hybrid of real estate management and focused supportive services; and the Ohio Capital Impact Corporation (OCIC), a 501(c)(3) nonprofit affiliate that administers OCCH’s philanthropic activities, specifically targeted to benefit neighborhoods and residents where OCCH has investments in affordable housing.
The St. Louis Equity Fund has played a critical role in creating affordable housing during the past 30 years. The fund has raised over $426 million since its inception, creating more than 4,824 homes throughout the State of Missouri, Southern Illinois and Kansas City, KS. Our mission is to effectively utilize corporate investment and available tax incentives to stimulate the development of rental housing affordable to low and moderate-income families and seniors. We strive to revitalize neighborhoods through public/private cooperation and superior asset management.
The Virginia Community Development Corporation (VCDC) was formed in 1990 with a mission to serve as a leader in the development of innovative affordable housing and revitalization of communities in Virginia and neighboring states. Since its inception VCDC has created 45 equity funds and has provided technical assistance in the financing, development and management of over 215 investment partnerships, resulting in the creation of more than 8,500 affordable housing units in its region. VCDC has secured over $616 million in equity from Corporate Investors, which has helped generate over $1 billion in total development through leverage of additional public and private sector financing. Through its subsidiaries, VCDC co-develops and provides loans to projects that are sponsored by non-profit organizations and local housing authorities.
Applegate & Thorne-Thomsen, P.C. was formed in 1998 to serve it’s clients in all aspects of development, ownership, financing and investment in real estate. Lawyers in the firm have represented diverse real estate interests, from individual entrepreneurs to Fortune 100 corporations, from the sale of single family homes to the sale of multi-tenant downtown office buildings. We offer significant expertise with respect to the use of Low Income Housing Tax Credits as a means of affordable housing finance. Our practice includes experience in various HUD grant and loan programs for multi-family housing, public housing, redevelopment programs, transfers of physical assets, loan management matters and other publicly financed assisted and insured lending transactions involving multifamily properties. Although the Firm’s lawyers bring years of experience with Chicago’s large law firms, we have founded the firm based on a recognition that we are best able to serve our clients’ needs from a smaller entrepreneurial setting which emphasizes service of the highest quality, delivered in the most efficient manner possible. We have left behind the trappings of the large law firm without sacrificing the needs of our clients to receive the most sophisticated and cutting-edge advice available. The Firm includes 18 lawyers and 8 legal assistants.
Baker Tilly is a full-service accounting and advisory firm whose specialized professionals help developers, lenders, and investors succeed through investment in quality affordable housing projects throughout the US. Our team provides the expertise needed to navigate complex government regulations and capitalize on funding. From concept development and transaction structuring to asset disposition and beyond, Baker Tilly delivers innovative ideas, strategies, and solutions that enable clients to move forward with confidence and meet their business objectives.
CMPR is nationally recognized as a leading law firm in the area of Affordable Housing and Tax Credit Finance. We advise developers, syndicators and equity investors on all aspects, including providing tax opinions.
Our experience in Corporate and Commercial law, Real Estate and Land Use, and tax issues in particular, enables us to handle the unexpected with the routine. Because we are experienced in advising on all aspects of these transactions, we are able to balance the needs of our client with the commercial realities of the deal. Areas on which we advise include:
• Federal low income housing tax credits
• Federal energy tax credits
• State tax credits and other types of financial incentives
• Property tax abatement, income tax exemption and other areas of importance to nonprofits
• HOME loans, CDBG funding and affordable housing project (AHP) subsidies
• Compliance with regulations in connection with government financing programs
• HUD-insured multifamily finance
• Section 8 project-based vouchers
• Public housing privatization
• Real estate acquisition
The firm’s objectives are to provide pragmatic and proactive advice in a commercial context while helping to ensure its clients achieve their commercial goals.
CohnReznick LLP is one of the top advisory, assurance, and tax firms in the United States, combining the deep resources of a national firm with the hands-on, agile approach that today’s dynamic business environment demands. With diverse industry expertise, the Firm provides companies with the insight and experience to help them break through and seize growth opportunities. The Firm, with origins dating back to 1919, is headquartered in New York, NY with 2,700 employees in offices nationwide. CohnReznick is a member of Nexia International, a global network of independent accountancy, tax, and business advisors. For more information, visit www.cohnreznick.com.
Dauby O’Connor & Zaleski, LLC (DOZ) was established in 1987 to provide accounting, consulting and tax services to owners, developers, managers and syndicators of multifamily housing communities. DOZ started as a two man firm and has grown to a nationally recognized leader in the real estate arena with clients in over 35 states. Our intense focus in the real estate arena results in a staff that truly knows the nuances of multifamily finance. DOZ is extremely well versed in projects financed with HUD, RD, Tax Exempt Bonds and Low Income Housing Tax Credits.
Headquartered in Charlotte, North Carolina, Dixon Hughes Goodman LLP ranks as a Top 20 firm in the nation. We have more than 2,000 professionals located in 13 states providing comprehensive tax, accounting and advisory services in not only the construction/real estate industries but also the insurance, financial, health-care and manufacturing and distribution sectors. Our Tax Credit Advisory Group includes a team of experts specializing in providing services for the multi-family, senior, low-income, historic and commercial development communities. We work with developers, owners, investors, syndicators, construction and management companies in dealing with the complexities of Low Income Housing, Historic, New Markets and Renewable Energy Tax Credit projects. We offer the traditional tax and audit compliance services in addition to consulting type services including financial projections and deal structuring to maximize IRR and cash flow.
Eide Bailly LLP is a Top 25 CPA Firm in the nation and has been serving the real estate industry for more than 40 years. With 33 offices in 14 states, Eide Bailly provides a variety of services to its real estate clients and specializes in serving those in the affordable housing sector. Our team performs over 600 affordable housing projects, including audits, low income tax credit projects, carryover certifications and more.
Loomis, Ewert, Parsley, Davis & Gotting, PC is a law firm based in Lansing, Michigan that provides a full range of legal services to developers, investors, and tax credit syndicators within Michigan and the Midwest. Services include new construction and rehabilitation of conventional and tax credit projects involving LIHTC, New Market, Historic and State Brownfield Tax Credit programs. In addition to helping developers locate tax credit investors and New Markets allocatees, the Firm advises developers on matters related to conventional financing and financing provided by HUD, Rural Development, and various housing finance authorities located in the Midwest including the Michigan State Housing Development Authority. The firm assists investors and syndicators with securities matters as well as with both upper-tier and lower-tier organizational, closing and due diligence matters.
At the law firm of Miles & Stockbridge, unrivaled service—to our clients and our communities—is a baseline, not a goal. Our core values exist not as abstract initiatives, but as a way of life. The more than 250 lawyers who drive our firm understand firsthand the value of these tenets and the dedication it takes to maintain them. We strategically place the right people in the right positions to best serve those we represent.
Miles & Stockbridge’s tax credit syndication lawyers help businesses and exempt organizations invest in and develop low-income housing tax credit projects. Our established and respected—yet dynamic and growing—full-service tax credit practice advises on all aspects of state and federal tax issues related to low-income housing tax credits, historic, renewable energy, and New Markets Tax Credits, as well as Opportunity Zone investments.
National Affordable Housing Trust (NAHT) is a nonprofit low income housing tax credit (LIHTC) syndicator, specialized financial intermediary and development advisory firm. NAHT raises LIHTC equity from national and regional investors. NAHT provides this equity to SAHF Members and other nonprofit developers and owners, and offers development advisory services.
NAHT’s mission is to lead financial innovation in the preservation and development of affordable multifamily rental housing that offers residents a safe, affordable and quality place to call home. NAHT is an affiliate of Stewards of Affordable Housing for the Future (SAHF).
Founded in 1969, the National Development Council (NDC) is a national non-profit organization that is one of the most progressive and innovative community and economic development organizations in the country. From a seminal role in the earliest days of the community development movement, NDC has grown into the most comprehensive provider of financing, development expertise, technical assistance and training for community revitalization efforts throughout the U.S. NDC Corporate Equity Fund is the LIHTC syndication arm of NDC. With 20 years of history NDC CEF supports projects and their sponsors every step of the way, partnering on projects that bring a high level of social impact to their communities. We provide quality, safe, well-managed living environments for our ultimate beneficiaries, our residents. Because of our hands-on approach, we work closely with sponsors on all aspects of our projects, from conceptualization through development, lease-up, and operations.
Novogradac & Company LLP is a national certified public accounting firm. We provide a full spectrum of audit, tax, valuation, property compliance and consulting services to the affordable housing, community development and renewable energy fields.
Otis, Atwell is a public accounting firm located in South Portland, Maine. Formed in 1974, the firm specializes in serving the subsidized housing industry in northern New England. We serve approximately 800 clients who utilize the Low Income Housing Tax Credit. In addition to annual audits and tax returns, we prepare cost certifications, review development pro-formas and perform development consulting.
Plante & Moran has a team of experts specializing in providing Housing and Community Development Solutions for the multi-family and senior residential, low income, historic, and community development projects. Our team collaborates with sponsors, developers, owners, investors, investor funds, community development organizations, and other professional service providers. We offer the topmost traditional compliance services and exceptional consulting services including preparation of financial projections and structuring, minimization of taxes and maximization of cash flow strategies.
Over the past 50 years, RubinBrown’s Real Estate Services Group has developed a national reputation as a leader in providing audit, tax and business advisory services tailored to the affordable housing industry. With 400 team members and offices in St. Louis, Kansas City and Denver, RubinBrown services clients nationwide, consistently providing exceptional quality with high integrity, creative solutions and unmatched client service. Widely known, year in and year out, for meeting client, investor and regulatory agency deadlines, RubinBrown provides specialized audit, tax and consulting services including investment fund and lower tier project audit and tax compliance services, complex forecast and financial projections including deal structure consulting, tax credit applications, HUD and state agency cost certifications, carryover certifications, 10-year rule certifications, tax planning, compliance reviews, asset management assistance and many other services. RubinBrown is also highly regarded for its expertise with Historic Tax Credits, New Markets Tax Credits, Energy Tax Credits and many state tax credit programs.
The Scott Insurance Affordable Housing Practice Group understands the diverse business operations, complex needs and unique operational risks of organizations working in Affordable Housing – from equity syndicators to property managers to developers. Built on a foundation of 150 years of service, we devise innovative solutions to reduce risk, lower costs and optimize performance. Our team of dedicated professionals goes beyond offering off-the-shelf solutions; we utilize expert knowledge and insights to deliver tailored service that forges strong partnerships and allows our clients to focus on their mission of improving lives and communities.
Spectrum Seminars, Inc. offers training and consulting services for property owners and managers, private corporations and government agencies regarding Rural Development 515 and HUD programs, Fair Housing/Section504/ADA and the Low Income Housing Tax Credit, as well as other government programs.