Community Affordable Housing Equity Corporation
CAHEC ranks as one of the largest nonprofit equity syndicators in the U.S. Our aim is to provide sustainable communities by offering housing and life-changing opportunities to our residents by investing in qualified tax credit products throughout the Southeast and mid-Atlantic states. To date, CAHEC has raised and committed more than $2.9 billion towards the development of over 37,000 units. To further our impact, CAHEC also provides innovative initiatives that empower residents, promote the development of affordable rental and ownership housing, and foster sustainability within the communities it serves. Our products and services include low-income housing tax credits, historic tax credits, new markets tax credits, renewable energy credits, loan programs, community investments, affordable housing development and preservation, and property management.
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.
Evernorth unites Housing Vermont (HV) and Northern New England Housing Investment Fund (NNEHIF) together as a single nonprofit organization to serve the low and moderate income people of Maine, New Hampshire and Vermont with affordable housing and community investments. With a 30 year track record, Evernorth is deeply knowledgeable of local markets, has close connections with local and regional organizations, and understands the policy and regulatory framework guiding affordable housing and community development across northern New England.
With offices in Portland, Maine and Burlington, Vermont Evernorth builds on the record of achievement of its two stellar nonprofit organizations by bringing together experienced professional staff to raise capital, invest in and build affordable housing, strengthen our economy, and improve our environment through energy efficiency. Over its combined history, Evernorth has raised and deployed over $1B in equity capital for affordable housing and built more than 13,000 affordable homes and apartments for low and moderate income people across northern New England.
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.
Massachusetts Housing Investment Corporation (MHIC) is an innovative financier of affordable housing and community development throughout New England, providing financing that would not otherwise be available to neighborhoods most in need. Through Massachusetts Housing Equity Fund, Inc., a subsidiary, MHIC finances affordable housing in MA, CT, and RI, with over $1.25 billion in LIHTC syndication. MHIC has also been active in the New Markets Tax Credit (NMTC) program since its inception and has received 13 allocation awards totaling $907 million, deployed 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 over 31 years of operation, MHIC has provided in excess of $3.1 billion in financing to over 636 developments, representing more than 24,500 homes and 6.2 million sq. ft. of commercial space.
Merritt Community Capital, California’s nonprofit investor for affordable housing tax credit equity, closed the final round for Fund XXII, raising $137 million, the largest California multi-fund of 2021. Equity raised will finance eleven projects and create 616 affordable homes across California. In addition to being the largest fund to date, the closing of Fund XXII helped Merritt reach the monumental milestone of surpassing $1 billion dollars of affordable housing investment in California since its inception in 1989. For thirty-three years, Merritt has partnered with highly regarded mission-oriented housing developers to ensure that California’s most critical communities are developed or preserved for low-income residents. Accordingly, nine of the eleven properties financed by Fund XXII serve residents experiencing homelessness, who have special needs, or are seniors. In 2022, Merritt brought to market Fund 23 with its most ambitious goal yet — raising $150 million in equity. Also in 2022, Merritt will be launching proprietary funds with mission-aligned investors. In addition to investing in properties, Merritt proudly supports housing programs across the state that foster diverse leaders and strives to create equity throughout the industry. In 2022, Merritt is rolling out initiatives that represent a significant expansion of this work.
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 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 $5.3 billion in private capital and invested in over 55,000 units of affordable housing in over 935 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 34 years. The fund has raised over $471 million since its inception, creating 4,997 homes throughout the St. Louis and Kansas City metropolitan areas, outstate Missouri and Southern Illinois. 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.
We believe that Vibrant Communities Drive Change and all individuals deserve the opportunity to live in neighborhoods that allow them to thrive. For over three decades, we have connected developers, investors, and communities with the mission to build affordable housing and revitalize historic properties in order to create thriving neighborhoods that benefit all residents.
As the only Virginia-based tax credit equity fund, we have invested more than $675 million to help finance more than 9,000 affordable housing units in over 225 different communities in Virginia and its adjoining states.