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Local Presence, National Impact

The National Association of State and Local Equity Funds (NASLEF), is a professional, nonprofit association formed to promote the efficient management of state and local equity funds. Throughout 42 states, NASLEF Active Members raise capital for affordable rental housing developments that qualify under the Low Income Housing Tax Credit (LIHTC) program. Collectively through 2019, member funds have raised over $16.9 billion in equity capital for rental housing developments throughout the country, creating or rehabilitating more than 201,125 units of affordable housing in 4,175 developments.

Our Mission

NASLEF’s mission is to promote a greater understanding of tax credit and other financing programs, to advocate for community development resources and to encourage the professional development of its member organizations all in support of the communities we serve. Our work is fueled by our members’ leadership in affordable housing advocacy, connection with community organizations, and knowledge of local markets. These organizational attributes enable NASLEF members to invest capital in strategic community endeavors, especially in underserved markets.

Our Impact

NASLEF Active Members are visible in the communities they serve by providing affordable housing opportunities, strengthening neighborhoods, and impacting the lives of residents. Many member funds have developed philanthropic affiliates and foundations that fund programs that assist residents socially, economically, and educationally. Member funds also provide value-added services to development partners in the areas of technical assistance, training, engaging in local and state housing policy groups, and providing lending opportunities as certified CDFI organizations.

NASLEF member funds will continue to lobby for the continuation of the most successful affordable housing program in the nation. Fund members will continue to raise capital to provide affordable housing options for families, seniors, individuals, and special needs populations. NASLEF will continue to be a local presence with national impact on affordable housing.

NASLEF Staff

Board Members

Bill Shanahan

President

Northern New England Housing Investment Fund

Contact

Bill Shanahan

President

Bob Newman

Vice President

Virginia Community Development Corporation

Contact

Bob Newman

Vice President

John Kennedy

Treasurer

St. Louis Equity Fund, Inc.

Contact

John Kennedy

Treasurer

Jim Peffley

Secretary

Cinnaire

Contact

Jim Peffley

Secretary

Hal Keller

Immediate Past President

Ohio Capital Corporation for Housing

Contact

Hal Keller

Immediate Past President

President’s Message

Bill Shanahan

NASLEF President

On balance, 2019 was another solid year for NASLEF members and the continuing success of the Housing Credit program. Compared to recent years, 2019 was stable with continuing strong support from investors and no major events negatively affecting the Housing Credit program. In fact, the Housing Credit program is garnering increasing bipartisan political support and the success of the program is being talked about more now than ever before.

I always thought the NASLEF tag line, Local Presence, National Impact said volumes about NASLEF and the work we do. In this report you’ll see that a dozen organizations working in 41 states have consistently invested $1 billion dollars annually which translates to roughly 10,000 units of affordable housing a year. Because of our local focus and our connection to the communities we serve, we are often asked to invest in developments that might otherwise not get funded. Nevertheless, our portfolios have always compared favorably with industry benchmarks.

As an organization, NASLEF is evolving. For all the reasons NASLEF members came together to better understand how the LIHTC program might work and how they could deploy it locally to create affordable housing, NASLEF members are leveraging their skills and resources to complement their syndication work. As an example, many NASLEF members are actively developing community development lending platforms, others have taken on property management and others have been active in New Market Tax Credits. There is one constant in all this and that is the free exchange of information among members. It happens at many levels – smaller meetings of NASLEF members focused on asset management, fund management, corporate administration and emerging leaders or at our national conference. Last fall Ohio Capital Corporation hosted a very successful, national conference in Cleveland. In 2020, CAHEC will host us all in Nashville.

The continuing success of the Housing Credit program and NASLEF members evolving to expand their impact is directly related to the ever-increasing need for affordable housing. People continually have difficulty finding affordable housing and when they do find housing, the cost of that housing limits their ability to afford other essential household expenses. Congress and others are now more than ever coming to view affordable housing as something that is fundamental. 

This all means that NASLEF members can take a certain amount of pride in championing a response to the acute need for affordable housing. Going forward, NASLEF members will find themselves uniquely positioned to be part of the ever-broadening coalition concerned about housing needs. NASLEF members will surely continue to shape how others view housing and work to provide housing to those that need it the most.

Legislative Update

Robert Rozen

March 17, 2020

The Low-Income Housing Tax Credit community made huge progress during 2019 in our efforts to build support for affordable housing while at the same time working to obtain cosponsors for legislation to expand and strengthen the Housing Credit program. Last June, the Affordable Housing Credit Improvement Act of 2019 (AHCIA) was reintroduced in both the Senate (S. 1703 by Senators Cantwell (D-WA) and Young (R-IN)) and the House (H.R. 3077 by Congresswoman DelBene (D-WA) and Congressman Marchant (R-TX). As I write this in March of 2020, the House version of the bill has now obtained cosponsorship of more than half the members of the House of Representatives, 221 of the 435 Representatives. 

That level of congressional support is a testament both to the hard work of the affordable housing community and the seriousness of the affordable housing crisis in our nation. Indeed, in my long experience working on affordable housing policy at the federal level I have never seen such a high level of support and concern for affordable housing issues. 

That is in large part due to the extent of the affordability crisis which exists across the county in every state. Prior to the coronavirus outbreak, strong economic conditions produced low unemployment rates that heated up housing markets. Yet economic gains have been uneven and incomes of those at the bottom have not improved sufficiently to enable them to afford higher rents.

According to the National Low-Income Housing Coalition, extremely low-income renters in the U.S. face a shortage of 7 million affordable rental units. Only 36 affordable homes exist for every 100 extremely low-income renter households. This has led to more than seventy percent of the nation’s approximately 11 million extremely low-income renter households to be severely housing cost-burdened, spending more than half of their incomes on rent and utilities. While the problem is most acute for the lowest income, the crisis is broader than that. According to the latest Harvard Joint Center on Housing Studies report, “vacancy rates are at decades-long lows, pushing up rents far faster than incomes. Both the number and share of cost-burdened renters are again on the rise, especially among middle-income households.”

Policymakers are increasingly aware of this situation and more inclined to act now than we have seen in the past. Indeed, almost every Democratic presidential primary candidate proposed robust affordable housing programs at a scale and cost that may be unprecedented. Almost all of those campaign proposals included increases in the Housing Credit program.

While the level of support for more Housing Credit resources is clearly a function of the overwhelming need for more affordable housing, it is also a testament to the sterling record we have been able to develop for the program as an effective and highly flexible means of providing affordable housing to fit diverse needs in varying geographies. The great success of the program –m serving rural, suburban and urban areas by providing housing to special needs populations, the elderly, the homeless, families and now increasingly public housing residents – gives elected officials a strong reason to support the program. This success is not by accident; it is a result of a positive role that each part of the industry plays – from housing finance agencies, to credit syndicators, developers, property managers, and industry consultants.

Each of us can be proud of the contributions we make toward making the Housing Credit program a success. But, of course, as we so often say, we cannot be satisfied with our strong record so far. We can’t assume election officials are automatically aware of how great the Housing Credit program is. We must continue to run the best program possible to serve families in need with quality affordable housing while also educating elected officials on both the overwhelming need for more resources and why the Housing Credit is a major part of the answer.

2019 NASLEF Directors

Dana S. Boole

President and Chief Executive Officer

CAHEC

Mark McDaniel

President & CEO

Cinnaire

Stacy L. Sur

Member

Hawaii Housing Finance, LLC

Nancy Owens

President

Housing Vermont

Peter Sargent

Director of Capital Development

Massachusetts Housing Investment Corporation

Ari Beliak

President

Merritt Community Capital Corporation

John Wiechmann

President

Midwest Housing Equity Group, Inc.

Don Sterhan

President

Mountain Plains Equity Group, Inc.

Bill Shanahan

President

Northern New England Housing Investment Fund

Peg Moertl

President

Ohio Capital Corporation for Housing

John Kennedy

President & CEO

St. Louis/Kansas City Equity Fund, Inc.

Bob Newman

President & CEO

Virginia Community Development Corporation

NASLEF Welcomes Ari Beliak

Ari Beliak joined Merritt Community Capital Corporation as President and Chief Executive Officer July 29, 2019. Ari comes to Merritt from Bank of America where he served as a Senior Vice President in Bank of America Merrill Lynch’s Community Development Banking group leading a team of experts who provided debt and equity solutions to affordable housing developers based in Northern California, Nevada, and Colorado. Ari has been credited with reestablishing the bank as a leader in affordable housing in Northern California and expanding into Nevada. In addition, he was the key driver in Bank of America’s $2.2 billion financing of the nation’s largest affordable housing project, the San Francisco Rental Assistance Demonstration.

Ari has dedicated himself to attracting professionals into affordable housing via his management and expansion of the Bank of America Low-Income Housing Challenge, a business plan competition and supporting industry leadership and mentorship programs. In 2016, he was recognized as a “Top 40 under 40” in the San Francisco Business Journal. Prior to Bank of America, Ari practiced law for Sidley Austin LLP, served in various real estate finance capacities for Wells Fargo Bank, including their affordable housing group, and was a management consultant for A.T. Kearney. He earned his undergraduate degree at the University of California, Berkeley and a JD/MBA from UC Hastings College of Law and UC Berkeley’s Haas School of Business.

Welcome to NASLEF, Ari!

Membership Opportunities

There are two levels of membership in the NASLEF association: Active Member and Corporate Member. If you are interested in becoming an Active or Corporate member, please review the eligibility information below to ensure your organization qualifies. Membership in NASLEF must be approved by the NASLEF Board of Directors. We thank you for your interest in NASLEF and encourage you to submit an application. If you have any questions, please contact Mary Kay Meagher, NASLEF Executive Director.

Active Member

$2,600 + FTE (Full-Time Employees)

An Active Member is defined as:

Any organization whose principal employment is that of a regional, state or local equity fund not solely controlled by or managed by a national fund, consultant or third party.

NASLEF Active Members pay a base fee of $2,600 yearly and an additional yearly amount based on the number of Full-time employees (FTE) within the organization.

1-10 FTE’s $2,600

10-24 FTE’s $6,500

24 + FTE’s $13,000

Active Member benefits include:

Association voting privileges.

Listing of company information in NASLEF’s Membership Directory, website, and other NASLEF publications.

Participation in networking opportunities, IRR-seminars, special asset management sessions, annual conference, and Executive Director’s meeting.

Eligibility for service as a Director or Officer on the NASLEF Board.

Corporate Member

$2,500

A Corporate Member is defined as:

Any government agency, corporation, syndicator, professional association, broker, consultant, attorney, accountant, or other individual having a professional interest and involvement in the Low-Income Housing Tax Credit (LIHTC) program.

A national equity fund or consultant actively engaged in the management or co-management of a state or local equity fund.

Any investors in Active Member funds and state housing finance agencies.

Corporate Member benefits include:

Advantageous networking/business opportunities via access to 12 Equity Fund Members in 42 states.

Listing of company information in NASLEF’s Membership Directory and website.

Networking/training opportunities in LIHTC at the NASLEF Annual Conference.

Opportunities to promote your business to the industry.

Contact with peers who network with specific state industries.

Portfolio of Homes Built

CA PA NY DE MD MS IN MI WI MN IL OH ME NH VT MA RI NJ CT WV VA KY NC SC GA AL TN AR MO IA ND SD NE KS CO WY MT OK TX HI1 HI2 HI3 HI4 HI5 HI6

CAHEC

Cinnaire

Hawaii Housing Finance, LLC

Housing Vermont

Massachusetts Housing Investment Corporation

Merritt Community Capital Corporation

Midwest Housing Equity Group, Inc.

Mountain Plains Equity Group, Inc.

Northern New England Housing Investment Fund

Ohio Capital Corporation for Housing

St. Louis / Kansas City Equity Fund, Inc.

Virginia Community Development Corporation

Fund Portfolios

CAHEC

Sky Hope Recovery Center – Somerset, Kentucky

The Sky Hope Recovery Center is a new construction, 68-unit Single Room Occupancy (SRO) special needs development located in Somerset, Kentucky. The developer, The Adanta Group, is a non-profit community service organization that provides behavioral health care services to individuals in the Lake Cumberland region of Kentucky. For this project, they received a special allocation of tax credits for its commitment to serve a tenant population with special needs through the Recovery Kentucky program. Sky Hope, which provides housing and on-site services to women recovering from substance abuse through mandatory participation in a recovery program, is the 14th and final Recovery Kentucky development. This joint program between the Department of Local Governments, Department of Corrections, and Kentucky Housing Corporation works with individuals seeking recovery from substance abuse addiction who are at risk of homelessness and are often coming out of incarceration and assists them in moving toward independent living. CAHEC’s $7 million in financing was used toward the development of the 68 Single Room Occupancy units.

Cinnaire

435 LaGrave at Tapestry Square – Grand Rapids, Michigan

Cinnaire partnered with Inner City Christian Federation to bring about a key project in the revitalization of the Tapestry Square area in Grand Rapids, MI. Located near downtown Grand Rapids, 435 LaGrave is a LEED-Gold certified 3-story new apartment building with 24 apartment homes and ground floor retail space. Six units at 435 LaGrave serve as permanent housing for youth 18-21 that have aged out of foster care. On-site services provide residents access to resources on life skills, financial literacy, substance abuse, employment, parenting and leadership development are available. Courses on homeownership, financial management and Healthy Families are also offered. The modern complex features a community room with a vibrant gathering area and a kitchen. All units at 435 LaGrave include energy star rated water heaters and appliances, including washer and dryers.

435 LaGrave at Tapestry Square received multiple levels of funding including Low-Income Housing Tax Credits, MSHDA HOME funds, Grand Rapids HOME Funds, MSHDA Permanent Loan Financing, Michigan Housing and Community Development Fund support, funds from the Federal Home Loan Bank of Chicago’s Affordable Housing Program with Cinnaire as the Member Bank, MSHDA project-based vouchers for Permanent Supportive Housing, and foundation grants for our commercial and retail space. The local community and the City of Grand Rapids showed tremendous support for the development. Grand Rapids’ local Continuum of Care, a consortium of service providers working to end homelessness, has endorsed and supported the property since its inception. This collaboration and support of all the partners made it possible to shift the paradigm of affordable housing existing autonomously and instead truly integrating income diversity and a high-needs population in a vibrant community.

Hawaii Housing Finance, LLC

Ainahau Vista II – Waikiki, Hawaii

Ainahau Vista II is an affordable rental building for Hawaii’s seniors, earning at or below 60% of Honolulu’s median income. The Project is located in Waikiki and is built on the site that was once the home of Princess Kaiulani, heir to the throne of Hawaii.

The Project consists of a single nine story building. There are 62 rental units consisting of 15 studios and 47 one-bedroom units. Sizes range from 377 sq. ft – 420 sq. ft. Monthly rental rates range from $549-$1,137 and will remain at affordable rental levels for 61 years.

Amenities include multi-purpose community room and guest parking.

Housing Vermont

Wentworth Community Housing – Hartford, Vermont

Located in Hartford, Vermont, this beautiful new building provides 30 energy efficient, affordable family apartments in the designated growth center with easy access to services, public transit and job opportunities.

Housing Vermont’s energy services division helps us to optimize building systems, ensuring efficiency, while maintaining costs and increasing equipment longevity.

Intensive focus went into the design of Wentworth Community Housing and we made substantial investment in the thermal shell, solar PV on the roof and utilized an innovative approach to heating and cooling through an all-electric central ventilation system. The result is that during the month of August, when it was quite warm outside, the indoor temperature was a comfortable 72 degrees, and the electric bill for the entire building, after netting out the credits from the solar PV system, was a remarkable $289.69!

Housing credit equity provided $5.8 million of the $9.8 million total development costs. Other sources of funds included Vermont’s Housing for All Revenue Bond, the Vermont Housing and Conservation Board, Vermont Agency of Commerce and Community Development, Vermont Housing Finance Agency and Efficiency Vermont.

Housing Vermont and Twin Pines Housing have worked together to provide quality affordable homes to low and moderate income people in Hartford that strengthen the regional economy by helping workers afford housing in a high cost area.

Massachusetts Housing Investment Corporation

Abby’s House – Worcester, Massachusetts

In September 2019, a grand opening was held to celebrate the preservation and renovation of a historic building on High St. in Worcester that is home to Abby’s House, the largest provider of supportive housing for women in Worcester, Mass. The project was financed with equity from federal and state LIHTCs and federal and state historic tax credits. MHIC provided $6.7 million in federal low-income and historic tax credit financing as well as a $175,000 line of credit to fund a portion of the project’s operating reserve.

Abby’s House opened its doors in 1976 as one of the first overnight shelters for women in the U.S. Since then, the nonprofit has helped more than 13,000 women and their children get back on their feet. With a focus on case management, the nonprofit provides shelter, affordable housing, as well as advocacy and support services to homeless, abused, and low-income women and their children.

Over time, Abby’s House acquired three residential buildings and its flagship property at 52 High St., built in 1910, which houses 56 single room occupancy units, administrative offices, multipurpose program space, a commercial kitchen and a thrift store that is open to the public and which contributes to Abby’s House operating income.

The Abby’s House project included renovation and expansion of the SRO units, new kitchens and laundry facilities on each floor, new or upgraded systems, exterior and façade improvements, a new accessible entrance, a new commercial kitchen, an elevator, and window replacements among other critically needed improvements. The project transformed Abby’s house into a modern facility, equipped to help an even greater number of women who call Abby’s House home.

Merritt Community Capital Corporation

Parkview Terrace – San Jose, California

Parkview Senior and Family Apartment Homes is a 230 unit affordable housing community in San Jose, CA, one of the least affordable markets in the country. The property has a beautiful outdoor setting with an inner courtyard and Tot Lot and also includes a computer learning center, a community room with a library and piano, an exercise room and a television lounge.

Midwest Housing Equity Group

Tammen Hall – Denver, Colorado

MHEG is proud to have partnered with MGL Partners and Solvera Developers LLC on this historic landmark in downtown Denver.

Built in the 1930s, Tammen Hall was originally a dormitory for nurses who worked at the nearby Children’s Hospital. It was named after Harry Tammen, the first publisher of The Denver Post. The building was later converted into administrative offices for the hospital and then eventually became vacant once the offices relocated in 2007.

Today, the development provides 49 units for seniors 62+. The renovation complied with National Park Service standards and restored the historic entry and foyer, including molded ceilings, terrazzo floors, a carved fireplace, and a five-panel wall mural by Allen True that was original to the building. The property also offers an eighth-floor rooftop desk with views of the downtown skyline and mountains.

MHEG Fund 48, LP provided $10.2 million in equity.

Mountain Plains Equity Group, Inc.

Chapel Court Apartments – Billings, Montana

In November of 2018, St. Johns United was awarded $8,022,000 in low-income housing tax credits (LIHTC) from the Montana Board of Housing to construct a new affordable housing project on its Billings campus, located at 3940 Rimrock Road. Known as Chapel Court Apartments, this new community will create 56 new affordable apartments to help broaden the scope of services provided to senior residents at St. John’s. In addition to the LIHTC allocation, critical funding was also provided through the Housing Trust Fund (HTF) administered by the Montana Department of Commerce.

Mountain Plains Equity Group has assumed a very active role in the development of this project, serving as both the tax credit equity partner, as well as the co-developer.

Although the design is a bit more complex than most, construction of the project is well underway. The finished building will actually be the result of limited building demolition, rehab of 8 units, all coupled with the new construction of 48 apartments in a 4-story tower.  Relocation of current residents on the campus was completed in early 2019 and construction activities began in September of 2019.  Expected completion date of the project is September of 2020. 

Northern New England Housing Investment Fund

The Motherhouse – Portland, Maine

The Motherhouse, developed by Developers Collaborative, is the first building in the multi-phase redevelopment of the Sisters of Mercy site located in Portland’s Deering Center Neighborhood. Originally built in 1906, The Motherhouse at 605 Stevens Avenue was home to the Sisters of Mercy until 2005 when it was closed due to a dwindling number of Sisters living at the nearly 116,000 square foot property located on 18.98 acres.

The 18M rehabilitation converted the convent’s numerous common spaces and small one room units into 88 apartments, including 66 tax credit units, for residents at 55 years of age and older. Each studio and one-bedroom apartment has a unique view and layout. This extensive rehabilitation was also able to restore and preserve the original grand stairways, stained glass windows, three story chapel with altar and grand organ while also adding two elevators, an onsite library, community room, two laundry rooms and sitting areas throughout. An onsite Resident Service Coordinator is available three days a week to help link tenants with services and coordinate onsite health and wellness programs.

NNEHIF’s 481 Maine and New Hampshire Housing Fund III provided $5.9M in LIHTC equity to this project. Additional financing in the form of hard and soft debt from Maine Housing, Historic tax credits, and the City of Portland rounded out the funding for Motherhouse.

Ohio Capital Corporation for Housing

Sheakley Center for Youth, Homeless Youth Housing Program – Cincinnati, Ohio

The Sheakley Center for Youth is the adaptive reuse of an existing warehouse into 39 units of permanent supportive housing in Cincinnati, Ohio. The Sheakley Center for Youth, developed by Model Property Development, Inc., and New Life Properties, Inc./Lighthouse Youth Services, employs a Housing First model to target homeless transition aged youth aged 18-24 who are living on the streets or in emergency shelter. The anticipated length of tenancy is 18 months, however no one will be evicted due to age. The goal is to transition the residents into more independent housing and life opportunities.

The Sheakley Center, managed by POAH Communities, is designed to create a single site where youth can enter from the streets for immediate stabilization through street outreach and resource center services, a safe and structured emergency shelter, and permanent housing. The building also houses Lighthouse Youth Services programming, services and administrative offices. Since 1969, Lighthouse Youth Services has developed a continuum of shelter, services and aftercare designed to provide skills to encourage responsibility and independence.

Sheakley Center for Youth was developed using Low Income Housing Tax Credits and an HDL Loan administered through the Ohio Housing Finance Agency. Funding sources include City of Cincinnati HOME funds, KeyBank financing, and Federal Home Loan Bank of Cincinnati funding. An equity investment of $6.3 million was provided by Ohio Capital Corporation for Housing.

St. Louis / Kansas City Equity Fund, Inc.

Windridge Estates – Bonner Springs, Kansas

Windridge Estates represents a joint venture between St. Louis Equity Fund, Gardner Capital Affordable Housing, LLC and Hart Development Group, LLC. This 40-unit development is located in Bonner Springs, Kansas and consists of two- and three-bedroom apartment units. Twenty-four units are restricted to households earning 50% AMI or less and the remaining 16 units are restricted to households earning 60% AMI or less. Construction was completed and the development was fully leased in August, 2019. In an effort to continue development efforts in this area, the St. Louis Equity Fund has partnered a second time with this development team on Windridge Estates II, a second phase to Windridge Estates, which will consist of an additional 32 units.

Virginia Community Development Corporation

Whittaker Place Apartments – Newport News, Virginia

The Whittaker Memorial Hospital building for the first time in over 20 years is again serving the Brookville Heights community in Newport News, Virginia. This adaptive reuse and historic rehabilitation provides 67 homes for families living below 50-60% of the median income of the city. Each apartment features keyless entry, an in-unit washer and dryer and granite countertops. Amenities also include a community room, picnic and grilling area and a dog park. Given the building’s history each unit is unique, and historic features were preserved including the large corridors, high ceilings, and ceramic wall tiles in the original labor and delivery rooms.

Listed on the National Register of Historic Places, it is one of the few historic hospitals in the United States built and designed by African American architects and physicians. Initially constructed in 1943 the hospital was a beacon of pride for the community in an era of Jim Crow and segregation. After the hospital relocated to a larger facility in 1985, the building fell into disrepair. Following decades of blight, the development of the Whittaker Place Apartments restores the building as a community asset to once again serve the needs of the neighborhood and residents. VCDC is proud to be part of the diverse team working together to preserve the building and history of the Whittaker Memorial Hospital as it pursues its new purpose of providing quality, affordable homes.

VCDC’s Housing Equity Fund of Virginia XXII invested over $6 million in Low Income Housing Tax Credits and Federal Historic Tax Credits to provide funding for this project. An additional $2.3 million was provided by State Historic Rehabilitation Credit investment. Whittaker Place is VCDC’s 14th LIHTC partnership in Newport News and its 33rd in the greater Hampton Roads area.

Equity Raised

Resident Voices

NASLEF member funds not only invest in affordable housing communities but also invest in the residents who live in our communities. We know that providing safe, decent, affordable housing is a catalyst to revitalizing neighborhoods and stabilizing lives. We help provide supportive services that link residents to health, education, and employment services that will impact their lives socially, educationally, and economically.

Our residents value their housing and their lives are impacted daily by what it means to have a safe, stable place to call home.

Units Built

NASLEF Mission:
Value-Added to Partners

While raising capital to provide affordable housing opportunities is our core business, NASLEF member funds also actively provide value-added services to our partners in the industry. Many member funds serve vulnerable populations by investing resources into programs and activities that impact residents’ lives. Member funds have developed philanthropic affiliates and foundations that fund programs that assist residents socially, economically, and educationally.

Examples for 2019 from Member Funds include:

  • Massachusetts Housing Investment Corporation (MHIC): MHIC operates a Charitable Contribution budget that starts at $25,000. MHIC also purchases MA Community Investment Tax Credits (CITC) each year, the proceeds of which go directly to eligible CDCs. In 2019 MHIC purchased over $310,000 in CITC’s.
  • The CAHEC Foundation: As an affiliate of CAHEC, the CAHEC Foundation offers wellness and education initiatives to residents living in areas that CAHEC serves. In addition to CAHEC’s current menu of Community Investments grants, the CAHEC Foundation creates opportunities that go beyond affordable housing to help residents receive the critical resources they need to succeed. In 2018, CAHEC and the CAHEC Foundation granted $735,202.
  • Merritt Community Capital Corporation: Merritt concentrates on funding educational research into affordable housing and supporting students who either lived in affordable housing or are interested in joining the industry post-graduation. In 2019, Merritt supported San Francisco State and Cal State Easy Bay with approximately $65,000. 
  • Cinnaire staff members developed and launched Cinnaire Cares in 2017 as a companywide 100 percent staff funded and driven charitable program. Cinnaire Cares provides an opportunity for staff members to directly support Cinnaires mission by contributing twice monthly to a fund established to benefit staff nominated charities. Since 2017, 25 community serving organizations across Cinnaires footprint have been awarded a total of more than $54,000. In addition to contributing to Cinnaire Cares, Cinnaire staff have unlimited paid time off to volunteer their time to serve non-profits and charities that align with their personal missions. 
  • Housing Vermont: HV Connections is a five-year imitative that Housing Vermont launched in January 2016 to enhance resident experiences and opportunities by connecting them with outside organizations, resources and activities. In 2019, HV Connections focused on food security and sustainability.
  • In recognition of the significant impact community gardening has on community building and well-being, in 2019 HV Connections contracted with the Vermont Community Garden Network to provide coordination of gardening and social enrichment activities at 7 developments, 3 of which have never had gardens previously.
  • The University of Vermont Extension’s Expanded Food and Nutrition Education Program provided cooking and nutrition classes to residents at two Housing Vermont sites. With an emphasis on nutritious cooking with limited financial resources, residents developed strategies for stretching their grocery dollars to purchase healthy foods and how to cook for even the pickiest of eaters.  
  • A resident-created food shelf at an apartment site in St. Johnsbury, VT nearly closed in 2018 before HV Connections was able to step in to provide enough funding to sustain the food shelf through 2021. The food shelf is 100% resident managed and provides convenient access and hours in a community room on site.
  • St. Louis Equity Fund, Inc.: The St. Louis Equity Fund awarded for the second year $15,000  in grant funding for resident services programs in 2019. Grants of up to $2,500 were awarded to the Equity Fund’s 501(c)(3) non-profit managing and development partners who demonstrated a need for items and programs such as exercise equipment, computers, rent and utility assistance, home buyer education workshops and assistance with job training.
  • Ohio Capital Corporation for Housing (OCCH’s) philanthropic affiliate, the Ohio Capital Impact Corporation, funds programs targeted to neighborhoods and residents where OCCH has investments in affordable housing. More than $24 million in grants to partners has been awarded since 2012. In 2019, more than $3 million was raised for activities such as summer camp for residents’ children, youth empowerment, senior engagement, and the Jerry Grier Scholarship program, which assists residents with post-secondary education.

Other funding includes:

  • Providing homeownership grants
  • Funding community programs
  • Funding food banks
  • Providing scholarship opportunities to residents
  • Funding neighborhood development
  • Providing funds for tutoring, computer classes, and summer camp for residents’ children

Member funds engage development and management partners by providing opportunities for training and education on a regular basis. Examples include:

  • Holding annual affordable housing conferences with industry speakers
  • Providing property management training
  • Providing individualized training to partners
  • Developing training on energy, construction, and asset management
  • Providing compliance training to property managers
  • Offering a training academy to partners which provides property management and maintenance courses

Member funds recognize that importance of providing technical assistance to partners navigating HUD and Housing Finance Agencies programs. Assistance is given in:

  • Understanding and usage of HOME funds
  • HUD Section 8 regulations
  • Development consulting
  • Understanding RAD and mixed-finance funding
  • Rural development assistance
  • Housing agency programs and funding

Member funds are actively involved in state and federal housing policy issues, engaging lobbyists, and serving on:

  • Local housing councils and agencies
  • Boards and executive committees of housing trade associations
  • Legislative Advocacy groups

Member funds focus on raising capital and providing equity for affordable housing development and preservation. Many funds also offer loan products or operate a Certified Development Financial Institutions Program that offers:

  • Predevelopment and acquisitions lending products
  • Bridge loan financing
  • Gap financing
  • Construction loan financing
  • Permanent financing
  • New Markets Tax Credits (NMTC’s)