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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 35 states, NASLEF Active Members raise capital for affordable rental housing developments that qualify under the Low Income Housing Tax Credit (LIHTC) program. Collectively through 2020, member funds have raised over $17.86 billion in equity capital for rental housing developments throughout the country, creating or rehabilitating more than 206,659 units of affordable housing in 4,306 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

Michelle Foster

Executive Director

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Contact

Michelle Foster

Executive Director

    Board Members

    Bill Shanahan

    President

    Evernorth

    Contact

    Contact

    Bill Shanahan

    President

      Bob Newman

      Vice President

      VCDC

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      Contact

      Bob Newman

      Vice President

        John Kennedy

        Treasurer

        St. Louis Equity Fund, Inc.

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        Contact

        John Kennedy

        Treasurer

          Jim Peffley

          Secretary

          Cinnaire

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          Contact

          Jim Peffley

          Secretary

            President’s Message

            Bill Shanahan

            NASLEF President

            Where do you begin when you reflect back on 2020? It felt like business as usual until March, then the bottom seemed to fall out. It was a period of time before we all got our bearings. What we saw emerge was a whole new appreciation for housing – home, a sanctuary, a safe place, refuge. People were focused on the importance of housing like we had not seen before.

            NASLEF members reacted to the pandemic by rallying together and soon were meeting to compare notes on how other NASLEF organizations were responding to all the changes brought on by the pandemic. Of immediate concern were the people that live in properties we had developed. We had projects under construction that were challenged by construction delays and supply chain issues. Not to mention the adjustments that had to be made as we closed down our offices. It was impressive how NASLEF members quickly turned to other members for mutual support.

            As 2020 unfolded, NASLEF members were able to push forward and continued to raise funds for Housing Credit investments and create or preserve affordable housing units at a pace that was consistent with prior years. This was due in large part to the relationships NASLEF members had established with their investment partners and because of the talented staff at each of the NASLEF member organizations.

            As the year came to a close, there was hope that we could control the spread of the virus but there was still a lot of work to do. In November we held local and national elections that brought changes at the State level, Congress and we elected a new President. There was a certain amount of positive energy. But grounded in all that was a sense of loss and sadness for all those that had experienced the worst of the pandemic. NASLEF members took stock in what they had accomplished in 2020 and it became apparent that the work NASLEF members had done over the years to maintain their local presence and expand operations meant they were in a much better position to fend off the kind of disruption that a pandemic can cause.

            If I dare look out into 2021and beyond, I expect to see an evolving NASLEF organization that will reflect changes that members are making to the way they have traditionally worked in the affordable housing industry. NASLEF members have leveraged the experience they gained working with the Housing Credit program to address expanded housing and community development initiatives. This work has been hugely successful. NASLEF’s identity has been state and local but NASLEF has developed a national reputation for being distinct with mission as a motivator. NASLEF may evolve but it will continue to be a differentiator in the market because our investor and developer partners have come to count on us for that.

            Legislative Update

            Robert Rozen

            The Low-Income Housing Tax Credit community continues to score victories in Congress as we seek more resources for affordable housing development to help respond to the nationwide shortage of affordable housing. Most noteworthy in 2020 was the enactment of the minimum 4% tax credit after many years of effort.  This will make it much more financially feasible to develop Housing Credit properties using tax-exempt bonds and should be especially consequential in lower income rural states where multifamily bond usage has been financially infeasible. According to an analysis by Novogradac Inc., the 4% minimum credit should increase affordable housing unit production by nearly 130,000 units over the next decade.

            Our success obtaining enactment of this provision is testament to the strong bipartisan support the Housing Credit program has been able to generate. In fact, the major Housing Credit legislation the industry has been working on, the Affordable Housing Improvement Act (AHIA), attracted the cosponsorship of 234 members of the House – over half the body – and 42 U.S. Senators in the last Congress. This level of support does not happen by itself but requires the hard work all parts of the Housing Credit community have devoted to telling the story of affordable housing and the great need for more resources.

            Of course, only one provision from the AHIA was enacted last year – albeit one of the most important – so we need to build on that success to get more provisions enacted. In that regard, the 2020 elections may prove to be quite important for affordable housing. During the presidential campaign, President Biden put forth perhaps the most ambitious program for affordable housing in the history of presidential contests, including proposing more resources for the Housing Credit program. In addition, we have a new chairman of the Senate Finance Committee, Ron Wyden (D-OR), who has been a strong supporter of the Housing Credit program. Last year, he joined together with the chairman of the House Ways and Means Committee to author major affordable housing legislation that included several changes to the Housing Credit program, some taken from the AHIA. 

            These changes were included in major infrastructure legislation that passed the House in 2020. That legislation was groundbreaking, not only because it proposed considerably more resources for affordable housing – almost $90 billion over ten years – but also because it established the precedent that affordable housing is an essential part of the nation’s infrastructure and belongs in any major infrastructure bill. Senator Wyden, joined by our main Housing Credit advocate in the Senate – Senator Cantwell – took the affordable housing provisions from the House infrastructure measure an introduced a separate bill, the Emergency Affordable Housing Act of 2020. While these measures ultimately were not enacted into law, they serve as a good basis for legislation in the new Congress.

            Now that we are in the 2121 legislative session, the expectation is that there will be a major effort to move an infrastructure bill this summer that will include much of President Biden’s initiatives. We have high hopes that this legislation will once again contain an affordable housing title that will include many of the provisions from the AHIA. Legislating in the Senate is particularly difficult given the 60 vote threshold required to overcome filibusters so the Democratic leadership intends to use a special budget reconciliation process that permits consideration of fiscal measures with a simple majority vote. This was the process used to pass the $1.9 trillion COVID relief bill in March 2021 and the 2017 tax cut bill that reduced the top corporate tax rate to 21% among other items. Even with a simple majority vote, the prospects for enactment of a major infrastructure bill are by no means certain given the 50-50 Senate split and the likely opposition of Republican Senators, but this is our best opportunity.

            It is a both a point of pride and a strategic advantage for us that the Housing Credit has always enjoyed bipartisan support and we must work to maintain that status as we continue to engage our elected officials. Inclusion in what may turn out to be a partisan infrastructure bill will not change that situation as long as we continue to work closely with both our Republican and Democratic supporters.

            2020 NASLEF Directors

            Dana S. Boole

            President and Chief Executive Officer

            CAHEC

            Mark McDaniel

            President & CEO

            Cinnaire

            Bill Shanahan
            Nancy Owens

            Presidents

            Evernorth

            Stacy L. Sur

            Member

            Hawaii Housing Finance, LLC

            Elizabeth Hibbard

            Director of Capital Development

            Massachusetts Housing Investment Corporation

            Ari Beliak

            President

            Merritt Community Capital Corporation

            Don Sterhan

            President

            Mountain Plains Equity Group, Inc.

            Catherine Cawthon

            President & CEO

            Ohio Capital Corporation for Housing

            John Kennedy

            President & CEO

            St. Louis/Kansas City Equity Fund, Inc.

            Bob Newman

            President & CEO

            VCDC

            NASLEF Welcomes New Directors!

            Elizabeth Hibbard, Massachusetts Housing Investment Corporation (MHIC)

            Elizabeth (Liz) joined MHIC in October 2020 as Director of Capital Development. Liz is a passionate real estate professional with nearly fifteen years of experience in commercial real estate investing/lending. Prior to her appointment at MHIC, she served as a Senior Credit Officer on the Commercial Real Estate lending credit team at State Street, which included credit authority for Tax Advantaged Investments. Before joining State Street, Liz spent four years at Citizens Bank, building out a formalized Community Development equity investment platform and contributed to strategic initiatives including collaboratively pioneering the Bank’s efforts to build out a New Market Tax Credit investment structure.

            Liz also represented Citizens on the Affordable Housing Investors Council (AHIC) Planning Committee. Prior to that, Liz was actively engaged for over five years in the asset management and origination of low-income housing properties with a national tax credit syndicator. In addition to her professional endeavors, Liz continues to foster her passion of charitable skills-based volunteering throughout the community. Liz is the Vice Chair of the Norwell Community Housing Trust. She is also on the Board of Trustees/Grant Review Committee for Charlesbank Homes, a non-profit with the mission to support the development of affordable housing throughout the Commonwealth of Massachusetts. Most recently, Liz was appointed to the Board of Overseers for the Boston Children’s Museum where she is supporting fundraising efforts for the proposed “Our City: Building Kindness and Empathy Exhibition”. Liz is a graduate of the University of Massachusetts Amherst with a Bachelor of Arts in Political Science and a double-minor in Psychology and Sociology.

             

            Catherine Cawthon, Ohio Capital Corporation for Housing (OCCH)

            Catherine Cawthon is President and CEO of Ohio Capital Corporation for Housing. Catherine comes to OCCH from Fifth Third Community Development Corporation where she served as President and was responsible for business development, origination and asset management functions for the bank. The Fifth Third CDC invests in community projects that support affordable housing, economic revitalization and stabilization as well as job creation. The CDC’s portfolio includes low-income housing, historic and new market tax credit projects as well as investments to CDFI’s. Under her leadership, Fifth Third CDC invested over $4.5 billion in more than five hundred projects.

            As President and CEO at OCCH, Catherine oversees all corporate policy and fiscal affairs, including securing corporate investors for Low Income Housing Tax Credit equity funds and coordinating efforts to develop housing projects receiving equity investment from the Ohio Equity Funds. To date, Ohio Capital Corporation has raised more than $5 billion in corporate equity for LIHTC projects involving more than 900 transactions and 50,000 units of affordable housing in Ohio, Kentucky, and surrounding states. 

            Catherine has served on boards including Affordable Housing Investor Council, United Way, Local Initiatives Support Corporation and the Ohio Community Development Finance Fund. Currently, Catherine serves on the Ohio Housing Council and Council for Rural Housing in Ohio’s Advisory Board and Chairs the Joint Columbus and Franklin County Housing Advisory Board.

            Catherine graduated from Illinois State University and earned an MBA from Indiana Wesleyan University.

             

            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.

            Apply Today

            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.

            Apply Today

            Portfolio of Homes Built

            FL 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

            Evernorth

            Hawaii Housing Finance, LLC

            Massachusetts Housing Investment Corporation

            Merritt Community Capital Corporation

            Mountain Plains Equity Group, Inc.

            Ohio Capital Corporation for Housing

            St. Louis / Kansas City Equity Fund, Inc.

            VCDC

            Fund Portfolios

            CAHEC

            Port City – Richmond, Virginia

            Port City, located just south of the James River in downtown Richmond, is the first phase of the adaptive reuse of a former tobacco manufacturing, storage, and research facility. The completed restoration consists of 135 units of affordable housing for families earning 30 to 80 percent of the Area Median Income. All units feature full kitchens, washer and dryer connections, and internet connectivity. The development also consists of amenities for residents such as a community building, car wash area, business and fitness centers, picnic area, and a dog park. Port City II Developer, LLC served as the developer for the $12.8 million project. Residents have access to an abundance of desired services including schools, a hospital, grocery stores, and public transportation. The newly renovated building offers high-quality, affordable apartments to a neighborhood that needed it the most.

            Cinnaire

            Andy’s Place – Jackson, Michigan

            Andy’s Place is a 50-unit permanent supportive recovery housing residential facility recently opened in Jackson, Michigan. The project is the first of its kind in the nation combining long-term housing and treatment services for individuals recovering from opioid addiction, operated in conjunction with the Drug Treatment Courts. Cinnaire supported the project with a low-income housing tax credit investment. Andy’s Place provides 39 one-bedroom apartments for individuals referred by the courts and includes a separate building with 11 two-bedroom apartments to house families. Research has shown that a key component to successful recovery is the restoring of families and this program provides the opportunity to keep families together in a safe environment. Rents are based on income.

            Andy’s Place will also offer onsite supportive services, including case management and a recovery program funded and managed by the Drug Court. Other amenities include recreational and life skills programs, including financial health and employment classes, sober and wellness activities, a greenhouse, and an area to create music. The Community Action Agency of Jackson, the development partner, will provide a resident services coordinator on site to assist with job training, financial literacy, benefits, and education facilitation. Andy’s Place and the Permanent Recovery Supportive Housing Initiative are featured in this video.

            Evernorth

            Vergennes Community Housing – Vergennes, Vermont

            Located in Vergennes, Vermont, this beautiful new building provides 24 energy efficient, affordable family apartments within walking distance to the center of town and is well connected to local amenities including a grocery store, pharmacy, bank, schools, cultural activities and job opportunities.

            Intensive focus on residents’ needs went into the design and the building features free Wifi, community gardens, a covered picnic pavilion, playground and ample green space, front and back porches, as well as a solar-powered electric vehicle charging station, indoor storage for bikes and other outdoor gear and a welcoming community lobby.

            Evernorth’s energy services division helped to optimize building systems, ensuring efficiency, while maintaining costs and increasing equipment longevity.

            Working in partnership with co-owner Addison County Community Trust, Evernorth was able to open the building despite the events of 2020 and was even able to mark the grand opening with a socially distanced celebration for the residents which included a food truck and live music.

            Housing credit equity provided $4.3 million of the $7.2 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, NBT Bank and Efficiency Vermont.

            Hawaii Housing Finance, LLC

            Hale Mahaolu Ewalu Phase I | Pukalani, Maui

            Hale Mahaolu Ewalu is a senior rental housing complex for individuals aged 62 years and above in the Kulamalu Community Center in Pukalani, Maui. Phase I opened its doors to its first residents in February 2019 with 38 affordable rental units (36 one-bedroom / one-bath and two (2) two-bedroom / one bath), and one manager’s unit. Units feature private lanai, ceiling fan, walk-in shower and emergency pull alarm.

            Massachusetts Housing Investment Corporation

            Whittier Street Apartments, Phase 2 – Roxbury, Massachusetts

            Amid the global COVID-19 health pandemic, MHIC provided $9.5 million in federal low-income equity to support Whittier Street Apartments Phase 2, which consists of building 52 units, 24 of which will be public housing replacement units and 28 new housing units. When fully built out, the new Whittier Street corridor will contain a mix of public housing, affordable housing, and market-rate units that will provide a variety of housing opportunities for different socio-economic groups. Construction started in June 2020 once the Boston construction moratorium was lifted.

            Built in the early 1950s, the Whittier Street public housing development in lower Roxbury neighborhood of Boston, MA suffered significant capital needs that made rehabilitation infeasible. In addition, chronic poverty is prevalent in the broader Whittier Street neighborhood, which encompasses roughly one square mile and 2,418 households in and around the Dudley Square and Whittier Street public housing development. A victim of Boston’s urban renewal policies that cleared large swathes of land (and local businesses, houses and communities), the neighborhood represents one of the largest concentrations of poverty in Boston: 47% of neighborhood families live in poverty and 75% live in deeply subsidized housing.

            The project is a beneficiary of HUD’s Choice Neighborhoods Program, which leverages public funding with private dollars to redevelop severely distressed public housing and revitalize surrounding areas through a comprehensive approach to neighborhood revitalization. As part of the Whittier Choice Neighborhood Initiative (WCNI), the Boston Housing Authority (BHA) is redeveloping the Whittier Street development. The multi-phased redevelopment plan for Whittier Street Apartments includes demolishing the 200-units of existing public housing, adding 210 public housing replacement units and developing an additional 299 of new moderate and market-rate units. Of the 509 new units, 353 will be located at the original Whittier property (on-site) and 156 will be built off-site in the Whittier neighborhood.

            Merritt Community Capital Corporation

            Summit View Apartments – Sylmar, California

            Summit View is a 48-unit supportive housing development for special needs individuals and families, targeted to homeless and chronically homeless veterans. The units will be restricted for extremely low- to very low-income households (30-50% of AMI). Amenities will include a rooftop community room, services offices, a computer lab, fitness room, and centralized laundry rooms. Construction began in early 2020 and completion is expected in December 2021.

            Services are an important and necessary component of this type of housing and intensive case management services and support will be provided for residents. Project sponsors LA Family Housing – a leading homeless service provider and the area contractor for Los Angeles County’s Coordinated Entry System for the homeless - and Many Mansions will provide case managers and service coordinators. Other services will be provided in-kind by the Department of Mental Health of LA County, Veterans Affairs, and San Fernando Valley Mental Health Center,

            Merritt provided $15 million in housing tax credit equity of the total development cost of $36.4 million. Summit View Apartments received strong local support including over $15M in local funding from Los Angeles Housing + Community Investment Department and Los Angeles County Development Authority. Additionally, all units will be supported with VASH vouchers with a 20-year HAP contract with the Housing Authority of the City of Los Angeles.

            Mountain Plains Equity Group, Inc.

            Red Alder Residences – Helena, MT

            Rocky Mountain Development Council (RMDC) and GL Development are now seeing the finalization of the Red Alder Project in Helena. The development plan and model for this project is a combination of 9% and 4% LIHTC funding, together with tax-exempt bonds, HOME and HTF funds, and soft loans from RMDC. With that layered financing strategy, the traditional 9% allocation was leveraged more efficiently, resulting in construction of almost three times as many affordable units as would have otherwise been possible. The two projects create an overall campus that consists of 85 units, with a mix of one-, two- and three-bedroom units dedicated to qualifying individuals and families in Helena.

            The Red Alder 9% project had its first resident move-in on October 19, 2020 and is now completely leased up. The Red Alder 4% project was completed in January 2021 and already has a great start on the lease-up of these new homes.

            Ohio Capital Corporation for Housing

            The Wilds at Harvest Rose – Ravenna, Ohio

            The Wilds at Harvest Rose is a unique senior housing community in Ravenna, Ohio, designed after the traditional yurt-style homes used by Central Asia for at least 3,000 years. The aerodynamic design of the yurts provides energy-efficient capabilities; and the homes were designed to conserve water and energy, utilizing materials that complement the natural surroundings.

            Developed by Neighborhood Development Services, Inc., the community includes 45 individual permanent yurt apartments: 36 two-bedroom homes and 9 one-bedroom homes. Each home features an open-concept kitchen and living area, access to natural lighting, Energy Star compliant appliances, central air conditioning, and washer/dryer hookups. Other amenities include a community building with an on-site management office, central laundry facilities, fitness center and community room; and a picnic and garden area. Residents have access to various supportive services, including meal delivery, transportation, and health screenings.

            The Wilds at Harvest Rose was developed using a combination of Low Income Housing Tax Credits and a bridge loan administered through the Ohio Housing Finance Agency. Other funding sources include RiverHills Bank and NeighborWorks America. An equity investment of $8.7 million was provided by Ohio Capital Corporation for Housing.

            St. Louis / Kansas City Equity Fund, Inc.

            STAR Residences Phase II – St. Louis, MO

            STAR Residences Phase II consists of a new, three-story multi-family apartment building, with elevator service, containing 30 units of affordable housing for senior individuals and couples (aged 55+), all of which are LIHTC units available to households earning 60% or less of the area median income. Each 821 square foot apartment has two bedrooms and one bathroom. As a second phase project, this development follows the success of STAR Residences Phase I, a 44-unit senior facility located on the same campus, that opened in December 2016. STAR Residences Phase II was SLEFI’s first partnership with Lewis McKinney of LMAC Holdings, the Developer and General Partner. A Caring Plus Foundation, an affiliate of LMAC Holdings, will provide social services for residents which will include financial literacy and budgeting education, tax preparation services, health and dental screenings, nutrition classes and computer lab access.

            VCDC

            Golden Rule Apartments – Belington, WV

            The Golden Rule in downtown Belington, WV, was built in 1902 as the coal industry was burgeoning in Barbour County. Originally home to The Valley Grocery Company, the three-story brick building served a variety of commercial roles over the course of its life. The original owner, Luther Shinn, installed a gas-powered gristmill on the property and a hydraulic elevator (reported to be the only one of its kind in West Virginia), enhancing the building’s capacity to house and sell merchandise as a department store. Shinn renamed the store “The Golden Rule” in 1929 in homage to his primary business philosophy, and subsequently advertised his wares as “Everything for Everyone.” In 2014 the Preservation Alliance of West Virginia listed the historic building as an endangered property, citing deferred maintenance and its significant role in the commercial history of Belington.

            With the support of the Belington Revitalization Committee, the Woodlands Development Group acquired the building in 2017 with the combined goals of preserving a historic landmark and repurposing it for community use, providing much needed quality housing and new jobs. The renovated building features 10 affordable residential units on the upper floors and commercial space on the first floor.

            VCDC provided $1,033,830 in LIHTC equity to the renovation and preservation of the Golden Rule. The project also received funds through Historic Tax Credits.

            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 2020 from Member Funds include:

            • Massachusetts Housing Investment Corporation (MHIC): MHIC operates a Charitable Contribution budget that starts at $127,000. MHIC also purchases MA Community Investment Tax Credits (CITC) each year, the proceeds of which go directly to eligible CDCs. In 2020 MHIC made $479,450 in charitable contributions including $380,800 in CITC contributions purchasing $190,400 in CITCs.
            • 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 2020, CAHEC and the CAHEC Foundation granted $695,102.
            • Merritt Community Capital Corporation: Merritt leads with mission across California. With the generous support of its investors, at the end of 2020 Merritt donated $350k to all of its 82 property partners to help offset some of the pressures that residents are grappling with, providing assistance to nearly 16,000 people. In addition to direct assistance to tenants, Merritt is investing to create a more just, diverse, equitable and inclusive industry. By partnering with organizations like the California Coalition for Rural Housing (CCRH), LISC LA, Non-Profit Housing Association of Northern California (NPH), San Diego Housing Federation, and Southern California Association of Nonprofit Housing (SCANPH), Merritt supports the major affordable housing internship programs across the state, fostering the industry’s future leaders. Merritt was able to provide over $50,000 in scholarships to local students in 2020 alone, and a cumulative $460,000 over the years.
            • 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 Cinnaire’s mission by contributing twice monthly to a fund established to benefit staff nominated charities. Since 2017, 35 community serving organizations across Cinnaire’s footprint have been awarded a total of more than $70,000. 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. 
            • Evernorth Connections is an initiative launched in 2016 to enhance resident experiences and opportunities by connecting them with outside organizations, resources and activities.

              • Digital connectivity: the Connections Program is part of a cross-departmental effort to expand free internet access to more affordable housing residents. Evernorth currently offer free public Wi-Fi in 13 properties, for a total of 441 units. An additional four properties are contracted for Wi-Fi installation, and 9 are under consideration.
              • Resident outreach: the Connections Program has been conducting a monthly survey to illuminate the impacts of COVID on affordable housing residents and reporting the results of this survey out to our network.
              • Resident input on building design and community-building: the Connections Program, in conjunction with the Development and Project Management teams, conducts one-year post-occupancy surveys with residents to get input on design features and the ways that our buildings can facilitate or inhibit the development of a vibrant community.
              • Community Gardens: the Connections Program continues to support a pilot project with the Vermont Community Garden Network to provide support for community gardening at a number of properties. We are working on developing a sustainable community garden program that can be expanded to more of our partners and properties.
              • Children’s storytelling/literacy project: The Connections Program has partnered with the Children’s Literacy Foundation (CLiF) to provide storytelling and book giveaway events for children who reside in Evernorth properties as well establishing community libraries at the properties.
            • St. Louis Equity Fund, Inc.: The St. Louis Equity Fund awarded grant funding for resident services programs in 2020 for the third year. 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 funds for renovating an onsite beauty salon, activity boxes for senior residents, move-in baskets, catered holiday dinners delivered to resident’s houses and funds to stock a COVID stay safe supply cart. A total of $20,500 was awarded to 19 partners in 2020.

            • 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 $25 million in grants to partners has been awarded since 2012. In 2020, more than $2 million was raised for activities such as economic and rental assistance, scholarships, after-school and summer activities, at-home learning, computers and Wi-fi, senior outreach and engagement, and services for people at risk for homelessness.

              The COVID-19 Pandemic has had a devastating impact on the social and economic well-being of low-income renters. With an eviction crisis looming, OCCH and its investors created the Resident Impact Emergency Fund (RIEF) to assist partners and their residents in rent payments to lessen the financial burdens caused by the pandemic. Contributions benefitted organizations aiding those in need and households struggling to pay rent. Rental assistance payments were made to project owners who agreed to forgive nonpayment of rent and forgo evictions.

            • VCDC:

              • Mission Elevation Program: The Mission Elevation Program was founded and is facilitated by VCDC, and is an extension our dedication and support of the nonprofit network working to make communities vibrant for all residents. Through retreats, private consultation and group sessions, this program gives nonprofits a laser focus on performance challenges and how to overcome them to achieve long-term goals, mission impact and bolster their capacity.
              • Vern Henley Special Initiatives Grant: Named for the President, Chairman and CEO of Consolidated Bank and Trust, the first minority-owned and operated bank in the United States, this program give opportunities to nonprofits to apply for grants of up to $8,000 for special initiatives benefiting those residing in affordable housing in our service area. From computer lab equipment to library supplies, career planning programs and playground equipment – this fund is dedicated to enhancing the quality for residents of affordable housing.

            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)