Community Affordable Housing Equity Corporation
- Assets
- $30.2m
- Revenue
- $11.3m
- Investments
- $3.8m
- Employees
- 51
- Location
- Raleigh, NC
- Founding
- 04/1997
- Data as of
- 12/2021
- EIN
- 56-1805915
Organization Overview
Community Affordable Housing Equity Corporation is located in Raleigh, NC. The organization was established in 1997. According to its NTEE Classification (L99) the organization is classified as: Housing & Shelter N.E.C., under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, Community Affordable Housing Equity Corporation employed 51 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Community Affordable Housing Equity Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Community Affordable Housing Equity Corporation generated $11.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $11.6m during the year ending 12/2021. While expenses have increased by 2.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Community Affordable Housing Equity Corporation has awarded 35 individual grants totaling $506,088. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE AFFORDABLE HOUSING AND COMMUNITIES FOR THE BENEFIT OF LOW/MODERATE-INCOME POPULATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CAHEC RAISES AND INVESTS EQUITY CAPITAL IN QUALIFIED LOW-INCOME HOUSING TAX CREDIT AND OTHER TAX CREDIT PRODUCTS. IN 2021, CAHEC RAISED EQUITY CAPITAL OF $200,427,352 AND INVESTED IN 1,654 HOUSING UNITS. CAHEC ALSO PROVIDES CAPITAL THROUGH A SERIES OF COMMUNITY INVESTMENTS WHICH EMPOWERS RESIDENTS,PROMOTES THE DEVELOPMENT OF AFFORDABLE RENTAL AND OWNERSHIP HOUSING, AND FOSTERS SUSTAINABILITY WITHIN THE COMMUNITIES THAT IT SERVES.
IN 2021, CAHEC'S COMMUNITY INVESTMENTS TOTALED $304,599 TO RESIDENTS, COMMUNITIES, DEVELOPMENTS, AND ORGANIZATIONS. THESE INITIATIVES, ADMINISTERED AND FUNDED BY CAHEC, ARE (I) FOR THE BENEFIT OF THE RESIDENTS WHO RESIDE IN THE DEVELOPMENTS THAT CAHEC INVESTS, AND (II) DESIGNED TO EMPOWER RESIDENTS BY ENCOURAGING THEM TO SET AND ACHIEVE GOALS, STRENGTHEN JOB SKILLS, AND TAKE CARE OF THEIR COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dana Boole President And CEO | Officer | 40 | $541,634 |
Robert Landis Sr Vice President | Officer | 40 | $259,789 |
Erin Griffin Vice President | Officer | 40 | $256,088 |
William Mayo Vice President | Officer | 40 | $254,605 |
Sonya Prear Vice President | Officer | 40 | $220,168 |
George Baker Manager, Cahec Development | 40 | $209,755 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bowen National Research Llc Market Studies | 12/30/21 | $100,550 |
William Brian Herman Dba Valhalla Financ Advisory | 12/30/21 | $212,000 |
Logically It Consulting | 12/30/21 | $161,741 |
Miles & Stockbridge Pc Legal | 12/30/21 | $560,000 |
Womble Bond Dickinson (Us) Llp Legal | 12/30/21 | $132,919 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $10,312,714 |
| Investment income | $1,001 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $993,997 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,307,712 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $161,088 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $4,880,920 |
| Compensation of current officers, directors, key employees. | $488,092 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,517,494 |
| Pension plan accruals and contributions | $500,577 |
| Other employee benefits | $811,513 |
| Payroll taxes | $411,701 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $808,210 |
| Fees for services: Accounting | $10,687 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $253,080 |
| Advertising and promotion | $45,771 |
| Office expenses | $328,730 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $254,398 |
| Travel | $92,552 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,000 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $145,980 |
| Insurance | $276,245 |
| All other expenses | $93,253 |
| Total functional expenses | $11,557,173 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $15,090,225 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,280,124 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,547,138 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $441,810 |
| Net Land, buildings, and equipment | $1,105,188 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,764,391 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $30,228,876 |
| Accounts payable and accrued expenses | $463,898 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,355,360 |
| Total liabilities | $2,819,258 |
| Net assets without donor restrictions | $27,409,618 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $30,228,876 |
Grants Awarded
Over the last fiscal year, Community Affordable Housing Equity Corporation has awarded $156,088 in support to 14 organizations.
| Grant Recipient | Amount |
|---|---|
Greensboro, NC PURPOSE: OPEN DOORS HOMEOWNERSHIP GRANT | $25,000 |
Kincaid, WV PURPOSE: OPEN DOORS HOMEOWNERSHIP GRANT | $15,000 |
BRITTON VILLAGE LLC PURPOSE: ACTIVE LIFESTYLE GRANT | $15,000 |
KESWICK APARTMENTS I LLC PURPOSE: ACTIVE LIFESTYLE GRANT | $15,000 |
FARRINGTON TRACE LLC PURPOSE: ACTIVE LIFESTYLE GRANT | $15,000 |
Tampa, FL PURPOSE: OPEN DOORS HOMEOWNERSHIP GRANT | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lutheran Home-Hickory West Inc Salisbury, NC | $4,616,109 | $14,117,518 |
Lutheran Home - Wilmington Inc Salisbury, NC | $3,485,965 | $12,654,546 |
Community Affordable Housing Equity Corporation Raleigh, NC | $30,228,876 | $11,307,712 |
Lutheran Home-Albemarle Inc Salisbury, NC | $5,090,743 | $9,142,249 |
Chambliss Center For Children Chattanooga, TN | $13,773,339 | $7,553,657 |
Passage Home Inc Raleigh, NC | $13,185,958 | $5,411,567 |
Covenant House Georgia Inc Atlanta, GA | $22,755,199 | $6,304,494 |
Seacliff Village Shopping Center Inc Charlotte, NC | $151,078,311 | $8,901,233 |
Mason Housing Inc Fairfax, VA | $24,839,248 | $3,905,662 |
The House Inc Woodbridge, VA | $1,787,552 | $4,341,712 |
Monroe Harding Inc Nashville, TN | $12,177,860 | $4,360,503 |
South Carolina Community Loan Fund Charleston, SC | $42,539,456 | $4,959,016 |