Investing in Communities

CAHEC at Work   |  January 1, 2025 – December 31, 2025

President

Introduction

Each year, we reflect on the past twelve months with our partners to evaluate the positive impact we’ve made in the communities we serve. This report highlights the achievements we’ve accomplished together and celebrates the milestones we’ve reached. We hope you find it both informative and inspiring.

About CAHEC

Investing in Communities Since 1992

Based in Raleigh, NC, CAHEC is a non-profit community investment organization dedicated to expanding access to affordable housing and creating life-changing opportunities across the Southeast and Mid-Atlantic. We strengthen communities through a diverse range of investments and services, including housing tax credit programs, loan products, affordable housing development, property management, and wellness and education initiatives for residents. CAHEC engages in multiple credit programs such as low-income housing tax credits, historic tax credits, new markets tax credits, and renewable energy credits to support sustainable growth. Guided by a vision of thriving, vibrant neighborhoods, we work alongside partners to deliver innovative solutions and supportive services. With more than 30 years of experience, CAHEC remains committed to meeting the evolving needs of our partners and serving as a catalyst for long-term, healthy community impact.

Vision & Mission

We envision thriving communities with affordable housing and equitable opportunities for all. Our mission is to strengthen communities by providing affordable housing and creating opportunities for growth and revitalization through collaborative partnerships, innovative investments, and supportive service initiatives.

Culture

We are committed to uphold integrity in all our actions and strive for excellence through innovative solutions. We foster a fun and dynamic culture where creativity thrives, collaboration is key, and everyone feels welcomed, valued, and inspired.

Sustainability

Our vision is driven by embedding social impact in our culture. Whether it’s the residents, general partners, investors, or employees we serve, our corporate culture is the lynchpin that secures our commitment to providing sustainable products, services, and outcomes.

Learn About Our Entities

CAHEC Provides Nearly 50,000 Meals to Families in Need

In 2025, CAHEC supported the community through its Nutrition Assistance Initiative by sponsoring three food box distributions. These events provided nearly 50,000 meals to families in need during a challenging time, as temporary pauses in SNAP benefits left many households with fewer resources to put food on the table.

In November and December, CAHEC partnered with Interfaith Food Shuttle to host two food distributions in Rocky Mount, NC. A team of volunteers worked together to prepare and distribute food boxes totaling over 21,000 pounds of food, providing nearly 18,000 meals to low-income households in the area. Families driving through in their cars received a bag containing fresh produce, meat, bread, and a box of non-perishable items.

That same support was extended to Greensboro, NC, where CAHEC funded a food box distribution in partnership with Second Harvest Food Bank of Northwest North Carolina. This single event served 294 households and provided more than 31,100 meals, along with essential items such as toiletries. Each family also received a grocery store gift card, offering flexibility to purchase additional food, medications, or other necessities.

Community Comes Together to Help Residents Displaced by Fire

On Sunday, August 31, 2025, a fire devastated Adair Place Apartments, one of our communities in Goldsboro, NC. The fire displaced 50 residents, many of whom lost most, if not all, of their belongings. "When we hear about a tragedy like this, our team immediately connects with partners to assess the situation and see how we can help," said Stefanie Lee, Community Relations Manager for CAHEC. "The well-being of our residents is always our priority, and we want them to know they are not facing this alone."

The Goldsboro community quickly rallied to support those affected. A local church offered to help with temporary housing, while local businesses and community members stepped in to donate food items, clothing, school supplies, and other essentials. "It's been inspiring to see so many people come together to support our residents," shared Teresa Narron, Director of Operations for Pendergraph Management. "The generosity of this community is making a real difference for families who are starting over."

Through CAHEC's Disaster Relief Initiative, we provide immediate assistance to displaced residents. With the support of Remnant Management, Centrant Community Capital, First Bank, and many individual donors, we distributed gift cards so families could purchase the items they needed most. Because of this collective effort, CAHEC nearly tripled our contribution to the property, ensuring families had greater support during this critical time.

Bee Creek Crossing

City: Murray

State: KY

# of Units: 60

Tenancy: Elderly: 55 and Older

Construction: New

Finding Home and Community at Water Garden Park

When Mardia Stephenson talks about Water Garden Park, she doesn’t just describe an apartment community - she describes home. Mardia moved to Water Garden Park in 2014, right when the senior community first opened. More than a decade later, she still remembers how it felt on move-in day: welcoming, seamless, and ready for her to begin a new chapter. “Everything was perfect,” she recalled. “It felt like it was meant to be.”

For 30 years, Mardia worked as a speech therapist, dedicating her life to helping others find their voice. After retirement, she realized that maintaining her independence meant finding housing that was both manageable and affordable. Before finding Water Garden Park, Mardia lived in a nearby rental house. While it served its purpose, it no longer fit her lifestyle. A friend referred her to the newly opening community, and the transition proved life-changing. “I wouldn’t be able to afford an apartment this nice if it were market rate,” Mardia explained. “It would easily be twice as much.” Affordable housing has allowed her to manage her expenses, care for her two beloved cats, and still enjoy the activities that bring her happiness. “Having affordable rent helps me tremendously,” she explained.

What truly sets Water Garden Park apart for Mardia isn’t just affordability - its community. “My neighbors here are just wonderful,” she said with a smile. “We are a close group of people. Everyone is friendly and we really look out for each other.” That sense of belonging has only grown stronger over the years. Mardia has formed deep friendships within the community - and even reunited with someone from her past. Her boyfriend - who happened to be her date to a Valentine’s pageant in second grade - moved into Water Garden Park three years after she did. The two reconnected through Facebook, and today, they live just a few floors apart, surrounded by friends who have also chosen to call the community home.

An accomplished shag dancer since high school, Mardia’s joy for life extends well beyond her apartment walls. In 2021, she was inducted into the Atlantic Beach Shaggers Hall of Fame - an honor recognizing her lifelong passion for dance and community. Affordable housing has allowed her the freedom to continue pursuing these passions, rather than worrying about how to make ends meet.

When asked what she wanted our partners to know, Mardia didn’t hesitate. “We need more places like this,” she says. “There are so many people in our stage of life who have lost a spouse or can’t maintain a home anymore. They need an affordable place they can truly manage, somewhere they feel cared for. I know I’d be pretty lonesome if I didn’t find Water Garden Park, having this community around me makes all the difference.”

Thanks to communities like Water Garden Park, residents like Mardia aren’t just finding housing - they’re finding stability, friendship, and joy. Thank you, Mardia, for letting us share your story!

Berry Park Apartments

City: Chadbourn

State: NC

# of Units: 18

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Birch and Branch

City: Raleigh

State: NC

# of Units: 180

Tenancy: Family

Construction: New

British Woods

City: Roanoke Rapids

State: NC

# of Units: 26

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Brittany Place Apartments

City: Washington

State: NC

# of Units: 40

Tenancy: Family

Construction: Acquisition/Rehab

Brookside Apartments

City: Maxton

State: NC

# of Units: 32

Tenancy: Family

Construction: Acquisition/Rehab

Burnside Village

City: Hookerton

State: NC

# of Units: 16

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Calabash Meadows

City: Calabash

State: NC

# of Units: 60

Tenancy: Elderly: 55 and Older

Construction: New

Cambridge Creek

City: Mocksville

State: NC

# of Units: 28

Tenancy: Family

Construction: Acquisition/Rehab

Cedarwood

City: Pembroke

State: NC

# of Units: 36

Tenancy: Elderly: 55 and Older

Construction: Rehab

Chadwick Place

City: Chadbourn

State: NC

# of Units: 24

Tenancy: Family

Construction: Acquisition/Rehab

Coldwater Ridge Apartments II

City: Kannapolis

State: NC

# of Units: 60

Tenancy: Family

Construction: New

Devonshire Apartments

City: Pinetops

State: NC

# of Units: 25

Tenancy: Family

Construction: Rehab

Elijah's Landing

City: Morehead City

State: NC

# of Units: 168

Tenancy: Family

Construction: New

Gooden Village Apartments

City: Elizabethtown

State: NC

# of Units: 24

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Green Oaks Apartments

City: Grover

State: NC

# of Units: 24

Tenancy: Family

Construction: Acquisition/Rehab

Hillside Apartments

City: Mooresville

State: NC

# of Units: 59

Tenancy: Family

Construction: Acquisition/Rehab

Lakeshore Villas

City: Arden

State: NC

# of Units: 120

Tenancy: Family

Construction: New

Meadowgreen Apartments

City: Reidsville

State: NC

# of Units: 70

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Meadowview

City: Selma

State: NC

# of Units: 24

Tenancy: Family

Construction: Acquisition/Rehab

Morgan Hills

City: Morganton

State: NC

# of Units: 48

Tenancy: Family

Construction: Acquisition/Rehab

Mountain Glen

City: Brevard

State: NC

# of Units: 56

Tenancy: Family

Construction: Acquisition/Rehab

Oakhill Apartments

City: Spring Hope

State: NC

# of Units: 25

Tenancy: Family

Construction: Acquisition/Rehab

Orchard Point

City: Sanford

State: NC

# of Units: 40

Tenancy: Family

Construction: Acquisition/Rehab

Park Place II

City: Mooresville

State: NC

# of Units: 24

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Phillips Village

City: Shelby

State: NC

# of Units: 32

Tenancy: Family

Construction: Acquisition/Rehab

Pine Ridge Apartments

City: Newland

State: NC

# of Units: 32

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Pine Ridge Place

City: Polkton

State: NC

# of Units: 16

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Pine Terrace

City: Wadesboro

State: NC

# of Units: 24

Tenancy: Family

Construction: Acquisition/Rehab

Piney Point Apartments

City: Hamlet

State: NC

# of Units: 24

Tenancy: Family

Construction: Acquisition/Rehab

Pungo Village

City: Belhaven

State: NC

# of Units: 38

Tenancy: Elderly: 55 and Older

Construction: Rehab

Ridgeview Apartments

City: Sparta

State: NC

# of Units: 36

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Ridgeway Apartments

City: Taylorsville

State: NC

# of Units: 33

Tenancy: Family

Construction: Acquisition/Rehab

River Bluff

City: Fair Bluff

State: NC

# of Units: 17

Tenancy: Family

Construction: Acquisition/Rehab

River Park Apartments

City: Sylva

State: NC

# of Units: 27

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Robinwood

City: Wendell

State: NC

# of Units: 84

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Scotland Arms Apartments

City: Scotland Neck

State: NC

# of Units: 20

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Valdese Village

City: Valdese

State: NC

# of Units: 34

Tenancy: Family

Construction: Acquisition/Rehab

Wellonton

City: Chadbourn

State: NC

# of Units: 38

Tenancy: Family

Construction: Acquisition/Rehab

Willow Wood at Laurinburg

City: Laurinburg

State: NC

# of Units: 38

Tenancy: Family

Construction: Acquisition/Rehab

Wintergreen

City: Winterville

State: NC

# of Units: 32

Tenancy: Family

Construction: Acquisition/Rehab

Woodfield Apartments

City: Fairmont

State: NC

# of Units: 32

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Woodhaven

City: Albemarle

State: NC

# of Units: 40

Tenancy: Family

Construction: Acquisition/Rehab

Avonlea

City: Raleigh

State: NC

# of Units: 44

Tenancy: Family

Construction: Acquisition/Rehab

Highland Village

City: Cary

State: NC

# of Units: 50

Tenancy: Family

Construction: Acquisition/Rehab

Jeffries Ridge

City: Raleigh

State: NC

# of Units: 32

Tenancy: Family

Construction: Acquisition/Rehab

Madison Glen 

City: Raleigh

State: NC

# of Units: 120

Tenancy: Family

Construction: Acquisition/Rehab

Ripley Station 

City: Raleigh

State: NC

# of Units: 48

Tenancy: Family

Construction: Acquisition/Rehab

Sedgebrook

City: Cary

State: NC

# of Units: 32

Tenancy: Family

Construction: Acquisition/Rehab

Tryon Grove

City: Raleigh

State: NC

# of Units: 48

Tenancy: Family

Construction: Acquisition/Rehab

2100 Brainbridge Apartments

City: Richmond

State: VA

# of Units: 83

Tenancy: Elderly: 55 and Older

Construction: New

Overlook Ridge

City: Stuarts Draft

State: VA

# of Units: 50

Tenancy: Family

Construction: New

Rolling Hills Apartments

City: Ripley

State: TN

# of Units: 48

Tenancy: Family

Construction: Acquisition/Rehab

Azalea Park

City: Summerville

State: SC

# of Units: 64

Tenancy: Family

Construction: Acquisition/Rehab

Blackville Gardens Apartments

City: Blackville

State: SC

# of Units: 24

Tenancy: Family

Construction: Acquisition/Rehab

Canterfield Manor

City: Denmark

State: SC

# of Units: 20

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

The Peaks of Lexington

City: Lexington

State: SC

# of Units: 78

Tenancy: Family

Construction: New

Bradford Manor

City: Bruce

State: MS

# of Units: 24

Tenancy: Elderly: 55 and Older

Construction: Acquisition/Rehab

Eastgate Apartments

City: Belzoni

State: MS

# of Units: 16

Tenancy: Family

Construction: Acquisition/Rehab

Britton Village

Situated in Salisbury, North Carolina, Britton Village represents a step forward in creating quality, affordable housing for families. This thoughtfully designed development by Scantland, Inc. provides 80 Low Income Housing Tax Credit (LIHTC) units tailored to meet the needs of family households earning up to 60% of the Area Median Household Income (AMHI). With a mix of one-, two-, and three-bedroom units, Britton Village aims to foster stability, opportunity, and a sense of community for its residents while addressing Salisbury's growing need for affordable housing. Families moving into Britton Village gain more than shelter; they secure a sense of stability that allows them to improve their overall well-being. On-site amenities foster a sense of community and promote wellness. The development includes a community building, fitness room, playground, and covered picnic area to encourage active lifestyles and social connections. Additional features like a computer room, central laundry facilities, and an on-site management office enhance daily convenience, making Britton Village a self-sufficient and resident-focused community. As a model for sustainable and inclusive growth, Britton Village represents a brighter future for Salisbury and the broader community.

Jevue Club

Jevue Club Apartments, a 40-unit community originally constructed in 1977, underwent a transformative rehabilitation that significantly enhanced the quality of life for families while preserving critically needed affordable housing in Wetzel County, West Virginia. All units remained rent-restricted to families earning 60% of the Area Median Income (AMI) or less, with 10 units designated for households earning below 40% AMI. Enhancements made to Jevue Club included updated appliances, central air conditioning, washer/dryer hookups, and all-new flooring, cabinetry, windows, roofing, and siding—creating homes that are both functional and comfortable for today's families. Beyond the units themselves, the redevelopment project brought sweeping site improvements. A newly constructed 1,168-square-foot community building is now a vibrant hub with a computer lab, laundry facilities, and on-site management offices. Outdoor spaces were also revitalized, including new playground equipment, a resurfaced basketball court with new hoops, and refreshed landscaping that enhances the overall appeal and livability of the property. The project not only restored an aging asset but reaffirmed a steadfast commitment to providing safe, high-quality, and affordable housing for current and future generations in Wetzel County.

Davis Park Station

Located in Lexington, Kentucky, Davis Park Station consists of 73 one-, two-, and three-bedroom units ranging in size from 738 to 1,134 square feet. The units are spread between 3 buildings, with one accessible unit attached to the community building. Site amenities include a management building with office space, laundry facilities, and a community room. One of the things that sets Davis Park Station apart is the public-private partnership, which includes the City of Lexington's Workforce Training Center on-site. This center will provide career and employment services for residents and community members. "Davis Park Station epitomizes community collaboration. Each resident household has access to both affordable housing and employment services training, which allows them to pursue both housing stability and economic growth simultaneously," said President of AU Associates, Johan Graham.

Amberly Trace Apartments

Amberly Trace Apartments is a newly constructed affordable housing community located in Burlington, NC. The property comprises 80 one-, two-, and three-bedroom units, ranging in size, and was designed to serve households earning up to 60% of the Area Median Household Income. Amberly Trace contains four three-story walk-up buildings and one standalone community center. Within the community building, residents have access to a variety of supportive amenities, including a spacious community room for gatherings and events, on-site laundry facilities, a fitness center to promote health and wellness, and a computer room to enhance digital access and educational opportunities. Each unit at Amberly Trace is outfitted with a wide range of modern, energy-efficient features that enhance daily living. Amberly Trace is more than just a place to live — it's a community intentionally built to support families in reaching their goals, improving their quality of life, and fostering long-term stability.
President

A Message From Our President & CEO

“It’s supposed to be hard. If it wasn’t hard, everyone would do it. The hard is what makes it great.” Tom Hanks; A League of Their Own

Each year, our industry works smarter through relationship building, due diligence, and execution, often producing similarly high-quality results. While some may question efficiency and focus, the reality is that stakeholder needs, both internal and external, continue to rise and it’s our responsibility to meet – and preferably exceed – those expectations.

Our industry is in its 40th year – CAHEC’s 34th – and with that comes an unprecedented level of institutional knowledge, performance data, and intuition that’s applied to our everyday efforts. Our organizations have become more robust, evolving from general practitioners into a wide range of subject matter experts. We now offer expanded ancillary products and services, and are more effectively furthering our mission and values. We strive for the right balance of new ideas and technologies while recognizing that basic “blocking and tackling” is a foundational element of success.

A clear example is the evolution of artificial intelligence (AI) and its role in an organization of CAHEC’s size, industry presence, and service objectives. Across all divisional lines - syndications (equity and debt), property management, general partnerships, and preservation – data management related to due diligence, asset management, and stakeholder reporting is paramount to our work. It drives analysis of prospective investments and developments, portfolio trending, and compliance management, all of which are ongoing activities. Looking ahead, this same work will be done expeditiously, leaving more time to strategically evaluate opportunities, solve problems, and be forward thinking.

That said, AI, at least in our affordable housing niche, cannot replace basic human interaction. An AI Assistant will not substitute instinct when evaluating a piece of land for development, easing stakeholder frustration when a process is not “going their way,” or negotiating fine points of a transaction. While AI can expedite the dissemination and trending of information, it is still people who possess the emotional intelligence to best further an organization’s values and vision. As eloquently shared by legendary track star Usain Bolt, “I trained four years to run nine seconds…and people give up when they don’t see results in two months.”

A sincere thanks to all stakeholders who have been an integral cog in our journey. Your unwavering partnership has allowed CAHEC and affiliates the opportunity to make a material impact on those we serve. To that end, this report summarizes CAHEC’s accomplishments in 2025. I hope you find it informative and impactful.

Sincerely,

Dana Boole
President & CEO