Overview
What is Community Affordable Housing Equity Corporation?
Community Affordable Housing Equity Corporation (CAHEC) is a Raleigh, North Carolina-based nonprofit organization dedicated to raising equity capital and investing it in affordable housing projects. In the year 2022, CAHEC successfully raised $218 million and contributed to the development of 1,687 housing units. Their mission extends beyond financial support, as they empower residents, foster sustainable communities, and promote the development of affordable rental and ownership housing. CAHEC's primary focus is on financing the creation of multi-family affordable rental housing, adhering to the Federal Low-Income Housing Tax Credit Program (Section 42 of IRC). Additionally, they provide supplementary services to enhance the communities they serve.
Official website here: www.cahec.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Star Rating) from Charity Navigator.
Community Affordable Housing Equity Corporation has achieved an impressive Four-Star rating from Charity Navigator, reflecting its strong commitment to accountability and finance. The rating is based solely on a comprehensive assessment of its financial practices, demonstrating the organization’s effective management and transparency.
The organization excels in various areas, including having a majority of independent board members and robust financial oversight mechanisms. With a program expense ratio of 91.52%, it effectively allocates funds towards its mission, ensuring that the vast majority of resources are directed towards impactful programs. Additionally, it has implemented solid policies on conflict of interest, whistleblower protections, and document retention, contributing to its high score.
While the rating showcases significant strengths, it is essential for potential donors and stakeholders to continually evaluate the organization’s ongoing impact and sustainability in the community it serves. Overall, Community Affordable Housing Equity Corporation stands out as a well-managed nonprofit with a strong focus on accountability.
This AI summary has been generated from information found on Charity Navigator.
Is Community Affordable Housing Equity Corporation legitimate?
Community Affordable Housing Equity Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Community Affordable Housing Equity Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $5,187,792
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,047,491
For more financial information, click here
Official website here: www.cahec.com
What is the mission statement of Community Affordable Housing Equity Corporation?
The Community Affordable Housing Equity Corporation (CAHEC) is dedicated to promoting affordable housing and communities for individuals with low to moderate income. Its primary mission involves raising capital for the development of affordable multi-family rental housing through the Federal Low-Income Housing Tax Credit Program. CAHEC invests in various tax credit products and in 2022, raised and invested $218,480,398 in 1,687 housing units. In addition, CAHEC offers a series of community investments that empower residents, promote the development of affordable rental and ownership housing, and foster sustainability within the communities it serves.
Official website here: www.cahec.com
Who is the CEO of Community Affordable Housing Equity Corporation?
Dana Boole is the Board Member of Community Affordable Housing Equity Corporation. The CEO's salary of Community Affordable Housing Equity Corporation is $623,532 and their total compensation is $666,817.
Official website here: www.cahec.com
What is the revenue of Community Affordable Housing Equity Corporation?
Community Affordable Housing Equity Corporation's revenue in 2022 was $13,277,781.
Official website here: www.cahec.com
Who are the executives of Community Affordable Housing Equity Corporation and what are their salaries?
The average compensation at Community Affordable Housing Equity Corporation during 2022 was $136,515. There are 53 employees at Community Affordable Housing Equity Corporation.
Here are 33 key members and their salaries (Community Affordable Housing Equity Corporation's CEO's salary is $623,532 and their total compensation is $666,817):
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- Compensation: $0
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- Compensation: $623,532
- Related: $0
- Other: $43,285
- Compensation: $301,612
- Related: $0
- Other: $31,563
- Compensation: $292,211
- Related: $0
- Other: $25,391
- Compensation: $285,072
- Related: $0
- Other: $42,589
- Compensation: $250,435
- Related: $0
- Other: $40,665
- Compensation: $216,754
- Related: $0
- Other: $30,751
- Compensation: $237,723
- Related: $0
- Other: $32,610
- Compensation: $221,796
- Related: $0
- Other: $38,340
- Compensation: $219,708
- Related: $0
- Other: $30,816
- Compensation: $165,146
- Related: $0
- Other: $25,271
- Compensation: $148,870
- Related: $0
- Other: $27,328
- Compensation: $162,779
- Related: $0
- Other: $26,032
- Compensation: $152,779
- Related: $0
- Other: $17,042
- Compensation: $144,246
- Related: $0
- Other: $27,063
- Compensation: $142,524
- Related: $0
- Other: $17,033
- Compensation: $135,748
- Related: $0
- Other: $10,893
- Compensation: $175,402
- Related: $0
- Other: $19,364
- Compensation: $131,825
- Related: $0
- Other: $25,491
- Compensation: $118,026
- Related: $0
- Other: $16,788
- Compensation: $112,266
- Related: $0
- Other: $16,487
- Compensation: $121,087
- Related: $0
- Other: $16,929
- Compensation: $114,991
- Related: $0
- Other: $16,636
- Compensation: $118,070
- Related: $0
- Other: $16,823
Official website here: www.cahec.com
Where can I find the form 990 for Community Affordable Housing Equity Corporation?
Community Affordable Housing Equity Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.cahec.com
Learn more at the official website: www.cahec.com
Mission Statement of Community Affordable Housing Equity Corporation
Community Affordable Housing Equity Corporation, or CAHEC, is a mission-driven organization dedicated to the promotion of affordable housing and communities for low- and moderate-income populations. The primary goal of CAHEC is to raise capital for the development of affordable multi-family rental housing through the Federal Low-Income Housing Tax Credit Program. In 2022, CAHEC successfully raised equity capital totaling $218,480,398 and invested in the creation of 1,687 housing units.
Beyond its financial commitment to affordable housing projects, CAHEC also empowers residents by making available an array of supportive service initiatives. CAHEC's investments not only foster the development of affordable rental and ownership housing but also contribute to the sustainability of the communities it serves. By providing capital through a series of community investments, CAHEC plays a vital role in enhancing the quality of life for those in need of affordable housing options.
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Impact
October, 2024
Community Affordable Housing Equity Corporation (CAHEC) significantly impacts low- and moderate-income populations by promoting affordable housing and creating sustainable communities. In 2022 alone, CAHEC raised an impressive $218,480,398 in equity capital, which facilitated the investment in 1,687 housing units. This capital is primarily directed towards developing affordable multi-family rental housing under the federal Low-Income Housing Tax Credit program.
Beyond just housing, CAHEC's efforts extend into community investments that empower residents, enhance community development, and promote sustainable practices. By supporting both rental and ownership housing initiatives, CAHEC contributes to the overall well-being of communities, ensuring that affordable living spaces are not only available but are also integrated into vibrant, supportive environments. This multifaceted approach enables CAHEC to foster long-term benefits for the communities it serves in Raleigh, NC, and beyond.
This information is meant to be a general summary of Community Affordable Housing Equity Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $94
- Program Service Revenue: $13,137,687
- Gross Receipts: $13,278,584
Assets and Liabilities:
- Total Assets: $32,501,366
- Total Liabilities: $5,661,590
- Net Assets: $26,839,776
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ACQUISITION FEES
Revenue
$5,663,593
ASSET MANAGEMENT FEES
Revenue
$2,246,425
CREDIT AND ADMINISTRATIVE FEES
Revenue
$1,856,467
COMPLIANCE MONITORING FEE
Revenue
$957,793
OO&E FEES
Revenue
$556,500
Organization Details
Founding Year
1992
Phone
(919) 420-0063Principal Officer
Dana Boole
Main Address
7700 FALLS OF NEUSE ROAD 200, RALEIGH, NC, 27615
Website
www.cahec.comNTEE Category
Code: L99Z - Housing
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