CAHEC

What CAHEC does

CAHEC is a Raleigh, North Carolina-based nonprofit tax credit syndicator founded in 1992 that structures equity investments in affordable rental housing developments across 14 states and Washington, D.C. The organization serves three primary customer groups: real estate developers seeking tax credit equity financing, corporate investors seeking tax credit allocations, and low-income residents occupying the resulting affordable housing units. CAHEC operates through an integrated ecosystem of six affiliated entities — CAHEC Capital, Inc. (a Treasury-certified CDFI providing Carryover, Bridge, and Predevelopment Loans), CAHEC Management, Inc. (overseeing 350+ properties comprising more than 15,000 apartment and single-family homes), CAHEC Properties Corporation (general partner for 200+ residential rental properties across five states, including one of the largest USDA Rural Development portfolios in the U.S.), CAHEC New Markets ($220 million in NMTC allocations from the U.S. Department of the Treasury's CDFI Fund), CAHEC Foundation (501(c)(3) community programs), and CAHEC Energy (solar Energy Investment Tax Credits). The company is led by President and CEO Dana Boole with a staff of 11–50.

The company's core products span four tax credit investment classes — Low-Income Housing Tax Credits (LIHTC), Historic Tax Credits, New Markets Tax Credits, and Energy Investment Tax Credits — supplemented by asset management, property management, lending, and property acquisition/disposition services. CAHEC's technology infrastructure consists of web-based portals for developers (Sharefile document upload), investors (MRI Software investor portal), and property managers (Manager/CPA login), with no documented API exposure or proprietary AI/ML systems. Revenue is generated primarily through deal-by-deal syndication fees on tax credit transactions, asset management fees on its managed portfolio, interest income from CAHEC Capital's CDFI loan products, and tax-deductible donations to the CAHEC Foundation. Pricing on core syndication and management services is negotiated per transaction and not publicly disclosed, while Foundation grant maximums (e.g., Active Lifestyle Grant up to $15,000, Rex Williams Wellness Grant up to $8,500, Post-Secondary Scholarships up to $3,500) are published.

CAHEC's go-to-market motion combines direct enterprise field sales to developer partners, investor relations through its dedicated portal, and an annual Partners Conference (held continuously since 2001) that drew 451+ attendees from 25 states plus D.C. in 2023. Distribution is regionally focused across the Southeast and Mid-Atlantic, with recent expansion into Louisiana in November 2025. Beyond core syndication and management, CAHEC offers community investment programs including subsidized youth leadership camps ($10/week per child versus ~$175 market rate), wellness and recreation grants, disaster relief funding, and nutrition assistance partnerships with organizations such as the Food Bank of Central & Eastern NC. In 2023, CAHEC staff logged 1,387 combined community service hours, reinforcing the organization's mission-driven operating posture.

Name

CAHEC

Legal name

CAHEC

Website

https://cahec.com

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

11–50 employees

Short description

CAHEC is a nonprofit tax credit syndicator founded in 1992 that structures equity investments in affordable rental housing across 14 states and Washington, D.C. Through six affiliates, it provides LIHTC, Historic, New Markets, and Energy Tax Credit syndication, CDFI lending, and property management of 350+ communities serving low-income residents.

Ownership category

akta.pro rank

Product category

Affordable Housing Tax Credit Syndication

NAICS

Credit Intermediation and Related Activities (522)

SIC

Federal & Federally-Sponsored Credit Agencies (6111), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

Affordable Rental & Multifamily Housing Finance Programs (LIHTC/Tax Credits/Subsidized Loans) (FSALAKAF)

akta.pro secondary industries

Affordable Housing & Community Development (Housing, Community Land Trusts) (BPAGALAC), Construction & Development (C&D) Lending — Commercial/Multifamily (FSALADAH)

Keywords

• Affordable housing finance
• Tax credit syndication
• Low-income housing tax credits
• Community development lending
• Affordable property management

Headquarters

HQ city

Raleigh

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Tax Credit Syndication Fees: CAHEC generates revenue by syndicating Low-Income Housing Tax Credits (LIHTC), Historic Tax Credits (HTC), New Markets Tax Credits (NMTC), and Energy Investment Tax Credits (ITC) to private investors. As one of the largest regional non-profit tax credit syndicators in the U.S., CAHEC connects private investors with developers seeking funding for qualified developments, earning fees for structuring, underwriting, and managing the investment.
2. CAHEC Capital Lending Programs: CAHEC Capital, Inc., the CDFI and nonprofit loan fund affiliate, provides loan products to LIHTC developments including Carryover Loans, Bridge Loans, and Predevelopment Loans. Revenue is generated through interest and fees on these loan products. Predevelopment loans are capped at $100,000 including interest and fees, with a $50,000 limit per application.
3. CAHEC Foundation - Charitable Programs: CAHEC operates a 501(c)(3) foundation that raises funds through donations to support community investment initiatives including scholarships (up to $3,500 per resident), youth leadership summer camp subsidies ($10 per week per child), Active Lifestyle Grants (up to $15,000), Rex Williams Wellness Grants (up to $8,500), and disaster relief funding. Donations are tax-deductible.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

CAHEC is a nonprofit tax credit syndicator that raises corporate equity capital and allocates it to affordable housing developers under the Low-Income Housing Tax Credit (LIHTC), Historic Tax Credit (HTC), New Markets Tax Credit (NMTC), and Energy Tax Credits programs. Through affiliates it provides affordable property management, CDFI lending, preservation, and a community development foundation, serving developers, corporate investors, and residents of affordable housing across 14 states and Washington, D.C.

Product overview

CAHEC is a nonprofit tax credit syndication and affordable housing organization that operates as a multi-product platform offering tax credit investment products and property management services. The core products include Low-Income Housing Tax Credits (LIHTC), Historic Tax Credits (HTC), New Markets Tax Credits, and Energy Tax Credits through CAHEC Energy. These are complemented by CAHEC Capital's loan programs (Carryover Loans, Bridge Loans, Predevelopment Loans), asset management services, and property management through CAHEC Management, Inc. The organization also includes CAHEC Properties Corporation for property preservation and ownership. Beyond core products, CAHEC offers grant programs including the Active Lifestyle Grant, Rex Williams Wellness Grant, and New Markets Community Grant. Additional community impact programs include post-secondary scholarships, youth leadership initiatives, disaster relief, and nutrition assistance. The annual Partners Conference serves as a networking and educational hub for the industry.

Differentiator

Problem solved

Functional benefit

Products and services

• Low-Income Housing Tax Credit (LIHTC) Syndication
• Historic Tax Credit (HTC) Syndication
• New Markets Tax Credit (NMTC) Syndication
• Energy Tax Credit Syndication
• Affordable Housing Property Management (CAHEC Management, Inc.)
• CAHEC Lending (CDFI Lending)
• Affordable Housing Preservation Services
• CAHEC Foundation Community Development Programs

Quantifiable outcome

• 100% occupancy rate achieved post-rehabilitation at Mt. Washington Apartments (Bullitt County, KY)
• +6 more outcomes

Named customers16 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

16 partnerships are on record, tiered core, secondary and minor.

• Winterwood Development, Inc.coreStrategic or Co-development PartnerWinterwood Development, Inc. led the 2020-2021 rehabilitation of Mt. Washington Apartments in Bullitt County, KY — a 24-unit property that had not undergone significant improvements since 1982. The comprehensive renovation included roof replacements, siding updates, HVAC unit replacements, and interior refurbishments, resulting in 100% occupancy post-completion.
• Mosaic Development Group, Inc.coreStrategic or Co-development PartnerMosaic Development Group, Inc., a Charlotte-based nonprofit with over 55 years of experience in creating and preserving housing, partnered with CAHEC to develop Bingham Park Apartments — a 60-unit senior housing community in Charlotte, NC. Mosaic also developed Renaissance Commons in Elizabeth City, NC with CAHEC.
• VCZ Development, LLC / Zimmerman Properties, LLCcoreStrategic or Co-development PartnerCAHEC partnered with VCZ Development, LLC (an affiliate of Zimmerman Properties, LLC) to develop Rutherford Park Apartments — a 70-unit family housing community in Murfreesboro, TN. Zimmerman Properties currently owns and manages over 120 properties with approximately 8,000 affordable units, nearly all of which are LIHTC properties.
• Hudson CompaniessecondaryStrategic or Co-development PartnerHudson Companies, a real estate developer with more than 30 years of experience based in Hermitage, PA, partnered with CAHEC to develop Regency Commons — a 42-unit senior housing community in Clarion, PA. This was Hudson Companies' second affordable housing property using the Low Income Housing Tax Credit program.
• National Affordable Housing Management Association (NAHMA) Educational FoundationsecondaryStrategic or Co-development PartnerCAHEC partners with the NAHMA Educational Foundation to provide scholarships of up to $3,500 to residents living at CAHEC-sponsored properties. CAHEC applicants are required to type 'CAHEC' beside the apartment community name on their application to help NAHMA identify CAHEC residents.
• YMCA (Various Locations Throughout CAHEC Footprint)secondaryStrategic or Co-development PartnerCAHEC partners with various YMCAs throughout its footprint for the Youth Leadership Initiative, providing personal development and educational summer camp opportunities to youth residents. Youth participate in character-development activities, literacy instruction, athletics, and swimming lessons at subsidized rates ($10/week per child vs. market rate of ~$175/week).
• Food Bank of Central & Eastern NCminorStrategic or Co-development PartnerCAHEC staff volunteered with the Food Bank of Central & Eastern NC as part of its annual community service program. In 2023, CAHEC staff completed 1,387 combined hours of community service across multiple organizations including the Food Bank, North Raleigh Ministries, NC Senior Games, and the Salvation Army.
• Excel Property ManagementsecondaryImplementation/ SI/ Consulting PartnerExcel Property Management serves as the property manager for Bingham Park Apartments, collaborating closely with developer Mosaic Development Group. Excel is a property management company with whom Mosaic has worked on numerous previous developments, providing exceptional resident support and service.
• Zimmerman Properties, LLCcoreStrategic or Co-development PartnerZimmerman Properties, LLC (affiliate of VCZ Development, LLC) currently owns and manages more than 120 properties with approximately 8,000 affordable units, nearly all of which are LIHTC properties. Serves as property manager for Rutherford Park Apartments in Murfreesboro, TN.
• Partnership Property ManagementsecondaryImplementation/ SI/ Consulting PartnerPartnership Property Management, one of the 50 largest managers of affordable housing in the United States, serves as property manager for Village East Apartments (Kernersville, NC). The company has a long history in the LIHTC Program with over 5,000 affordable housing units in the Carolinas and Virginia.
• Squared Away ResponseminorStrategic or Co-development PartnerCAHEC Foundation partnered with Squared Away Response to support Hurricane Helene victims through a disaster relief initiative. CAHEC offers a Disaster Relief Initiative to provide support to residents in times of crisis, with funding utilized to purchase resources with immediate impact on affected residents.
• Harbinger DevelopmentsecondaryStrategic or Co-development PartnerHarbinger Development, with over 30 years of experience in affordable housing, developed Elizabeth Way Apartments in Ripley, WV — a 32-unit senior housing community. Their activity in West Virginia includes 18 completed developments comprised of 302 units.
• DSI Real Estate Partners / Aletheia HousesecondaryStrategic or Co-development PartnerCAHEC partnered with DSI Real Estate Partners and Aletheia House, Inc. to develop Red Oak Ridge Apartments in Lincoln, AL — a 42-unit new construction for low-income families. DSI is a leader in affordable housing development in Alabama and the southeastern region with over 1,400 multi-family units produced during its 10-year history.
• CAHEC Capital, Inc.coreStrategic or Co-development PartnerCAHEC Capital, Inc. is the financing affiliate of CAHEC, operating as a CDFI and nonprofit loan fund since December 2015. It provides Carryover Loans, Bridge Loans, and Predevelopment Loans to LIHTC developments, promoting healthy, empowered, and sustainable housing opportunities for low- and moderate-income individuals and families.
• CAHEC Properties CorporationcoreStrategic or Co-development PartnerCAHEC Properties Corporation is a non-profit affiliate of CAHEC that preserves and owns low-income apartment homes across the Southeast. It serves as general partner for over 200 residential rental properties across five states and owns over 220 affordable properties. Its portfolio is one of the largest USDA Rural Development portfolios in the United States.
• CAHEC Management, Inc.coreStrategic or Co-development PartnerCAHEC Management, Inc. is the property management affiliate of CAHEC, overseeing daily operations of over 350 low-income housing properties consisting of more than 15,000 affordable apartment homes and single-family homes throughout the Southeast. It provides residents with high-quality housing and community support.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Capital One Multifamily Finance: Large multifamily housing lender providing construction and permanent financing, including affordable housing. Comparable to CAHEC Capital's bridge and construction lending activities but as part of a much broader banking platform.
• Enterprise Community Partners: Major national nonprofit affordable housing organization combining development, lending, and policy advocacy with significant tax credit syndication activity. Comparable to CAHEC's integrated nonprofit mission and multi-entity structure but with substantially larger scale and national reach.

Emerging players

• National Development Council (NDC): National nonprofit CDFI providing financing and technical assistance for affordable housing and community development. Overlaps with CAHEC's CDFI lending arm and community development mission but with a smaller direct LIHTC syndication presence.
• National Housing Trust: Nonprofit affordable housing preservation organization that acquires and operates expiring-use LIHTC properties. Closely comparable to CAHEC Properties Corporation's preservation mission, though focused more exclusively on preservation than on broader syndication.

Direct peers

• Boston Financial Investment Management: One of the largest LIHTC syndicators in the U.S., syndicating low-income housing tax credits for affordable housing developers nationwide. Directly comparable to CAHEC's core LIHTC syndication business, though with broader national reach and a for-profit ownership structure.
• Community Preservation Corporation (CPC): Nonprofit CDFI providing financing for affordable and workforce housing, primarily in the New York region. Comparable to CAHEC Capital's CDFI lending model and CAHEC Properties' preservation focus, though geographically concentrated.
• Hunt Capital Partners: Tax credit equity syndicator focused on LIHTC, Historic, and Renewable Energy Tax Credits, with a national platform. Closely comparable to CAHEC's multi-product tax credit syndication model and overlapping developer/investor customer base.
• National Equity Fund: National nonprofit LIHTC syndicator with a similar mission-driven model to CAHEC. Syndicates tax credit equity for affordable housing developers and operates multiple affiliated entities covering syndication, asset management, and community development.
• R4 Capital: National LIHTC syndicator and affordable housing equity provider with operations across multiple states. Competes directly with CAHEC for tax credit equity syndication mandates and developer relationships in overlapping Southeast/Mid-Atlantic markets.
• Merritt Community Capital Corporation: Nonprofit LIHTC syndicator focused on affordable housing in the western U.S. Highly comparable as a similarly-structured nonprofit tax credit syndicator with regional focus, though operating in different geographies than CAHEC.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/TheCAHECChannel
• Xx.com/CAHEC_Raleigh
• Facebookfacebook.com/CAHEC.Raleigh

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CAHEC