NEIGHBORHOODS

Dana Boole

President & CEO

Celebrating 30 Years of Creating Healthy, Sustainable Neighborhoods

By Lynn DelGaudio

Recently, Lynn DelGaudio had the opportunity to sit down and interview the President & CEO of CAHEC, Dana Boole, to hear first hand, the organization’s vision and mission. This heartfelt dialogue sheds light on the positive solutions for affordable housing and how CAHEC takes care of the community it serves.

Raleigh based CAHEC celebrates their 30th anniversary this year! CAHEC is one of the largest non-profit syndicators of affordable housing in the U.S. Their continued growth – even through adversity – is impressive, and they continue to work diligently towards their vision of sustainable communities, offering housing and life-changing opportunities to their residents. I recently sat down with President & CEO, Dana Boole, and asked him some questions about CAHEC, the evolving industry, giving back, and much more.

Lynn: Tell me about CAHEC?

Dana: CAHEC is a leading community investment company focusing on syndication (equity and debt), preservation, general partnerships, property management, and charitable initiatives. In short, we create sustainable, healthy neighborhoods through affordable housing and growth and revitalization opportunities.

Lynn: Why is the work CAHEC does important for communities?

Dana: Everyone deserves a safe and affordable place to call home. This need has especially shone the past 2 ½ years during Covid and the inflationary times that followed. To that end, CAHEC’s ability to address this housing need – along with the investor and developer communities we serve – is something in which we can all be proud.

Lynn: Beyond housing, how else does CAHEC give back to the communities you invest in?

Dana: It has never solely been about housing for us – we’ve always focused on what else we can do to support residents within our footprint. Our charitable efforts (through CAHEC and CAHEC Foundation) provide capital through a host of community investments that empower residents, promote the development of affordable rental and ownership housing, and foster sustainability within the communities we serve. Since inception, it has differentiated us among our peers and resulted in our granting over $16 million to those we serve; specifically, wellness and education for youth and young adults.

Lynn: How has CAHEC evolved over time?

Dana: CAHEC is committed to market differentiation rather than pure vertical growth. We keenly understand the needs of our stakeholders and work to identify niches where we can make a sustainable difference. An example is our recent expansion into property management, preservation, and ownership of affordable housing. Each represent a hedge to our core business by offering complementary revenue streams, but more importantly, each one positively impacts the communities we serve.

Lynn: How have you seen the affordable housing industry change over the years?

Dana: I just finished my 21st year and during that time, our industry has faced an abundance of challenges. That said, reacting to those hurdles isn’t the exception to what we do. Rather, it’s what we do! We’ve been fortunate - through education of leaders at the Federal, state and local levels - to foster a climate of strong, bipartisan legislative champions when it comes to affordable housing. It’s their support and education which should continue to mitigate our nation’s shortage of safe and quality affordable housing.

Lynn: As CEO, what is one of the biggest challenges you currently face in this industry?

Dana: Our core challenge the past two years has been inflation and its impact on our partners and residents. Development costs (hard and soft costs) have skyrocketed, contractors are in short supply, and wages for residents have been strained. Each of these factors have had a negative and extended effect on affordable housing.

Lynn: This is CAHEC’s 30th anniversary. Congratulations! What are you most proud of?

Dana: Since inception, CAHEC has been driven by innovative products, exemplary service, and a commitment to continually evolve. We believe in mastering our knowledge of the residents and communities we serve. I believe – in the face of headwinds and adversity – we’ve accomplished that with patience and perseverance.

Lynn: What is next for CAHEC? Where do you go from here?

Dana: The path to CAHEC’s ‘end game” is navigated by diversification and sustainability. We will continue to focus on furthering our mission, solidifying leadership, and taking on new initiatives that create sustainable, healthy neighborhoods. When considering opportunities (both organic and established), we evaluate “key criteria,” namely, whether it aligns with our vision and mission, is there a need for this initiative, is it scalable, and, of course, is it financially practical.

Lynn: How will demand for affordable housing be increasing in the coming years?

Dana: Simply put, it will continue to rise! According to the ACTION Campaign, the low income housing credit has financed nearly 3.6 million homes for 8 million households nationwide (including approximately 100,000 homes for 211,000 households in North Carolina) for low-income families and individuals since 1986. While impressive, the need is still enormous. The Action Campaign further estimates that 10.5 million renter households nationwide (including over 300,000 in North Carolina) pay more than half of their monthly income on rent, leaving too little for other expenses like health care, transportation, and nutritious food. This illustrates the scope of the need for safe and affordable housing.

Lynn: For those who might be looking for affordable housing, how would they get started?

Dana: Contact the North Carolina Housing Finance Agency (www.nchfa.com) who can assist in identifying affordable housing opportunities for North Carolinians.

The need for affordable housing is not going away, and neither is CAHEC. As the industry continues to evolve, so will they, ensuring the needs of residents and communities across the Southeast and mid-Atlantic continue to be met. CAHEC strives to always go beyond simply financing a development to truly impacting communities with economic, educational, and enrichment opportunities. We look forward to another 30 successful years from CAHEC! To learn more about CAHEC, please visit www.cahec.com.