The Community Affordable Housing Equity Corp., the 20-year-old Raleigh-based nonprofit that raises investor cash to build affordable housing in the region, says it has brought in the first $50 million from a targeted $200 million offering.
Accredited investors ? mostly banks and large public companies ? receive various types of federal tax credits for committing cash to the effort.
Set up in 1992, CAHEC so far has raised a total of more than $1 billion ? with the money used to develop 16,000 affordable housing units.
The new fund-raiser, dubbed Community Equity Fund 17, was outlined in a filing with the U.S. Securities and Exchange Commission. According to the filing, the first $50 million came from a single investor.
The filing did not identify the investor. CAHEC CEO Dana Boole says his ability to discuss the offering is limited. SEC regulations restrict what groups raising cash through the private placement of stock can say.
According to the SEC filing, the minimum investment is $1 million.
?Our standard offering period is one year but the length of the offering period and size of the fund are subject to a number of factors, including investor demand,? Boole said in response to an e-mail question.
After 2008, investor interest in affordable housing deals offering tax credits waned. But, Boole says, that trend has reversed and investor interest has ?picked up following a sharp decline a few years ago.?
The Community Affordable Housing Equity Corp., the 20-year-old Raleigh-based nonprofit that raises investor cash to build affordable housing in the region, says it has brought in the first $50 million from a targeted $200 million offering.
Accredited investors ? mostly banks and large public companies ? receive various types of federal tax credits for committing cash to the effort.
Set up in 1992, CAHEC so far has raised a total of more than $1 billion ? with the money used to develop 16,000 affordable housing units.
The new fund-raiser, dubbed Community Equity Fund 17, was outlined in a filing with the U.S. Securities and Exchange Commission. According to the filing, the first $50 million came from a single investor.
The filing did not identify the investor. CAHEC CEO Dana Boole says his ability to discuss the offering is limited. SEC regulations restrict what groups raising cash through the private placement of stock can say.
According to the SEC filing, the minimum investment is $1 million.
?Our standard offering period is one year but the length of the offering period and size of the fund are subject to a number of factors, including investor demand,? Boole said in response to an e-mail question.
After 2008, investor interest in affordable housing deals offering tax credits waned. But, Boole says, that trend has reversed and investor interest has ?picked up following a sharp decline a few years ago.?
Source: http://feedproxy.google.com/~r/vertical_4/~3/pA4qxYqF4yM/community-affordable-housing-equity.html
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