Since 1990, Community Investment Corporation of the Carolinas (CICCAR) has provided over $240 million in permanent debt financing for nearly 300 workforce apartment communities, providing housing for over 14,500 households located throughout North Carolina, South Carolina and Virginia. CICCAR is an affordable housing loan consortium with over 100 bank members. Membership is open to all financial institutions in the Southeast. Our developments house families, seniors and persons with disabilities that earn no more than 60% of the area median income and our residents pay no more than 30% of their income for housing. Most of the CICCAR communities have received an allocation of Federal low income housing tax credits and also have some form of subordinate debt. The subordinate debt typically comes from the City, County, Federal HOME funds, AHP Grants, CDBG funds or State Housing Trust funds. Our lending program is an excellent example of how public and private partnerships can be forged to achieve a common goal of helping those less fortunate.
|Did you know that your financial institution will receive CRA credit by participating in CICCAR loans? If you are interested in becoming a member please contact Cindy Wiggins-Tiede at 1-800-662-7044.
||CICCAR provides technical assistance to project sponsors while working in partnership with government agencies, such as the North Carolina Housing Finance Agency and USDA Rural Development, to achieve maximum benefit from public and private funds designated for affordable housing.
CICCAR BOARD OF DIRECTORS
- Paul Kennedy, CICCAR Chairman, Senior Vice President, Carolina Bank, Greensboro
- John J. Engel, III, CICCAR, Vice Chairman, Vice President, Carter Bank & Trust, Martinsville, VA
- Ron Black, President and CEO, Bank of Oak Ridge, Oak Ridge
- Charles Davis, Senior Vice President, TD Bank, Asheville
- Matt Davis, SVP/Chief Credit Officer, Paragon Commercial Bank, Raleigh
- Scott Farmer, Director of Rental Assets, NC Housing Finance Agency, Raleigh
- Frank Gavigan, President and CEO, Premier Commercial Bank, Greensboro
- Rudy Matthews, President and CEO, Kingstree Federal Savings, Kingstree, SC
- Edward McKelvey, CRA Officer/Community Development Specialist, First Federal, N. Charleston, SC
- Marty Pell, Executive Vice President, First Community Bank, High Point
- Lee Harriss Roberts, Managing Director, Piedmont Community Holdings, Raleigh
- Ann Winstead, President & CEO, Tarboro Savings Bank, Tarboro
- Cindy Wiggins-Tiede, Executive Vice President, CICCAR, Raleigh
- Thad Woodard, President and CEO, NC Bankers Association, Raleigh
FOR MORE INFORMATION CONTACT
Cindy Wiggins-Tiede, Executive Vice President
P.O. Box 19999 • Raleigh, NC 27619-9916
A subsidiary of the North Carolina Bankers Association
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