Community Investment Corporation Of The Carolinas Celebrates 25 Years Of Affordable Housing Lending
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For More Information Contact:
Director of Communications
N.C. Bankers Association
RALEIGH – Community Investment Corporation of the Carolinas (CICCAR), a consortium of banks offering loans to support affordable multifamily housing, will celebrate 25 years of providing affordable housing solutions throughout the Carolinas and beyond. Established in 1990 as a wholly-owned subsidiary of the North Carolina Bankers Association, CICCAR provides critical permanent debt financing for nonprofit and for-profit developers building apartment communities using federal and state low-income housing tax credits (LIHTCs).
Although originally established to finance North Carolina properties, CICCAR has expanded its lending footprint over the years into six Southeastern states, including Georgia, South Carolina, Tennessee, Virginia and West Virginia. Since its inception, CICCAR has provided more than $275 million in permanent debt financing, creating or preserving more than 17,500 affordable apartment units in nearly 350 properties.
“We are excited to ring in the New Year and celebrate our 25th year of providing affordable housing to families throughout the Southeast,” said David Bennett, executive vice president of CICCAR. “We have truly come a long way since funding our first loan in the early 1990s, and we are thrilled with the success of this collaborative effort. CICCAR is a testament to the dedication and commitment of our members toward meeting the needs of their communities.”
With a membership of more than 100 banks and other financial institutions, CICCAR is the largest affordable housing loan consortium of its kind in the nation. CICCAR is a unique business model that leverages the resources of its members to promote affordable housing lending in a “shared-risk” manner. By participating in CICCAR loans, member banks, which range in size from the smallest savings banks to some of the largest banks in the nation, are able to fund high-quality loans and receive Community Reinvestment Act (CRA) credit, while simultaneously benefiting the needs of the markets they serve.
CICCAR-funded developments house families, seniors and persons with disabilities who earn no more than 60 percent of the area median income. Most of the communities funded with CICCAR loans have received an allocation of Federal low income housing tax credits and have some form of subordinate debt, which typically comes from the City, County, Federal HOME funds, AHP Grants, CDBG funds or State Housing Trust funds.
Additionally, the organization provides technical assistance to project sponsors, while working in partnership with government agencies, such as state housing finance agencies, HUD and USDA Rural Development, to achieve maximum benefit from public and private funds designated for affordable housing.
For membership information, please contact David Bennett at (800) 662-7044.