CAHEC, a prominent community investment organization, has announced a significant expansion of its Open Doors Homeownership Initiative, doubling the grant funding available this year to support nonprofit organizations involved in building affordable housing for low-income households.
Stefanie Lee, Community Relations Manager at CAHEC, expressed enthusiasm for the initiative's growth, stating, 'We're thrilled to announce we'll be awarding two larger grant amounts this year, which is something we've never done before.' Lee emphasized the substantial impact this funding will have on recipient organizations, adding, 'We recognize the substantial impact this funding will have on these organizations, and we look forward to reviewing all the life-changing projects that will be submitted this year.'
The Open Doors Homeownership Initiative annually extends grants to nonprofit organizations that develop affordable homes for sale to low-income households. This year, the program has doubled its funding, enabling larger awards to selected organizations. To be eligible, affordable housing developments must be located within CAHEC's footprint, which includes Alabama, Florida, Georgia, Kentucky, Maryland, Mississippi, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, Washington D.C., and West Virginia.
Applications are accepted annually from March to July 31. Eligible proposals undergo a competitive review process based on their impact and quality. Interested organizations can find more information on grant eligibility and the online application process on CAHEC's website.
CAHEC's commitment to strengthening communities through affordable housing and supportive service initiatives is evident in its diverse product areas, including low-income housing tax credits, historic tax credits, new markets tax credits, and renewable energy credits. The organization also offers loan programs, wellness and education initiatives for residents, affordable housing development, and property management services. This expanded grant funding underscores CAHEC's dedication to addressing the critical need for affordable homeownership in its service regions.
