Cahec
Legal name: Community Affordable Housing Equity Corporation
Nonprofit profile at a glance
- EIN
- 561805915
- IRS 990 coverage
- 2012–2025
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2025
- Location
- Raleigh, NC, United States
- Phone
- 919-420-0063
- Rating
- 87
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Housing, Shelter N.E.C.
Reported finances
- Revenue
- $15,736,908
- Expenses
- $17,266,441
- Assets
- $25,075,929
- Liabilities
- $3,523,493
Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.
Leadership & pay
20 people listed
Executive titles in this filing
- DANA BOOLE (PRESIDENT AND CEO)
- SONYA PREAR (VICE PRESIDENT)
- WILLIAM MAYO (VICE PRESIDENT)
Highest reported compensation
- DANA BOOLE (PRESIDENT AND CEO): $913,340 total reported compensation
- ERIN GRIFFIN (CHIEF FINANCIAL OFFICER): $438,179 total reported compensation
- WILLIAM MAYO (VICE PRESIDENT): $435,375 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
We envision thriving communities with affordable housing and equitable opportunities for all. Our mission is to strengthen communities by providing affordable housing and creating opportunities for growth and revitalization through collaborative partnerships, innovative investments, and supportive service initiatives.
What it reported doing in 2025
Cahec raises and invests equity capital in qualified low-income housing tax credit and other tax credit products. In 2025, cahec raised equity capital of $166,293,816 and invested in 1,650 housing units. Cahec also provides capital through a series of community investments which empowers residents, promotes the development of affordable rental and ownership housing, and fosters sustainability within the communities that it serves.
Operating model
- Revenue model
- Other-operating. 73% of the money available for current operations came from other operating revenue.
- Distribution model
- Direct operator. The filing allocates 98% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.
Rating breakdown
- Financial Efficiency: 86
- Transparency & Controls: 92
- Accountability: 94
- Sustainability: 23
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 91.9%; rating input score 92
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
- Pay-setting controls: 4 of 6 controls in place; rating input score 67
- Compensation committee: Pass
- Independent consultant: Pass
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 88.9%; rating input score 89; 17th percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -9.7%; rating input score 7; 7th percentile among comparable filings
- Total-asset coverage ratio: 1.45; rating input score 41; 41st percentile among comparable filings
- Liabilities to assets ratio: 0.14; rating input score 60; 60th percentile among comparable filings
- Officer compensation ratio: 22%; rating input score 4; 4th percentile among comparable filings
Growth
- Program expense growth: 4.9% per year; rating input score 100; 39th percentile among comparable filings
- Revenue growth: 3.3% per year; rating input score 100; 26th percentile among comparable filings
- Asset growth: 0.7% per year; rating input score 100; 9th percentile among comparable filings
Details
- What they do: Mission, programs, and operating context captured from the official website.
- Where the money goes: 100% of revenue deployed · 91.9% of spending went to programs
- Governance: 8 of 9 board members independent · 9 of 9 filing controls reported
- Programs: 2 filed program accomplishments · $15.9M in reported program spending
- Leadership: top reported pay $913K · 20 people listed · 4 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $1.6M reported
- Consistency: 37 of 37 current checks pass
- Schedules: 8 filed schedules · includes major donors, grants, and executive pay
- Filing history: 14 filing years from 2012 to 2025
- Contacts: How to reach this organization
- Money network: 42 filed money-flow records
- Related organizations: 337 filed related-organization links
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Sustainability: Operating margin scored 7/100.
- Moderate — Sustainability: Total-asset coverage ratio scored 41/100.
- High — Sustainability: Officer compensation ratio scored 4/100.