Western Carolina Community Action
Congratulations to this month’s Member Spotlight, Community Investment Corporation of the Carolinas (CICCAR)
CICCAR is a regional lending consortium offering permanent loans to finance
the development of affordable multifamily housing in North Carolina,
South Carolina, Tennessee, Virginia and West Virginia.
Established in 1990 as a subsidiary of the North Carolina Bankers Association, CICCAR is the largest affordable multifamily loan consortium of its kind in the nation. With funding provided by a membership base of more than 100 financial institutions, we have approved over $245 million in loans to date — creating almost 15,000 rental units for working families, seniors and people with disabilities.
Our loan applicants include for-profit and nonprofit developers engaged in the production of apartment communities that meet the eligibility criteria for the federal Low Income Housing Tax Credit (LIHTC) program. Funding for each approved loan is provided by CICCAR’s members on a voluntary, loan-by-loan basis. The consortium model enables member financial institutions of all sizes – from large complex banking organizations down to the smallest community bank – to take advantage of excellent lending opportunities while promoting community development efforts in the markets they serve.
Each year, CICCAR is proud to partner with the North Carolina Housing Coalition and the North Carolina Housing Finance Agency as joint hosts for the North Carolina Affordable Housing Conference. Membership in the North Carolina Housing Coalition allows us to join forces with so many stakeholders who recognize the value and importance of the LIHTC program in addressing our region’s affordable housing needs.
To learn more about CICCAR, please visit their website.
As a membership organization, we're only as strong as our members. Luckily, our members are some of the best in the affordable housing business! We love to recognize those who are doing great work. If you're interested in becoming or nominating a Member Spotlight, please click here.
To view past Member Spotlights, click here.