Renovated Abandoned School Building Receives CAHEC's Outstanding Historic Development Award

    RALEIGH, NC, August 07, 2014 /24-7PressRelease/ -- Following development teams' bold re-commissioning of a long-abandoned historic school building and extensive property renovations, the Maureen Joy Charter School received a new accolade as this year's recipient of CAHEC's Outstanding Historic Development Award. With the help of Historic Rehabilitation Credits through CAHEC and additional tax credits and loans, the free K-8 public charter school opened for the 2013-14 academic year with 380 students. That number is estimated to reach 650 by 2016.

"CAHEC is honored to recognize this historic development project with a well deserved award that is 100% aligned with our mission to create partnerships that strengthen communities and change lives," said Dana Boole, President and CEO of CAHEC. Boole presented the award to the development team at CAHEC's annual Partners Conference held in the Raleigh Convention Center.

The project included the renovation and/or creation of approximately 30 instructional rooms, including 22 traditional classrooms, group-study rooms, a computer lab and a music room. The project reconditioned the cafeteria and full kitchen in the basement and the administrative offices on the first floor. The restoration also maintained the open-air courtyard, the octagonal lobby and the second-floor auditorium, whose windows span the eastern wall and overlook Driver Street.

"I am grateful to receive this award on behalf of our team, our financial partners and our community," said Tucker Bartlett, Executive Vice President, Self-Help. "It's been exciting to renovate a historic building, but more importantly we get to work on projects every day that make people's lives better. What an amazing opportunity."

ABOUT Community Affordable Housing Equity Corporation (CAHEC):

Headquartered in Raleigh, N.C., CAHEC is one of the largest nonprofit regional equity syndicators in the United States and has invested capital in nearly 500 properties in nine states and Washington, D.C. In addition to its mission is to provide communities with affordable housing and opportunities for growth and revitalization by investing in qualified tax credit products, CAHEC also provides capital through a series of Community Investment Programs, which empower residents, promote the development of affordable rental and ownership housing, and foster sustainability within the communities it serves.

http://www.cahec.com

# # #