Community Investment Corporation of the Carolinas (“CICCAR”) is a regional lending consortium created in 1990 to support the development of affordable multifamily housing. Funding capital comes from member banks, with membership open to all financial institutions in the Southeast.
Most properties financed by CICCAR receive an allocation of Federal low income housing tax credits, and include other subordinate debt that keeps rents affordable for individuals and families earning no more than 60% of area median income. Member banks that participate in CICCAR loans receive an attractive return, and are eligible to receive the added benefit of CRA credit.
Our lending program is an excellent example of how public and private partnerships can be forged to achieve a common goal of providing safe, decent and affordable housing. Contact: David R. Bennett, Marketing Director at (800) 662-7044, or firstname.lastname@example.org.