Crescent Affordable Housing Corporation

Overview

The Crescent Affordable Housing Corporation (CAHC) is a nonprofit organization dedicated to providing affordable housing solutions. It was established by the Housing Authority of New Orleans to assist in acquiring, financing, redeveloping, rehabilitating, and constructing affordable housing projects.

Mission and Activities

CAHC's primary mission is to participate in the development of housing that is affordable to persons of low income. As a component unit of the Housing Authority of New Orleans, CAHC works closely with other entities to achieve its mission. It is also the sole member of several for-profit entities involved in managing and operating affordable housing projects developed on properties owned by the Housing Authority of New Orleans.

Financial Overview

In recent years, CAHC's financial situation has been challenged. For instance, as of 2019, the corporation reported an operating loss of approximately $2.356 million. Additionally, by the end of 2019, its total net position was a deficit of $19.68 million. More recent data indicates that for the fiscal year ending in 2023, the organization's total revenue was minimal at $5,180, with expenses reaching around $672,000. The total assets were recorded as a negative $2.48 million, and liabilities stood at $982,000.

Structure and Governance

CAHC operates under a structure that involves managing and partnering with other entities to achieve its affordable housing goals. It serves as a critical component in the broader efforts of the Housing Authority of New Orleans to provide affordable housing options.

Historical Developments and Challenges

Since its inception in 2003, CAHC has faced various financial and operational challenges, including significant operating losses and interest expenses. Despite these challenges, the organization continues to play a role in the development and management of affordable housing projects in New Orleans.

Classification

CAHC is classified under the category of Housing, Shelter, and Housing Development, Construction, and Management. Donations to this organization are tax-deductible, reflecting its status as a charitable organization.

[1] https://www.lla.la.gov/publicreports.nsf/0/5c29ba2c065cc626862585a60050979c/$file/000209ba.pdf [2] https://projects.propublica.org/nonprofits/organizations/200470082 [3] https://patch.com/virginia/reston/process-begins-redevelop-reston-apartments-affordable-housing [4] https://cvillerha.com/crescent-halls-2/ [5] https://projects.propublica.org/nonprofits/organizations/200470082/201603169349303120/full