$25,000 Awardee – Innovation
Federation of Appalachian Housing Enterprises (FAHE), based in Berea, K.Y., received the Innovation award for its pioneering application of Low-Income Housing Tax Credit (LIHTC) financing in rural areas. In less than two years, FAHE Capital – a new FAHE line of business – has successfully used LIHTCs to bring more than $17 million in private equity investments to develop affordable rental units in rural communities. A huge accomplishment: LIHTCs historically have been used in cities, seldom touching rural communities. The $17 million equity leveraged an additional $4 million, bringing total new investments to more than $20 million. Through its inventive use of LIHTCs, FAHE is creating an immediate impact on the development of affordable rental homes in rural areas, emerging as a true leader of the opportunity finance industry in Innovation.