National Equity Fund, Inc.

National Equity Fund, Inc. (NEF) is a leading non-profit syndicator of Low-Income Housing Tax Credits (LIHTC) in the United States. Formed in 1987 as an affiliate of the Local Initiatives Support Corporation (LISC), NEF is headquartered in Chicago and is one of the largest non-profit LIHTC syndicators in the country.

History

National Equity Fund was established in response to the creation of the Low-Income Housing Tax Credit in the Tax Reform Act of 1986. LIHTC provides investors in affordable housing with a dollar-for-dollar reduction in federal taxes in exchange for equity in new or refurbished affordable housing projects. Syndicators like NEF were created to package these tax credits into large pools for investors.

In 2004, LISC created the New Markets Support Company to replicate NEF's success using the New Markets Tax Credit Program (NMTC), which supports business development in low-income areas.

Mission and Impact

NEF's mission is to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing. The organization envisions a society where increased access to affordable housing empowers every individual and family to reach their full potential.

Since its inception, NEF has invested over $22.7 billion, resulting in more than 231,500 new affordable homes across the United States. NEF's work has contributed significantly to the preservation and creation of affordable housing, supporting low-income families, veterans, and other vulnerable groups.

Notable Projects

1. Veterans Housing: NEF participated in the "Bring Them Homes" campaign, launching in 2012 to combat veteran homelessness by creating permanent supportive housing. This initiative has provided more than 4,000 residences in 15 states for formerly homeless veterans.

2. Native American Supportive Housing: NEF supported projects like the Cedar Crossing affordable housing project in Phoenix, Arizona, which emphasizes transit-accessible affordable housing for Native American communities.

3. LGBTQ+ Housing: NEF has been an early supporter of projects focused on the needs of LGBTQ+ individuals and seniors, such as the Town Hall Apartments in Chicago and Evergreen Lofts in Buffalo.

Recent Developments

In 2024, NEF raised over $1 billion through the Homestead Equity Fund, continuing its commitment to affordable housing in the Western United States. The acquisition of Homestead Capital in 2010 expanded NEF's presence in the region, resulting in the creation of nearly 8,000 units of affordable housing across 14 states through ten Homestead Equity Funds. NEF also announced the inauguration of the Northeast Fund and the NeighborWorks Capital Equity Fund, which provides standardized and equitable LIHTC terms to community-based nonprofits.

Leadership

Matthew Reilein serves as the President and CEO of National Equity Fund, Inc. Edward Sigler is the Chairman. Under their leadership, NEF continues to innovate in the affordable housing sector through pre-development lending, preservation lending, and workforce housing investments.