National Equity Fund

Building Homes, Communities, and Futures

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Mission & Vision

National Equity Fund's mission is to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing. We strive to be diverse, equitable and an inclusive place to work so that our team has the experience and knowledge to effectively support our partners and communities.

Our vision is that all individuals and families across the country have access to stable, safe and affordable homes that provide a foundation for them to reach their full potential.



  • One of the largest Non-profit Tax Syndicators committed to expanding, diversifying and preserving affordable housing for the long term
  • Mission-driven experts in Low-Income Housing Tax Credits since 1987
  • Pioneers in Supportive Housing with three decades of demonstrated impact
  • Innovators in finding new ways to deepen and broaden the creation and preservation of affordable housing with expertise in preservation lending, workforce housing and pre-development lending
  • Industry leaders in combining Opportunity Zone credits with LIHTC
  • Cultivators of long-term partner relationships and award-winning projects in urban, suburban and rural areas

Innovative & Collaborative Solutions

Low-Income Housing Tax Credits (LIHTC)

Enacted in 1986, the federal low-income housing tax credit (LIHTC) was created to advance the production and preservation of affordable housing. Each state allocates LIHTC to qualified affordable housing developers who then sell them to an investor, or to a tax-credit syndication fund made up of equity from one or from many investors. In return, the investors receive a credit against their federal income tax based on the size of their investments.

Predevelopment Loans

NEF’s pre-development lending team provides critical early financing to assist our partners in developing affordable housing. Targeted pre-development funds cover a variety of development expenses, from professional fees to acquisition, including the costs of tasks that need to be completed before construction closing.

Workforce / Moderate Income Rental Housing

NEF offers specialized financing solutions targeted to working individuals and families in the "missing middle" who are not income-eligible for LIHTC properties but struggle to find affordable housing options in neighborhoods close to job opportunities.  

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Preservation Lending

NEF's experienced Preservation Lending team provides financing to multi-family property owners to help low-income families and individuals stay in their homes, and not be displaced as rents increase.

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Supportive Housing

NEF has been a pioneer in permanent supportive housing since the very first days of LIHTC. Our supportive housing leaders are advocates for the most vulnerable individuals and families, experts in the planning and operation that goes into these developments and knowledgeable about government programs and policies that can help families and individuals to thrive.

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Emerging Minority Developers Fund

NEF's Emerging Minority Developer Fund (EMDF) was designed to create access to equity capital resources to facilitate accelerated development capacity and wealth creation for Black, Indigenous and People of Color (BIPOC) developers who have not had proportionate and consistent access to LIHTC. With our investor partners, we have committed capital for the Fund well exceeding our original $100 million target.

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March 30, 2023

Lt. Colonel Hazel Johnson-Brown Veterans Center wins Preservation Alliance for Greater Philadelphia Grand Jury Award

Congratulations to our friends at HELP USA on Preservation Alliance for Greater Philadelphia Grand Jury Award for the Lt. Colonel Hazel Johnson-Brown Veterans Center at HELP Philadelphia VI!

This incredible historic preservation development was adapted into 55 affordable housing and supportive housing units for low-income seniors, veterans experiencing homelessness, and people with disabilities.

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March 30, 2023

Freddie Mac Features St. Catherine De Vigri Villas in Mission Story

Thank you to our friends at Freddie Mac for this incredible feature on St. Catherine De Vigri Villas in Tieton, Washington. Because of Freddie Mac's LIHTC equity investment and the passion and drive of our developer partners at Catholic Charities Housing Services, the Tieton community now has 53 units of affordable housing -- the first new, affordable housing development in 30 years -- dedicated to farmworkers and their families.

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March 23, 2023

Second Phase of Palm Terrace Celebrates Grand Opening in Lindsay, CA

Congratulations to our partners at Self-Help Enterprises (SHE) on the grand opening of Palm Terrace II in Lindsay, California! The second phase of this affordable housing development offers 54 new units and completes the Palm Terrace rental community, which now provides a grand total of 104 units. With a focus on low-income families, six of the units will be Permanent Supportive Housing (PSH) earning 30 percent of the Area Median Income (AMI).

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March 17, 2023

Lincoln Avenue Capital & The Housing Authority of the City of Alameda Preserve Affordable Homes in Bay Area

Congratulations to our partners at Lincoln Avenue Capital (LAC) and The Housing Authority of the City of Alameda (AHA) on their commitment to preserving up to 132 units of affordable housing at Rica Vista Apartments for the next 55 years! The existing market-rate property will be converted into workforce housing (or moderate income rental housing) in one of the most expensive housing markets in the nation, the Bay Area...

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March 15, 2023

Message from NEF on Bridge Bank for Silicon Valley Bank

We were encouraged to see the latest statement from the FDIC that the newly established Bridge Banks for the closures of Silicon Valley Bank and Signature Bank will be required to meet their contractual obligations, including fulfilling equity investments and construction loans...

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March 13, 2023

Message from Matt Reilein regarding Silicon Valley Bank

National Equity Fund (NEF) is actively monitoring the Silicon Valley Bank (SVB) receivership and broader banking market closely, while we wait for additional guidance from the FDIC. Our experienced team is in active conversations with investors, developers, state agencies and other external stakeholders. And while we recognize that we don’t yet have all the answers, NEF remains in a strong position to help navigate the impact on the affordable housing industry both now and in the future.

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Dr Maya Angelou Villages Groundbreaking
March 08, 2023

Dr. Maya Angelou Village Breaks Ground in Detroit

Congratulations to our partners at Full Circle Communities (FCC) and Alternatives for Girls (AFG) on the successful groundbreaking at Dr. Maya Angelou Village in Detroit! The event was well-attended with Mayor Mike Duggan, city council representatives, and other important community members and stakeholders.

Located in Detroit's Miller Grove neighborhood on a decade-long vacant land, Dr. Maya Angelou Village will provide 45 units of affordable and permanent supportive housing for individuals and families at risk of homelessness. 

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Casa Durango Ribbon Cutting
March 02, 2023

Casa Durango Celebrates Ribbon Cutting in Pilsen

We were honored to celebrate with The Resurrection Project (TRP) at their ribbon cutting ceremony of Casa Durango in the Pilsen neighborhood of Chicago last week! The gathering included a multitude of community members, residents, partners, as well as state and local officials.
Casa Durango is a 53-unit multi-family rental housing development named after the Mexican State of Durango, where many residents of Pilsen came from.

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February 23, 2023

Trellis Celebrates Grand Opening on First LIHTC Rental Development

Sending our sincerest congratulations to our partners at Trellis on their grand opening of Trellis @ Mission in Phoenix, their first LIHTC affordable housing rental development! After 15 years, this rental property will become available for ownership and low-income renters will have the opportunity to purchase their units. This program encourages community stabilization and allows residents to invest in their property and neighborhood.

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February 17, 2023

Jaclyn Jackson Empowers Women with the Chicago Chapter of How Women Lead

We are excited to share that our very own SVP and Chief Human Resources Officer, Jaclyn Jackson, is a member of the Executive Board of the Chicago Region chapter of How Women Lead! This group of more than 15,000 senior executive women nationwide is working on empowering women, and the Chicago chapter's goal is to reach 10,000 women leaders in the area over the next 5 years. 

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February 15, 2023

NEF Honored in the Wall Street Journal as one of the 2022 Best and Brightest Companies to Work For in the Nation

In case you missed it, the February 15, 2023 issue of The Wall Street Journal listed the Best and Brightest Companies in the Nation and National Equity Fund is one of the honorees! We are thrilled to be recognized by The Best and Brightest Programs as a 2022 National winner. NEF was also named one of Chicago’s 2022 Best and Brightest Companies to Work For®, which recognizes companies committed to excellence in human resources and employee enrichment.

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Barwell Manor
February 15, 2023

Construction Completed at Bluffs at South Sheridan in Waukegan, IL

Congratulations to our partners at Bear Development and Waukegan Housing Authority on the completion of The Bluffs at South Sheridan (formerly Barwell Manor) in Waukegan, IL! 

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February 14, 2023

Barbara Gualco Retires from an Inspiring Career at Mercy Housing California

Congratulations to our partner Barbara Gualco on her retirement from Mercy Housing California. For 35 years, Barbara worked to expand affordable housing as the Regional Director of Real Estate Development for the Bay Area. In partnership with NEF, Barbara worked to create more than 500 affordable and supportive homes that helped empower Bay Area seniors, people experiencing homelessness and other vulnerable communities.

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February 08, 2023

1064 Mission Street Celebrates Grand Opening in San Francisco

Congratulations to our partners at Episcopal Community Services of San Francisco, Mercy Housing, and all of the organizations and individuals involved in the grand opening of 1064 Mission Street! 1064 Mission Street is San Francisco’s largest and most comprehensive permanent supportive housing (PSH) site. This community provides 256 units of affordable housing to formerly homeless adults and seniors. 

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January 26, 2023

NEF Announces $2.1 Billion in Affordable Housing Investments for 2022, Nearly Matching Record Performance in 2021

Despite continued economic and market headwinds, NEF invested over $1.2 billion in Low-Income Housing Tax Credit (LIHTC) investments and nearly $900 million to preserve existing affordable housing throughout 2022, resulting in nearly 15,500 affordable homes nationwide.

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OST Lofts
January 11, 2023

OST Lofts Will Bring More Affordable Housing to Houston Amid Shortage

We are buzzing with anticipation for construction to begin on OST Lofts in Houston! As the city struggles with a shortage of affordable housing, the City Council has approved a loan to the Tejano Center for Community Concerns to build a 130-unit affordable housing development on purchased land. The city was already experiencing a shortage of affordable housing before the devastation of Hurricane Harvey depleted nearly 25 percent of its existing units...

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Flats At 402
January 05, 2023

Affordable Housing Community Coming Soon to Madison, WI

Congratulations to our partners at Bear Real Estate Group on last month's closing of The Flats at 402 in Madison, Wisconsin. Because of our partners at Bear Real Estate, and an incredible $12 million in financing from NewPoint Real Estate Capital, some much needed affordable housing will soon be available for individuals and families in the area. Within four blocks of the Wisconsin State Capitol, this affordable housing community will provide 54 homes...

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December 29, 2022

Hayu Tilixam Opens with Ribbon Cutting in Portland, OR

Congratulations to all involved in this month's ribbon cutting of Hayu Tilixam! We are so proud to partner with organizations like Native American Youth and Family Center (NAYA) and Community Development Partners (CDP), who lead the charge in developing this project in Portland's Cully neighborhood.

Hayu Tilixam, which means "Many Nations" in the Chinook language, offers 50 new affordable housing units and is the third project by CDP and NAYA to provide housing opportunities for the Native community in northeast Portland...

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December 22, 2022

Northwoods Celebrates Ribbon Cutting in Plattsburg, NY

Congratulations to our partners at Housing Visions Unlimited, Inc on the official ribbon cutting for Northwoods, a new affordable and supportive living community in Plattsburgh, NY! The ceremony was attended by partners, investors and state and local officials. This development brings 80 homes (1, 2 and 3-bedrooms) for individuals and families earning 80 percent or less of the AMI. Half of the units will include mental health support services through the New York State Department of Mental Health...

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December 20, 2022

The Groves Celebrates Grand Opening in San Juan Capistrano

Our team had a wonderful time at the grand opening of The Groves senior development in San Juan Capistrano, California! The Groves is a new, 75-unit affordable senior living community created by our incredible partners at C&C DEVELOPMENT CO., LLC. The project offers 1- and 2-bedroom homes and features amenities that will benefit active seniors, including walk-in closets, elevator services and ADA accessible and adaptable units...

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December 19, 2022

Red Tail Crossing Breaks Ground and Overcomes Covenant in Westchester

Sending a big congratulations to our partners at Community Corporation of Santa Monica on the groundbreaking of Red Tail Crossing. This is the first entirely affordable housing and permanent supportive housing development in the Westchester area! Red Tail Crossing will serve households earning between 15 and 70 percent of the AMI. The development will also bring a total of 102 units to the area in a mix of 1, 2 and 3-bedrooms. 40 of the 1-bedroom units will be reserved for formerly homeless individuals and 52 will be reserved for families...

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December 15, 2022

Xenolith Partners Win Community Impact Competition for The Rise

Sending a big congratulations to our partners at Xenolith Partners on winning the Community Impact Competition for their project The Rise. Located in Brownsville, Brooklyn, The Rise is a 72-unit mixed-use development that offers affordable and supportive housing for formerly incarcerated individuals and families. Xenolith collaborated with the Women's Prison Association and the Brownsville Partnership to bring this project to life, which just broke ground in November 2022...

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Juliette Fowler
December 14, 2022

Juliette Fowler Communities Celebrates 130th Anniversary and Dedication of The Peak

Congratulations to our partners at Juliette Fowler Communities on the celebration of its 130th anniversary and the dedication of the newest building, The Peak at Fowler! Last month, members of the organization were joined by Dallas officials and community members to honor 130 years of collaborative care and service.

The Peak is a 144-unit development for independent-living seniors, addressing the "forgotten middle" senior. These are seniors who can neither afford higher-priced apartments nor qualify for lower-income housing...

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December 08, 2022

Jaclyn Jackson Featured on How Women Inspire Podcast

We are extremely proud of our SVP and Chief Human Resources Officer, Jaclyn Jackson, who was recently featured on an episode of the How Women Inspire Podcast by How Women Lead!

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