National Equity Fund

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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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November 29, 2023

Lucille & Bruce Terwilliger Place Wins 2023 AHF Reader's Choice Award in the Urban Category

Our final Affordable Housing Finance (AHF) Readers’ Choice Award winner is Lucille and Bruce Terwilliger Place. This Arlington-based development took the top prize in the Urban category and is comprised of 160 units of affordable housing with a 50 percent Veteran preference.

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November 28, 2023

Lennox House Wins 2023 AHF Reader's Choice Award in the Preservation Category

Another affordable housing development recently awarded for its excellence at the Affordable Housing Finance (AHF) Magazine's Readers' Choice Awards was the Lennox House in the Preservation category.

In 1951, Lennox House opened as a 110-room hotel in Grand Prairie, Texas and shut its doors in 1985.

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November 27, 2023

Ruth Ellis Clairmount Center Wins 2023 AHF Reader's Choice Award in the Permanent Supportive Housing Category

We are excited to share more love and appreciation for our friends at Full Circle Communities, Inc and the Ruth Ellis Center for their big win a couple weeks ago at AHF Live! Congratulations on winning the Readers’ Choice Award in the Permanent Supportive Housing category for the Ruth Ellis Clairmount Center.

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November 22, 2023

Lincoln Avenue Communities (LAC) Celebrates Groundbreaking on 252 Units of Affordable Housing in Reno

Earlier this month, our partner Lincoln Avenue Communities (LAC) broke ground on Pinyon Apartments, which will bring 252 units of affordable housing for lower-income families to Reno, NV. Pinyon Apartments will restrict 244 units for households earning no more than 60% of the area median income (AMI) and 8 units to less than 50% AMI.

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November 20, 2023

NEF Partners Break Ground on 52-Unit Vandalia Point in Northside of Cincinnati

Congratulations to our partners at Over-the-Rhine Community Housing and Urban Sites on the groundbreaking for Vandalia Point in the Northside neighborhood of Cincinnati!

Vandalia Point will provide 52 units of affordable housing for low-income households earning 30-60% of the area median income (AMI) in the neighborhood that has seen the most significant increase in housing costs in the entire city. 

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Salem Village
November 15, 2023

Salem Village Celebrates Grand Opening & Provides 76 Homes for Seniors in Columbus

A few weeks ago, we celebrated the grand opening of Salem Village in Columbus, Ohio with our partners at National Church Residences! This 76-unit affordable housing development is dedicated to seniors ages 62 and older and is an ideal space for independent living.

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EMDF Closing Alert Cycle House (1)
November 15, 2023

EMDF Closes on Sixth & Seventh Deals: Cycle House & Courtlandt Manor

In partnership with our Emerging Minority Developer Fund (EMDF) investors, we are pleased to announce the closings on the sixth and seventh deals of the fund: Cycle House and Courtlandt Manor.

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November 13, 2023

Matt Reilein Recognized as a 2024 Chicago Titan 100 Honoree

Congratulations to our president and CEO, Matt Reilein, on his recognition as one of the 2024 Chicago Titan 100 honorees. The Titan 100 program recognizes Chicago’s Top 100 CEO’s & C-level executives that "embody the true diversity of the Chicago business landscape."

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Veterans Day 2023
November 10, 2023

Recognizing & Honoring Veteran's Day

Happy Veteran's Day!
For years, NEF has worked to support Veterans through our “Bring Them Homes” initiative, which provides Veterans of the U.S. military with high-quality affordable housing. Over the past decade, NEF has invested more than $1 Billion in 84 projects that provide a Veterans preference, alongside over $9 million of grant funding to assist with pre-development and system change work to expedite projects, resulting in nearly 13,000 units of affordable housing, including 7,500 units targeting Veterans and Veteran families.

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November 07, 2023

Mamook Tokatee Wins 2023 Charles L. Edson Tax Credit Excellence Award in Housing for Native Americans/Tribal Populations Category

We want to give recognition to another award-winning development! 

Congratulations to our friends and at Community Development Partners (CDP) and Native American Youth and Family Center (NAYA) on winning the Charles L. Edson Tax Credit Excellence Award (Edson Awards) in the Housing for Native Americans or Tribal Populations category.

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November 06, 2023

Ruth Ellis Clairmount Center Wins 2023 Charles L. Edson Tax Credit Excellence Award in Housing for Special Populations

Onto our second of three award winning developments: The Ruth Ellis Clairmount Center in Detroit! This affordable housing and permanent supportive housing development was awarded the 2023 Charles L. Edson Award Winner in the Housing for Special Populations category by the Affordable Housing Tax Credit Coalition.

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NHH Gray
November 02, 2023

New Hope Housing Breaks Ground on First Affordable Community for Seniors in Houston

Our partners New Hope Housing, Inc. (NHH) broke ground on their first affordable community for seniors, and we couldn't be more excited!

Located in Houston, New Hope Housing Gray will offer 135 affordable housing units to seniors with low incomes as well as a Bezos Academy location on-site, which will provide a Montessori-inspired preschool free of charge to tenants.

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November 03, 2023

Hilltop View Apartments Wins 2023 Charles L. Edson Tax Credit Excellence Award in Housing for Veterans Category

We are honored to share that three of NEF's affordable housing developments were awarded at the 2023 Charles L. Edson Tax Credit Excellence Awards ceremony in Washington D.C. last week!

Our first 2023 Charles L. Edson Award winner is Hilltop View Apartments in the Housing for Veterans of the Armed Services category.

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Nhh Berry Design
October 31, 2023

New Hope Housing Celebrates Groundbreaking of 12th Affordable Housing Development

An incredible day for our partners at New Hope Housing, Inc. (NHH)! NEF is thankful for NHH's partnership and honored to play a role in the groundbreaking of their 12th affordable housing development.

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October 30, 2023

NEF's Debbie Burkart Featured in "What's ahead for affordable housing in LA" Video

Earlier this month, our colleague Debbie Burkart was interviewed for a thoughtful video that discussed the importance and critical need of affordable housing and permanent supportive housing in the Los Angeles area.

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Golden Hammers
October 26, 2023

Two Oregon Affordable Housing Developments are Golden Hammer Award Winners

We are excited to share the fantastic news that our friends at Community Development Partners, NAYA Family Center, and Northwest Housing Alternatives have won Golden Hammer Awards in the Best New Multifamily Project category.

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October 25, 2023

National Equity Fund Expands Presence in West with Acquisition of Mountain Plains Equity Group

The procurement of the mountain region entity brings 49 new LIHTC projects to the NEF portfolio. CHICAGO, Oct. 25, 2023 /PRNewswire/ -- National Equity Fund (NEF), a leading nonprofit multi-family, affordable, real estate investment manager has expanded its reach in the west with the acquisition of the assets of Mountain Plains Equity Group, Inc. (MPEG), including the ownership of MPEG Acceptance Corporation (Acceptance Corp.). 

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