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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May 28, 2024

Jewish Family Service Breaks Ground on 56 Senior Affordable Housing Units in Brown Deer, WI

Congratulations to our partners at Jewish Family Services (JFS) on breaking ground at Woodale Crossing, which will be add 56 new #affordablehousing units for seniors in Brown Deer, WI! NEF's own Danny Gutman attended the event.

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Joseph Caffey Aparments Grand Opening
May 21, 2024

Joseph Caffey Apartments and Jordan Caffey Townhomes Officially Open & Offer 79 Affordable Homes & Computer Learning Center

NEF’s Tony Lyons spoke at the grand opening of the Joseph Caffey Apartments and Jordan Caffey Townhomes in Providence a few weeks ago! NEF colleagues Esther Velez and Nicole Bush also attended the event in support of the incredible new development.

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May 17, 2024

Brookline Housing Authority Breaks Ground on Largest Affordable Housing Development in Brookline, MA in 50 Years

A few weeks ago, Liz Hibbard and Tony Lyons represented NEF at the groundbreaking for the 32 Marion Apartments in Brookline, MA. This development will offer 115 homes for seniors and residents with disabilities...

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Exec Symposium Neighborworks
May 15, 2024

Leveling the Playing Field for Mission-Driven Nonprofit Developers

“We need innovative, creative ways to solve long-standing imbalances. The NeighborWorks Capital Equity Fund is a tool community-based nonprofit network developers can use to help strengthen their community, taking advantage of their local insight and perspective,” said Liz Hibbard, Managing Director, Innovation and Strategic Growth at NEF.

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May 10, 2024

NEF's Lydia Smith Featured in Multifamily Impact Council's Roundtable Interview on DEI

NEF's Lydia Smith was featured in a Multifamily Impact Council interview with other affordable housing and community development executives to discuss how leaders can leverage DEI in the multifamily space to create greater impact.

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May 07, 2024

Groundbreaking at Central Street will Preserve & Create 62 Affordable Homes in Central Falls, RI

Congratulations to Pawtucket Central Falls Development (PCFD) and investor TD Bank on the groundbreaking of Central Street, a mixed-use and mixed income affordable housing development in Central Falls, RI! The occasion was well-attended by two US Senators, the governor, two mayors, other stakeholders, and NEF's very own Tony Lyons, Maria Botello, and Jessica Polak.

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May 02, 2024

NEF Selected as Winner of Chicago's Best and Brightest Companies to Work For® for 4th Year in a Row

For the fourth year in a row, NEF has been selected as a winner of Chicago's Best and Brightest Companies to Work For®! The National Association for Business Resources/The Best and Brightest Programs "identifies and honors organizations that display a commitment to excellence in their human resource practices and employee enrichment."

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Detroit Michigan
April 22, 2024

Detroit Celebrates $1 Billion in Affordable Housing Investment Milestone in 5 Years

As the nationwide housing crisis rages on, the city of Detroit is celebrating a milestone in its efforts to invest in and create more affordable housing in the past five years. Nearly 5,000 units have been added to Detroit's affordable housing stock and over $1 billion has been invested thanks to its city council, partners, developers, and the mayor.

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April 22, 2024

NEF Welcomes New Members, including new LISC President & CEO, to Board of Directors

After a record-setting year of Low-Income Housing Tax Credit (LIHTC) production in 2023, National Equity Fund (NEF) welcomed three new members to its board of directors in Q1 2024. These members join a cohort of civic leaders who meet NEF's unique needs as an organization and will improve its impact on the communities it serves across the country.  

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April 16, 2024

BREAKING NEWS: NeighborWorks Capital and National Equity Fund Announce LIHTC Equity Fund to Empower Partner Organizations

NeighborWorks Capital, a national non-profit Community Development Financial Institution (CDFI), has partnered with National Equity Fund (NEF), a leading non-profit multi-family, affordable, real estate investment manager, to launch the NeighborWorks Capital Equity Fund.

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April 12, 2024

NEF Publishes 2023 Annual Report

"2023 proved to be one of the strongest in NEF’s history across most measures both quantitively and qualitatively. The strength and talent of our NEF team, coupled with our deep relationships with sponsors and investors have carried us through. We’ve demonstrated time and again that we are here for our clients in good times and in bad, and we’ve shown the creativity, grit and confidence necessary to honor our unwavering commitment to creating and preserving affordable housing across the country," Matt Reilein, President and CEO of NEF says in his letter within the annual report. 

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Residences On Main
April 09, 2024

Fostering Connections for Transition-Age Youth (TAY)

"On a single night in 2023, more than 34,700 people younger than 25 experienced homelessness on their own in the United States. That’s a 15% jump, or 4,613 more youths, than the year before, according to the latest data from the Department of Housing and Urban Development (HUD)."

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