News Story

COVID-19, a message to our partners

 

March 18, 2020

 

NEF Partners and Colleagues:

First and foremost, I hope that you are all well and taking necessary precautions for your own health, your families and our communities.

As COVID-19 is having substantial impact on all aspects of life across the nation, here is a summary of steps NEF is taking to protect our employees, ensure business continues and how we are monitoring the portfolio.

Operations:

  • On Friday, March 13th, like many companies, I instructed employees to work from home. This is to protect both our employees and their families, as well as to contribute to public health by reducing movement and communal spread. We benefit from a robust technology infrastructure, and almost all our staff already work remotely. This policy will remain in effect at least through the end of March and is subject to be extended if necessary.
  • All non-critical business travel has ceased until further notice. We directed employees to conduct all meetings remotely. All standard site visits are suspended, reducing risk to our staff as well as onsite residents and workers.
  • Senior leadership continuously conducts update calls with their managers to identify and escalate issues accordingly and subsequently meets daily via video conferencing to address any pressing concerns. We remain committed to providing our partners with high-quality service, recognizing that priorities around what information is needed has and will continue to change. If you need assistance with anything, please do not hesitate to reach out to anyone at NEF.
  • As an organization, we have planned for an event that could result in serious business disruption and completed initial updates to address the reality of a pandemic. As expected, we will be making revisions as time passes. A summary of our Business Continuity Plan outlining those procedures can be found here.

Portfolio:

  • Our asset and construction managers are reaching out to sponsors, managers, and contractors to check on their current status and determine what systems or processes they are putting in place – for residents, employees and workers. This is for both operational and development projects.
  • Asset Management has compiled a list of projects that may have increased exposure to the outbreak such as senior facilities, permanent supportive housing, etc. The AM team will be working with those sponsors to get more frequent updates and to understand their approaches to addressing a potential outbreak/quarantine at their facilities. This will help us determine the current status of our projects, identify which to work the most closely with over the coming weeks, and recognize those that might need assistance, financial or otherwise.
  • We are collecting resources for property managers and operators and making them available through our website here.

We will continue to bring updates to this site if there are major changes. In the meantime, please don’t hesitate to contact us with any questions.

We hope our partners, their staff and their families, and the residents in our developments stay safe as we all navigate this extraordinary situation.

Thank you, and be well,

Matt Reilein
President & CEO
National Equity Fund, Inc.

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