National Equity Fund

Building Homes, Communities, and Futures

Learn More

Ul2 Final (1)

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.  

11 (1)
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.

Familyseniorcolor 1800X2288 Cmyk
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.

Milwaukee Soldiers
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.

Shhands 1800X1358

June 01, 2023

A Powerful New Equalizer for Affordable Housing Developers

“It’s tough to compete against developers with deep pockets and are not mission-driven. Affordable housing developers can now confidently consider opportunities knowing they have the financial muscle to execute rapidly, too,” Daryl Shore says in "A Powerful New Equalizer for Affordable Housing Developers" in Affordable Housing Finance.


Read More
May 30, 2023

Ascent Affordable Apartments Creatively Adapted from Motel in Buena Park, CA

NEF is proud to offer congratulations to our partners at Jamboree Housing Corporation on their creative solution to substantially rehabilitate a run-down motel into the Ascent apartments in Buena Park, CA! 

The Ascent apartments provides 57 units of affordable housing for people who have recently been unhoused and households earning no more than 50% of the Area Median Income (AMI). Twenty-eight units are reserved for residents with mental health diagnoses.

Read More
IMG 20230518 093513 (1)
May 25, 2023

Catholic Charities Housing Services Celebrates St. Catherine De Vigri Villas Dedication Ceremony

The NEF team had a wonderful time at the St. Catherine De Vigri Villas dedication ceremony last week! We were thrilled to join our partners at Catholic Charities Housing Services, elected officials and the Tieton community to celebrate this incredible development. NEF's Tony Daguanno, Lisa Decker and Rodney Pruitt attended the event in support.

Read More
VOA Room
May 24, 2023

NEF Colleagues Proudly Attended & Sponsored VOA Illinois' 13th Annual Leadership Celebration

Our colleagues were honored to celebrate the incredible leaders and award winners at the 13th Annual Leadership Celebration hosted by VOA Illinois last week! These leaders dedicated their time and services to Veterans, people struggling with homelessness, families living in poverty, seniors, and adults with disabilities.

Read More
Bethany Senior Homes
May 24, 2023

RiseBoro Community Partnership Breaks Ground on Bethany Senior Terraces in Brooklyn

Congratulations to our partners at RiseBoro Community Partnership on the groundbreaking at Bethany Senior Terraces in Brooklyn! We're excited to witness the development of this modular, Passive House building, which will provide 58 affordable housing units dedicated to low-income seniors. Bethan Senior Terraces will bring stable housing and energy efficiency together for the benefit of the community and city at large.

Read More
Oak Lawn Place Image Perkins And Will
May 22, 2023

Oak Lawn Place will Bring High-Quality Senior Housing to Dallas

Congratulations to our partners at Resource Center on the groundbreaking of Oak Lawn Place in Dallas!

Resource Center is an organization focused on societal equity, advocacy and transformative education for members of the #LGBTQ+ community and their families. To meet the growing demand for #affordablehousing and care services for an aging LGBTQ+ population, Resource Center worked with Matthews Southwest on the planning and development of Oak Lawn Place, which will bring 84 units of high-quality senior housing to the area.

Read More
1449 Senior Estates Mock Up
May 19, 2023

1449 Senior Estates Breaks Ground as the First New Subdivision in Aurora in 50 Years

Congratulations to our partners at the Northern Lights Development (Aurora Housing Authority) and Hope Bound Development Corporation (Housing Authority of Joliet) on the groundbreaking at 1449 Senior Estates in Aurora, IL! This will be the first new subdivision built in Aurora in nearly 50 years — how exciting!

Read More
Otto Veterans Square Pic
May 18, 2023

Otto Veterans Square Breaks Ground as First New Construction of Choice Neighborhoods Plan in Chicago Heights

Congratulations to our partners at the Housing Authority of Cook County on the groundbreaking at Otto Veterans Square in Chicago Heights, IL! This will be the first new construction to result from the Downtown/East Side Choice Neighborhoods Plan. Otto Veterans Square will provide 82 apartments to Veterans and households earning 50% or less than the Area Median Income (AMI). All units will receive Project-Based Voucher assistance from the Housing Authority.

Read More
Kaloko Blessing
May 16, 2023

Kaloko Heights Brings 100 Units of Affordable Housing to Kailua Kona, HI

Congratulations to our partners at Hawaii Island Community Development Corporation (HICDC) on the groundbreaking at Kaloko Heights in Kailua Kona, HI! This development is expected to be completed in Fall 2024 and will provide 99 units of affordable housing for families in need and one manager's unit. With the costs of living and housing rapidly rising, families on Kona are at risk for displacement and being unhoused.

Read More
May 12, 2023

National Equity Fund (NEF) Announces Promotions and Expanded Roles for Key Senior Leaders

National Equity Fund announced a new structure for senior leadership roles to further support its mission to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing. Driven by the growth of newer capabilities such as Preservation Debt and Equity and GSE Lending combined with an increasingly complex investor market for Low-Income Housing Tax Credits (LIHTC), NEF president and CEO, Matt Reilein, made the announcement to expand and create new leadership roles with existing employees. This new structure will streamline and optimize how NEF will serve its sponsor and investor clients in support of its mission.

Read More
IMG 5729
May 11, 2023

Evergreen Commons Celebrates Grand Opening in Walla Walla, WA

Congratulations to our partners at Walla Walla Housing Authority (WWHA) on the grand opening of Evergreen Commons in Walla Walla, WA! Representatives from Banner Bank and NEF's Tony Daguanno attended the event.

This 29-unit development is a 3-story, new-construction property located in the Eastgate neighborhood and consists of 9 one-bedroom and 20 two-bedroom apartments. All units are affordable, targeting households at or below 30-60% AMI and provide permanent supportive housing for individuals and families at risk of homelessness. Additionally, at least 6 units are set aside for persons with chronic mental illness...

Read More
B&B (2)
May 11, 2023

NEF Wins Chicago's Best & Brightest Companies to Work For® for Third Consecutive Year

We are excited to announce that, for the third year in a row, NEF has been named one of Chicago’s Best and Brightest Companies to Work For® in 2023! The Best and Brightest award identifies and honors organizations that display a commitment to excellence in their human resource practices and employee enrichment.

Read More
1683583854213 Cr
May 09, 2023

PATH Fundraises to End Homelessness with The Taste of Home Festival in LA

Last week, NEF colleagues Kimberly Stephenson and Debbie Burkart attended The Taste of Home Festival in Los Angeles to raise money for our partners at PATH. The festival/fundraiser is an opportunity to help end homelessness while enjoying delicious cuisine, signature cocktails, live music, chef demos, and fun activations. More than 30 local food and beverage vendors attended the event. Since 1984, PATH has been on a mission to end homelessness through affordable and permanent supportive housing that empowers vulnerable populations to grow and thrive.

Read More
2022.10.13 NEF 204 Rachel Rhodes
May 04, 2023

Rachel Rhodes Featured on BuzzHouse: A Baker Tilly US Podcast

Last week, our very own Rachel Rhodes joined BuzzHouse: A Baker Tilly US Podcast to chat about the ever-evolving trends in LIHTC, the Inflation Reduction Act, NEF's expanding capabilities and more. This is a great episode for developers and investors looking to learn more about what's buzzing in the industry.

Read More
20230426 140347
May 03, 2023

Torrence Place Welcomes Veterans & People with Disabilities Home in Lansing, IL

Congratulations to our partners at Full Circle Communities, Inc and Christian Community Health Center (CCHC) on the grand opening of Torrence Place in Lansing, IL!

This new 48-unit affordable housing development provides homes to Veterans and persons with disabilities. Torrence Place also features a 3,600 sq. ft. health clinic operated by CCHC that is dedicated to serving both residents and Lansing community members.

Read More
3301 Nicollet External Photo
April 28, 2023

Alliance Housing, Inc. Celebrates Grand Opening of 3301 Nicollet Ave in Minneapolis

Congratulations to our partners at Alliance Housing, Inc. on the grand opening of 3301 Nicollet Ave in Minneapolis last week! From a vacant commercial storefront that the developer demolished years prior, this building brings sorely needed 64 affordable housing units to the Lyndale neighborhood.

Read More
100 Women To Know In America JJ Cropped
April 27, 2023

Jaclyn Jackson Honored as '100 Women to Know Across America' in 2023

Congratulations to our very own Jaclyn Jackson, SVP and Chief Human Resources Officer, on being named one of 100 Women to KNOW Across America in 2023! We are thrilled and immensely proud of Jackie's recognition as one of the "most influential, achieved, and honorable women in our society."

Read More
Northview Pointe
April 27, 2023

Northview Pointe Breaks Ground in Sacramento, CA

Congratulations to our partners at Excelerate Housing Group and HopeCooperative on breaking ground at Northview Pointe in Sacramento!

The organizations are working together to develop this two-story building with 66 units of affordable and supportive housing for people experiencing chronic homelessness.

Read More