National Equity Fund (NEF) launched its AHEAD (Affordable Housing Equitable Access for Developers) initiative to assist with both creating access to capital for and building the development capacity of non-traditional developers whose primary focus is developing affordable housing utilizing the Low-Income Housing Tax Credit (LIHTC) program. Non-traditional developers do not meet Affordable Housing Investors Council’s (AHIC) recommended minimum guidelines for either Developer Experience or Guarantor Liquidity & Net Worth.
AHEAD began with a group of investors who share NEF’s commitment to create impact through LIHTC investments and contributed to NEF’s inaugural multi-investor AHEAD fund for non-traditional developers. Together NEF and these investors created access to capital (equity and/or debt) for more than 13 non-traditional developers across the nation by providing backstop guaranty credit enhancements and/or funding for technical consultants to mitigate deficiencies to AHIC’s recommended minimum guidelines for developer experience and/or guarantor liquidity & net worth.
Today, in addition to non-traditional developer focused multi-investor LIHTC equity funds, AHEAD has expanded to also include proprietary investor LIHTC equity funds as well as NEF’s Pay It Forward program that provides LIHTC application pre-development funding assistance. AHEAD maintains an intentional focus on creating access to capital for and building the development capacity of non-traditional developers by continuing to mitigate AHIC deficiencies.
AHEAD seeks LIHTC equity investors interested in partnering with NEF to support non-traditional developers in proprietary or multi-investor funds for both non-targeted funds and those targeted to non-traditional developers.
AHEAD seeks non-traditional developers that have materially participated in the development responsibilities, from concept to placement in service, of one or more affordable housing developments financed with LIHTC as the developer/owner, co-developer/co-owner, development lead with at least 5 years of experience at an established affordable housing developer, or other transferrable real estate development experience acceptable to NEF and liquidity acceptable to NEF as compared to the proposed development. AHEAD developers will also demonstrate their long-term commitment to LIHTC development.*
*Matching this profile does not guarantee eligibility for participation in AHEAD.
The following are developments led by participating, non-traditional AHEAD developers that have completed construction and have been placed in service.
The following are developments led by participating, non-traditional AHEAD developers that are under construction.
KEY CONTACT:
Lydia Smith, Managing Director
