With respect to our past and an eye to the future, we present our new look.
A MESSAGE FROM MATT REILEIN, PRESIDENT & CEO OF NATIONAL EQUITY FUND
And I’m so pleased to share that as of yesterday, National Equity Fund has officially been in business for 35 YEARS! Happy Anniversary!!
We’ve been pioneers in leveraging Low-Income Housing Tax Credits to advance affordable housing since the earliest days of their existence. To encourage private investment in affordable housing, the IRS first introduced the concept of LIHTC as part of the Tax Reform Act that became effective on October 22, 1986. Founded by our affiliate LISC, National Equity Fund opened our doors two and a half months later on January 9, 1987.
We’ve come a long way since our very first deal which officially closed in Kansas City, MO on September 30, 1987. The development was an 82-unit multi-family new and significant rehab project with 43 LIHTC units and had less than $1 million in equity. By the end of 1987 NEF had two projects with 123 total units. Shortly after our first birthday, we had projects in six states, and we’d partnered with 27 developers and 13 investors.
Today, we are approaching 3,000 LIHTC deals, and we’ve invested over $20.2 billion in more than 215,500 units. We have projects in 48 states plus Puerto Rico, Washington D.C. and the U.S. Virgin Islands and have partnered with close to 1150 developers. In 2021 alone, we invested a record $2.2 billion, of which a record $1.23 billion was in LIHTC. And we currently have 250 investors and 195 funds under management.
Over the past 35 years, our commitment to LIHTC as a means to drive affordable housing forward has never wavered. We’ve stayed true to our mission to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing and remain fully rooted in our vision 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.
We have a lot to celebrate, a lot to be proud of and a lot more work to do!
Thank you to all of our partners for helping NEF to become part of the solution in making affordable housing a reality for all the people who are offered a better quality of life in every deal we’ve done.
As we kick off our 35th Anniversary celebration throughout 2022, we remain empowered by our expertise, driven by our mission and committed to expanding affordable housing for the long term. We celebrate our heritage but will never rest on our laurels because the need for affordable housing has never been greater. Here’s to the next 35 years, and beyond!
President & CEO