National Equity Fund

Project Investment Terms

Our mission is to support local revitalization efforts by providing equity investments, technical assistance and predevelopment grants and loans to low-income housing developers. Through our parent, Local Initiatives Support Corporation (LISC), developers can also access additional funding for capacity building, construction, predevelopment needs and permanent financing.


NEF, Inc. partners with both non-profit and for-profit developers. We encourage joint ventures between for-profit and non-profit partners, particularly when one of the partners is an inexperienced, first-time developer of tax-credit projects.


NEF, Inc. invests equity in projects that have:

NEF, Inc. invests in a full range of project types, including:

NEF, Inc. operates in all types of communities, though our traditional focus has been on urban and rural developments that meet the needs of underserved areas. These are often very complex projects with multi-layered financing structures. NEF, Inc.’s staff can assist a developer in creating the most advantageous financing structure, whether the project is a simple deal with four financing sources or a 10-layer arrangement. Moreover, NEF, Inc has a supportive housing staff with in-depth knowledge of developing SRO housing, senior housing with services and housing for the disabled, mentally ill or people with AIDS.


NEF, Inc. targets the following underwriting and due diligence criteria for projects in which it invests. Variations from these assumptions will be based on evidence of market and other conditions.

Project Structure

Project Operations

Due Diligence