National Equity Fund

National Equity Fund – 2023 The Year in Review

A cornerstone in affordable housing since 1987.


April 10, 2024

We couldn’t have anticipated the perfect storm of challenges that would be thrown at our industry, and our business this year. Higher interest rates, skyrocketing insurance premiums, construction delays, reduced housing inventory, record rent increases, looming government shutdowns and more, it would have been easy to be discouraged and distracted. But in fact, we were just the opposite. 

2023 proved to be one of the strongest in NEF’s history across most measures both quantitively and qualitatively. The strength and talent of our NEF team, coupled with our deep relationships with sponsors and investors have carried us through. We’ve demonstrated time and again that we are here for our clients in good times and in bad, and we’ve shown the creativity, grit and confidence necessary to honor our unwavering commitment to creating and preserving affordable housing across the country. 

For the full year, NEF raised and deployed nearly $2 billion in affordable housing investments, including a record-level of financing for LIHTC-specific equity at more than $1.43 billion and nearly $425 million in preservation lending and workforce housing investments. In total, our 2023 efforts allowed us to create or preserve and additional 11,100 affordable homes nationwide, showing our dedication to our mission and our unyielding vision that all individuals and families across the country have access to affordable homes.

Notably, we exceeded our financial goals with an all-time high net income in 2023, which in turn enabled our largest grant to LISC to date, at $17.5 million, bringing NEF’s grant total to over $240 million to date in support of LISC's nationwide community development work.

We also deployed $70 million through our Emerging Minority Developer Fund (EMDF), helping to facilitate LIHTC access for affordable housing developers of color. The 2023 investment through EMDF will create 323 total units of affordable housing in eight developments across eight different states, and we still have more than half of our nearly $150 million from the first iteration of the fund to deploy as we continue to close projects throughout 2024.

Read the full letter.

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Financials 2023

2023 Financial Results

In 2023, we delivered another strong performance, including investing a record $1.43 billion in LIHTC. In 2024, we will continue bringing our mission and vision to life by strategically expanding our impact through our core LIHTC service offering, finding innovative ways to collaborate with partners, and investing holistically in our people and our resources. 

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Expanding our Impact through Core LIHTC

LIHTC remains our core capability and in 2023, we held firm in this service offering through a record year for LIHTC-specific investments. Our team created incredible impact through new opportunities and partnerships, which demonstrates why NEF is a pioneer in the LIHTC space. 

In 2023, we deployed more than $1.43 billion in LIHTC equity. This record-setting number is impressive, but we were most enthusiastic about the innovative ways in which we contributed to growing our business in this area. Our October 2023 acquisition of the assets of Montana-based Mountain Plains Equity Group (MPEG) resulted in NEF expanding our presence in the West. Specifically, NEF became responsible for six new private equity funds that hold a total of 49 LIHTC properties in Alaska, Colorado, Montana, North Dakota, South Dakota and Wyoming. 

We are especially proud of our LIHTC results given the major economic and financial disruptions that impacted the affordable housing industry throughout 2023. In the coming years, LIHTC will remain a crucial and socially responsible investment solution that will allow us to deepen relationships and provide more safe and stable homes.

Permanent Supportive Housing

Now more than ever, National Equity Fund recognizes the importance of providing housing that includes critical supportive services for our most vulnerable citizens. For over three decades, NEF has been a leader in the Permanent Supportive Housing (PSH) space, working diligently and strategically with sponsors and investors to identify programmatic needs for residents to live safe, healthy and independent lives. Whether we are working to grow the pipeline of supportive housing, preserve older developments, or push for new integrated systems and policies, NEF is committed to ending the ever-evolving cycle of homelessness in our nation.

“NEF continues to support innovation in supportive housing models to tackle the complex health and social issues in homelessness and disenfranchisement. We seek partnerships, share expertise and help shape policy to expedite project development. As we approach four decades in the industry, the conversation also must include preservation of the work we began in the 1990s and support of long-term sustainability of affordable and supportive housing. NEF is taking a leadership role in starting these conversations with our government and industry partners.”  

- Debbie Burkart, Managing Director Supportive Housing

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Populations Supported:

  • Veterans and veterans’ families experiencing homelessness
  • Persons/families experiencing homelessness
  • Persons living with mental illness
  • Persons living with intellectual or developmental disabilities
  • Persons living with physical disabilities
  • Persons living with a substance abuse disorder
  • Persons living with HIV/AIDS
  • Women and women with children experiencing homelessness
  • Youth experiencing homelessness
  • Emancipated youth aging out of foster care (TAY)
  • Survivors of domestic violence, sexual assault, stalking and human trafficking
  • Inter-generational families (grand families)
  • Assisted living for aging seniors
  • Re-entry housing for persons coming home from incarceration 

Permanent Supportive Housing Spotlight: Berkeley Way & Hope Center


Once a vacant parking lot, Berkeley Way and The Hope Center is one of the first affordable housing developments to unite shelter, food, and services in one affordable and supportive housing complex in Berkeley, California. Nonprofit developers BRIDGE Housing and Insight Housing (formerly Berkeley Food & Housing Project) integrated four housing types between the two buildings to create a continuum of care from food and shelter to transitional housing to permanent and affordable housing. There are 32 emergency shelter beds, 12 transitional units for veterans, 53 permanent supportive (PSH) units, and 89 affordable apartments. The Hope Center has a ground-floor community kitchen with the shelter and veterans housing and PSH units above it. 

The community of Berkeley aims to support individuals coming out of homelessness from 15 percent to 60 percent of the area median income (AMI). Both developments benefit from the Section 8 subsidy. Along with convenient access to Berkeley’s BART transit and bus services, residents have plentiful employment opportunities in downtown Berkeley. 

Together, Berkeley Way and The Hope Center won the Urban Land Institute Terwilliger Center Award for Innovation in Attainable Housing in 2023 and was a 2023 AHF Readers’ Choice Finalist in the Urban Category. 

MAJOR FUNDERS: Financial Partners for Both Developments: National Equity Fund, City of Berkeley, Berkeley Housing Authority, Alameda County, California Department of Housing and Community Development, Merritt Community Capital, Silicon Valley Bank, California Tax Credit Allocation Committee, California Debt Limit Allocation Committee, Donations from members of the Berkeley community. Additional funding for the Hope Center: Citi Community Development/LISC-NEF’s Bring Them HOMES initiative, The Harry and Jeanette Weinberg Foundation. Additional funding for Berkeley Way: PGIM, Freddie Mac, Federal Home Loan Bank of San Francisco. 



Ruth Ellis Clairmount (REC) Center - AR2023 Award Winner

Ruth Ellis Clairmount (REC) Center

Detroit, MI | Full Circle Communities and Ruth Ellis Center

Full Circle Communities and the Ruth Ellis Center partnered on REC (Ruth Ellis Clairmount) Center, a 43-unit mixed-used permanent supportive housing development in Detroit. REC Center targets youth at risk of homelessness or living with disabilities, as well as LGBTQ+ youth (age 18 to 24) with very low incomes—rents are affordable to those earning at or below 30 percent of the Area Median Income with the help of Project Based Section 8 subsidies. The property is designed to foster communal living and encourage peer support networks and independent living skills. A wellness center offers services largely tailored to serve the LGBTQ+ population.


  • 2023 Affordable Housing Finance Reader’s Choice Award Winner, Permanent Supportive Housing  
  • 2023 Charles L. Edson Tax Credit Excellence Award Winner, Housing for Special Populations 
Hilltop View Apartments - AR2023 Winner

Hilltop View Apartments

Dexter, MI | Avalon Housing

Hilltop View Apartments (HTV) is a 24-unit affordable housing development in Dexter, Michigan, a rural community near Ann Arbor. Fifteen units are Permanent Supportive Housing (PSH) apartments with rental assistance, which means that tenants pay roughly 30 percent of their income towards rent. Of these 15, six are homes for veterans. The remaining units are workforce/moderate-income housing units with rents below Dexter fair market rates. 

HTV was developed in collaboration with Faith in Action (FIA), a local faith-based non-profit. Avalon Housing developed and manages the property, and FIA provides support and community-building services available to all residents. More than half of HTV’s residents receive supportive services from FIA. To combat food insecurity in the community, HTV has provided space for a large permanent food pantry and community center to benefit residents and community members alike. 


  • 2023 Charles L. Edson Tax Credit Excellence Award Winner, Housing for Veterans
Lennox House - AR2023 Winner

Lennox House

Grand Prairie, TX | National Church Residences

In 1951, Lennox House opened as a 110-room hotel in Grand Prairie, Texas and shut its doors in 1985. National Church Residences converted the old hotel into a 40-unit senior housing complex in 1993, and now, it's been substantially rehabilitated to extend its useful lifespan as well as preserve its affordability, which is key for the elderly community and individuals with disabilities. This three-story garden-style building provides 39 one-bedroom and one two-bedroom apartments under the renewal of the Section 8 subsidy RAD conversion program. This development serves the elderly and individuals with disabilities, ages 62 or older, earning 30-60 percent of the area median income (AMI).

The upgrade includes interior and exterior rehab with kitchen and bath remodels, new flooring, fixtures, window coverings, new ENERGY STAR appliances, window replacements, etc. Residents have access to a new community garden and outdoor space. Two units are modified to comply with Section 504, physically handicapped accessibility and sensory impaired requirements.


  • 2023 Affordable Housing Finance Reader’s Choice Award Winner, Preservation

Photo credit: Rick Bryant.

Mamook Tokatee - AR2023 Winner

Mamook Tokatee

Portland, OR | Community Development Partners (CDP) & Native American Youth and Family Center (NAYA)

Mamook Tokatee offers 55 units of affordable housing in Portland’s Cully neighborhood. The development’s name is a Chinook Wawa phrase for “make beautiful,” which highlights the main purpose for this development: to support Native artists who are revered as Native culture keepers. Community Development Partners and Native American Youth and Family Center combined efforts to provide ample space for Native community programs and art creation through Mamook Tokatee. There are 11 units with a preference for artists and 20 units reserved for Native tenants with a priority for Siletz tribal members. The remaining 24 units prioritize other federally recognized tribal members. Residents and artists can remain in Portland and connect with their community and culture without worrying about gentrification and the risk of homelessness. 


  • 2023 Charles L. Edson Tax Credit Excellence Award Winner, Housing for Native Americans/Tribal Populations
Lucille and Bruce Terwilliger Place - AR2023 Winner

Lucille and Bruce Terwilliger Place

Arlington, VA | Arlington Partnership for Affordable Housing (APAH)

Located only 1,500 feet from the Virginia Square-GMU Metrorail station, Lucille and Bruce Terwilliger Place is a 160-unit affordable rental community featuring a contemporary 6,000-square-foot ground floor space for American Legion Post 139. In response to an aging facility and diminishing membership, the members of the American Legion Post 139 selected developers Arlington Partnership for Affordable Housing (APAH) to redevelop their site in Virginia Square to create affordable apartments and a new, modern Post facility. The certified EarthCraft Gold building also includes community and multi-purpose spaces, a counseling office, and a business center. Terwilliger Place has a 50 percent veteran preference, and 26 units are deeply affordable to households earning 30 percent of the area median income (AMI).

As veterans continue to get priced out of Arlington, APAH saw a need to serve the individuals who had dedicated their lives to serving their nation. Now, in the heart of Arlington County, veterans can enjoy living in a community made for them. With nearby shops, access to transportation, community amenities, and supportive services, veterans can feel empowered to build and thrive in a new, safe, and stable home. This community serves as a replicable model for veterans services organizations in the middle of a town with a large veteran presence, which can influence potential developers and veterans services organizations alike.


  • 2023 Affordable Housing Finance Reader’s Choice Award Winner, Urban
  • Urban Land Institute Terwilliger Center Award for Innovation in Attainable Housing 2023 Winner 
  • 2023 CoStar Impact Award for Multifamily Development of the Year Winner 
5150 Northwest Highway Apartments - AR2023 Winner

5150 Northwest Highway Apartments

Chicago, IL | Full Circle Communities, Inc (FCC)

The 5150 Northwest Highway Apartments in Jefferson Park is a new construction affordable housing development by Full Circle Communities, Inc (FCC). This development provides access to housing that is transit-oriented, focuses on a mixed-income resident pool and accessible for people with disabilities, veterans, seniors and low-income families. FCC noticed that accessibility was a major issue in Jefferson Park with more than 90 percent of housing units not being wheelchair accessible and limited options for the 2,820 residents with disabilities.

Completed in February 2022, 5150 was intentionally designed to reflect the extremely diverse housing needs in the Jefferson Park neighborhood and has everything from studio to three-bedroom units. Now, 5150 is paving the way for more affordable housing development on Chicago's Northwest side. 


  • 2023 Chicago Neighborhood Development Award Winner, Richard H. Driehaus Foundation Award for Non-Profit Real Estate Development Award
  • 2023 U.S. Green Building Council LEED Homes Awards Winner for Outstanding Affordable Project 

award finalists

1064 Mission Street Permanent Supportive Housing

1064 Mission Street Permanent Supportive Housing - 2023 AHF Readers’ Choice Urban Finalist

San Francisco, CA | Mercy Housing California (MHC) and Episcopal Community Services of San Francisco (ECS)

Completed in Fall 2022, 1064 Mission Street is now San Francisco’s largest permanent supportive housing community. With 256 new affordable homes, residents can experience a service-enriched community in the middle of San Francisco’s SoMa neighborhood. Mercy Housing California (MHC) and Episcopal Community Services of San Francisco (ECS) worked together closely on the development of 1064 Mission Street to play a small, but vital part in the battle to end homelessness.

While new, affordable homes were crucial to the development, co-developers and City of San Francisco partners also placed a large focus was placed on providing critical services to enhance the lives of people who have experienced homelessness, an issue that runs rampant in one of the nation’s most expensive cities. The focus on tailored services resulted in the creation of the new Maria X. Martinez Health Resource Center, operated by the San Francisco Department of Public Health (DPH) and the Department of Homelessness and Supportive Housing. On-site clinical, case management, and in-home care services are also provided by ECS, St. Anthony Foundation, and Homebridge.

1064 Mission Street is a 2023 AHF Readers’ Choice Finalist in the Urban category.

Landmark Place | 2023 AHF Readers' Choice Award Finalist

Landmark Place - 2023 AHF Readers' Choice Award Seniors Finalist

Kingston, NY | RUPCO

Landmark Place is a senior-focused and supportive campus in Kingston, NY and consists of the rehabilitated former Kingston Alms House (Landmark West), which offers 34 studio apartments. The new construction (Landmark East) is a 4-story building with 32 one-bedroom apartments. All 66 apartments cater to seniors 55 and older and 35 units are reserved for formerly homeless seniors. This community is the first affordable housing development for seniors built in Kingston in over 20 years. Created by RUPCO, Landmark Place ensures that seniors in the community can live with dignity, empowering residents with supportive housing services and a sense of community that allows them to thrive.

Landmark Place's supportive services include a full-time on-site behavioral health specialist, on-site licensed practical nurse, transportation services, daily living skills training, health, wellness, and socialization activities. It is a 2023 AHF Readers' Choice Award Finalist in the Seniors category.

Berkeley Way and The Hope Center - AR2023 Finalist

Berkeley Way and The Hope Center

Berkeley, CA | BRIDGE Housing and Insight Housing

Once a vacant parking lot, Berkeley Way and The Hope Center unites shelter, food, and services in one affordable and supportive housing complex in Berkeley, California. BRIDGE Housing and Insight Housing (formerly Berkeley Food & Housing Project) worked together to make this inspiring venture a reality. Between the two buildings, there are 89 affordable apartments, 53 permanent supportive housing (PSH) units, 12 transitional housing units for veterans, and 32 emergency shelter beds. The Hope Center has a ground-floor community kitchen with the shelter and veterans housing and PSH units above it.

The community of Berkeley aims to support individuals coming out of homelessness at 15 and 50-60 percent of the area median income (AMI). Both developments benefit from the Section 8 subsidy. The city has been granted to improve the transportation system regarding bicycle connection, bus stop upgrades, and zero emissions. Along with convenient access to Berkeley’s BART transit and bus services, residents have plentiful employment opportunities in downtown Berkeley.

Together, Berkeley Way and The Hope Center is a 2023 AHF Readers’ Choice Finalist in the Urban Category.


While LIHTC brought us to the table, NEF recognizes that we must continue expanding our capabilities to solve the ever-evolving housing crisis. In 2023, we continued to find new, innovative approaches that would carry us into the future as a leading syndicator, asset manager, and pioneer in affordable housing. 


“NEF doesn't just follow trends; we set them. In 2023, we revolutionized affordable  housing by deploying $4.2 million in predevelopment lending and raising $425 million for preservation and workforce housing showing that our investment in results and dedication to tangible impact speaks volumes. We're not just solving problems; we're shaping the future of housing.” 

- Daryl Shore, Managing Director, Structured Finance


Last year NEF deployed more than $4.2 million for predevelopment lending. This capability is a crucial piece of early financing, covering costs for tasks that need to be completed before construction closing, including a variety of development expenses. Throughout the year, to educate investors, developers and anyone with an interest, NEF team member James Dow hosted four predevelopment lending webinars and thoroughly explained the importance of this capability for everything from professional fees to acquisition costs. 

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Our team raised and deployed more than $425 million in preservation lending and workforce housing investments. Preservation lending is a critical aspect of affordable housing and an important component of our mission. Working with investors to create flexible and efficient products focused on providing bridge financing equity needed to assist our partners with the acquisition and minor recapitalization of projects to maintain long-term affordability for residents. Workforce housing allows us to provide housing for the nation’s “missing middle,” or those who fall within 60-120 percent of the Area Median Income (AMI). A few key developments from last year are: 

Brookshire Phase II Workforce Housing aka The Alden

New construction of 96 units of family workforce apartments in Charlotte, North Carolina with 25% of the units restricted to families at 80% AMI. Additionally, the other 75% of the units, while not restricted, are affordable to families at 80-90% AMI. 

Arbors at Windsor Lake Apartments (Preservation)

Columbia, SC; 172 units restricted 

Dwell at Greenridge Apartments (Preservation)

North Charleston, SC; 193 units at 60-80% AMI

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NEF closed $70 million through its Emerging Minority Developer Fund (EMDF), which helps facilitate LIHTC access for affordable housing developers of color. The 2023 investment through EMDF will create more than 300 units of affordable housing in eight developments across seven different states and one U.S. territory:

  • Plymouth Avenue Apartments, Minneapolis, MN
  • Bronzeville Scattered Site, Milwaukee, WI
  • La Vista Lopez, Austin, TX
  • Victory Vistas, Cincinnati, OH
  • New Life Housing, Tacoma, WA
  • Cycle House, Washington, D.C.
  • Courtlandt Manor, Bronx, NY
  • Valhalla Townhomes, Crescent City, CA
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“After an incredible year, NEF has set the bar and continues building momentum for our ongoing work with developers of color. Our dedication to helping bridge the racial development gap through mission-driven, strategic programming is what sets us apart as a pioneering force in the affordable housing industry. 

- Lydia Smith, Vice President 

Plymouth Avenue Apartments

in Minneapolis, MN with sponsor Matrix Development LLC. 

Plymouth Ave
Bronzeville Scattered Site development

in Milwaukee, WI with joint sponsors Maures Development Group, LLC and Scott Crawford, Inc. 

Bronzeville Scattered Sites
La Vista Lopez

in Austin, TX with sponsor Guadalupe Neighborhood Development Corporation.

La Vista Lopez
Victory Vistas

for seniors (55+) in Cincinnati, OH with sponsor Kingsley + Co.

Victory Vistas (1)
Cycle House

in Washington, D.C. with sponsor Urban Green, LLC.

Cycle House
Courtlandt Manor

in the Bronx, NY with sponsor Infinite Horizons, LLC.

Courtlandt Manor

Investing in People and Resources

2023 was a year of new horizons for NEF as we expanded our focus to invest in our people – our greatest asset – and the resources we provide to empower them. We implemented various strategies to enhance talent development policies and procedures to attract new talent while retaining existing talent. We also revamped our onboarding and Human Resources communications to provide better engagement, automation, and efficiency in our practices. In addition, we reevaluated our benefits to provide greater access to medical opportunities such as infertility coverage and hormonal support. 

“In 2023, we examined the access we provide our employees to supportive, holistic healthcare,  regardless of their chosen family. Our commitment to diversity and inclusion at NEF was at the cornerstone of our decisions to make improvements to our benefit offerings and ensure that our team members can thrive today, tomorrow and in the future.” 

- Jaclyn Jackson, Senior Vice President and Chief Human Resources Officer 

In May, we announced promotions and expanded roles for key senior leaders, allowing us to better support investors and sponsors in line with our mission and strategic priorities. Most importantly, these leadership positions were filled by existing NEF team members, showing our dedication to nurturing and growing talent from within.  

Last year we filled 31 job openings – 25 external hires and 6 promotions – with 48% percent of the new hires self-identifying as BIPOC. Not only that, NEF hosted its third consecutive year of our Ambassador program, which successfully brought in undergraduate and graduate students from across the nation to complete a 10-week summer internship where we helped advance their careers through learning about the critical need of affordable housing. We also continued our commitment to grow the next generation of talent through this program and our partnership with Cristo Rey by providing corporate development opportunities to high school students.


“Not only was 2023 a strong year financially for NEF, but it was also a strong year internally. We were intentional and deliberate in our recruitment practices, bringing in a variety of talent from different backgrounds who will ultimately help us further establish our innovative capabilities and dynamic approaches to addressing the affordable housing crisis. From recent graduates to tenured managing directors, our employees believe in our mission and vision and value the work that we do. We are excited for the 2024 recruitment season and look forward  to another year of stability and growth.” 

- Andrea Miranda, Vice President, Human Resources


In 2023, we wanted to show how integral each and every one of our employees are to the success of this organization and show our commitment to diversity, equity and inclusion. It is because of our employees that for the third year in a row, NEF was recognized as one of the Best and Brightest Companies to Work For in Chicago and in the nation.  

We hope our team felt valued, supported and empowered to work at NEF and we are grateful for their unyielding devotion to our mission and vision.   


National Equity Fund’s Diversity, Equity and Inclusion Statement:

National Equity Fund strives to be a diverse, equitable, and inclusive place to work so that our team has the experience and knowledge to effectively support the individuals, families, and communities we serve. We are committed to bridging the gap between people and communities across the country by embracing differences, learning from the unique experiences of our partners, residents, and employees and taking a leadership role to create a more inclusive world where everyone has access to a safe, stable and affordable home. 

As a non-profit and one of the largest syndicators in creating and preserving affordable housing, we acknowledge and embrace our responsibility to inspire, build and lead by example, and actively seek to employ and partner with those who have similar values in mission and vision. We are not afraid to speak openly and directly to the hard truths about the inherent legacy of discrimination built into our industry while taking deliberate and progressive steps to provide a more equitable and inclusive future for the next generations. We stand up and stand firm to give an opportunity to the nation’s most vulnerable populations and remain committed to doing what is right internally and externally to help people thrive today, tomorrow, and in the future.

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