News

Last Thursday, NEF celebrated the 31st Annual Chicago Neighborhood Development Awards Ceremony with two of our projects and partners taking home well-deserved awards!

Roebling, a small town in New Jersey originally built for the workers of a steel plant more than a century ago, has survived major changes including the shutdown of the plant in the 1970s and the subsequent multimillion dollar toxic waste cleanup. Today, this historic hamlet has become a tourist attraction with a museum where the steel plant used to be and has 72 units of newly built supportive and affordable housing.

Recently, our partners at DePaul joined state and local officials for an open house celebration of the Mosaic Apartments in Schenectady, New York. The Mosaic Apartments offer 60 affordable housing units with 30 units providing permanent supportive housing to individuals experiencing homelessness as well as adults with mental illness. 

A few weeks ago, our partners at the Asia Pacific Cultural Center, the Low Income Housing Institute (LIHI), and local officials celebrated the opening of Patsy Surh Place in Tacoma’s Lincoln District in Washington.

Patsy Surh Place, named after community leader Patsy Surh O’Connell, creator of the Korean American Artists Association of Washington State, will provide affordable housing to seniors earning up to 30% and 50% of the Area Median Income...

A couple weeks ago, NEF’s Emily Chen and Tony Lyons attended the ribbon cutting of The Rise in Brownsville, Brooklyn. Developed by Xenolith Partners in collaboration with the Women's Prison Association and the Brownsville Partnership, The Rise is a 72-unit mixed use affordable housing development that also offers permanent supportive housing for formerly incarcerated individuals and their families.

Earlier this month, NEF supported the grand opening of Bronzeville Estates in Milwaukee. Developed by Melissa Nicole Allen, President of Maures Development Group, LLC, Bronzeville Estates brings 30 units of new and rehabilitated affordable housing to the historic Bronzeville community, a once bustling and vibrant neighborhood and former economic center for Milwaukee’s Black American community that was wiped out with the completion of Interstate 43.

A few weeks ago, our partners at C&C DEVELOPMENT CO., LLC and Riverside Charitable Corporation celebrated the grand opening of The Meadows Senior Apartments in Lake Forest, CA.

Today's vote to advance the LIHTC program is a critical step towards expanding affordable housing and addressing the nation's housing crisis. 

Last month, our partners at Venice Community Housing Corporation and Community Corporation of Santa Monica broke ground on 20th Street Apartments in Santa Monica, CA. The development will offer 78 affordable homes to people who have experienced homelessness.

NEF has been selected as a winner of Best and Brightest Companies to Work For® in the Nation and in Chicago for 5 years running!

A few weeks ago, our partners at Mercy Housing Mountain Plains, Denver Housing Authority, Denver Indian Health & Family Services and the Native American Housing Circle celebrated the groundbreaking of the 9th & Navajo Street affordable housing development in the La Alma-Lincoln Park neighborhood of Denver.

The combined grand opening of Tempo (Phase I) and groundbreaking of Tandem (Phase II) marked the halfway point of transforming Parcel 9 into an affordable housing development in the Fox Point neighborhood of Providence, RI.

The Anchor expands the capacity of Mariners Inn, a 100-year-old leading treatment and recovery center, to support individuals with substance use disorder and now offers services to women for the first time in its history.

Last month, our partners at Evergreen Real Estate Group, Latin United Community Housing Association (LUCHA) and local officials celebrated the ribbon cutting of Encuentro Square. Located at the convergence of Logan Square, Humboldt Park and Hermosa, three prominent neighborhoods on the northwest side of Chicago, Encuentro Square offers 89 new affordable housing units between two buildings in a gentrified area.

This week, NEF says farewell to one of its original senior leaders, Judy Schneider, who announced her retirement at the end of last year after more than 23 years of incredible dedication to NEF.

National Equity Fund (NEF), a leading non-profit multi-family affordable housing investment manager, announced the appointment of Bob Taylor as Chief Risk and Investment Officer (CRIO). This newly created role underscores NEF's commitment to robust risk management and strategic investment to further its mission of expanding affordable housing opportunities nationwide.

NEWSFLASH! National Equity Fund President and CEO @Matt Reilein is featured on the front cover and in an article in FDI Insider's Q1 Edition 2025 Magazine.

For NEF, preserving affordable housing is just as important as creating new developments. That is why we are grateful for the opportunity to work with our partners at Vital Housing and Thurston Regional Housing Council to preserve 211 units of affordable housing in Olympia, Washington. Courtside Apartments was the largest affordable property in the city at risk to be converted to market rate units as LIHTC units were set to expire in 2026...

Congratulations to our long-time partners at C&C Development Co., LLC as well as Riverside Community Charities on breaking ground last week at Lincoln Avenue Apartments in Buena Park, CA! Once construction is complete, this affordable housing and permanent supportive housing development will provide 54 units for five student families, 11 veteran households, and 13 families and individuals with special needs, many of whom suffer from serious mental illness and are at risk of homelessness.

Last week, our partners at Dimension Development, LLC, the Dodge County Housing Authority, Wisconsin joined Governor Tony Evers and other stakeholders to celebrate the grand opening of Sunset View in Juneau, WI. The newly built affordable housing development composed of duplexes offers 30 units to families at or below 50% and 60% of the area median income (AMI) with six units of supportive housing for unhoused or nearly homeless individuals.

NEF's Structured Finance team wrapped up 2024 with an outstanding level of success during Q4 in the preservation and moderate income rental housing space! Our team has financed 12 developments in 7 states for over $412 million to preserve 2,271 units of affordable housing.

"A stable and long-term capital partner is critically important to the affordable housing ecosystem. That’s the thing that we’re most proud of, having long-term relationships with both our investors and developers, our proven ability to serve as that stable source of capital and investment and ultimately to support the creation and preservation of affordable housing across the country," said Matthew Reilein, president and CEO of National Equity Fund...

NEF is thrilled to invest in this truly impactful collaboration between Lincoln Avenue Communities, Fairview Housing Partners, and Family Scholar House, which will provide extended resident services at four affordable housing developments in Florida.

"Thanks to our deep relationships, strong product offerings and the perseverance of our exceptional teams, I'm proud that we helped create or preserve more than 16,000 affordable homes in 2024 in service of our mission," said Matthew Reilein, president and CEO at National Equity Fund.

NEF is excited to start the new year by sharing that we won the 2024 FDI Insider Award for Affordable Housing Finance Platform of the Year (USA)! 

Need some advice on underwriting LIHTC deals? Syndicators including NEF's own president & CEO, Matt Reilein, shared some tips like preparing your REO schedule.

Last week in Venice, CA, NEF's Debbie Burkart attended and spoke at the grand opening of the Journey. Created by our partners at Venice Community Housing Corporation, the Journey is a new construction of 40 affordable housing and permanent supportive housing units with 19 reserved for formerly unhoused transitioned aged youth (TAY) and 20 reserved for formerly chronically homeless adults and families

This is a truly innovative affordable housing development! 340 Dixwell is the first LIHTC project on the East Coast to use mass timber, which is environmentally friendly and has many other benefits for developers and residents, and will offer 69 units for low income and homeless households.

NEF CEO, Matt Reilein, joined a panel of experts at National Housing Conference (NHC)’s Solutions for Affordable Housing Conference to discuss the potential impact of the recent election on national housing policies.

Thankful for our partners at The Core Companies, U.S. Department of Veterans Affairs and The Veterans Collective, who recently celebrated the grand opening of MacArthur Field A and the topping off of MacArthur Field B...

Congratulations to Church Community Housing Corporation and RIHousing on the groundbreaking for the Ade Bethune House and Portsmouth Senior Center in Portsmouth, Rhode Island. This development will bring 54 units of affordable housing for senior residents 55+.

In October, our partners at ACTION-Housing and Bethlehem Haven were joined by Congresswoman Summer Lee, the Mayor of Pittsburgh, and other local leaders to celebrate breaking ground at the future site of a new affordable housing development named Uptown Flats. 

We are thrilled to announce that Vista Verde is the winner of the 2024 AHF Readers' Choice Award in the Rural Housing category, and was honored at the AHF Live awards ceremony in Chicago last night. Vista Verde also won the 2024 Charles L. Edson Award for Green and Healthy Housing.

“We bring the entire capital stack to the table... Yes, we vigorously support LIHTC deals. The permanent loan piece means we also support workforce and preservation housing deals, with both short- and long-term financing available,” explained Tom Booher, Managing Director, Head of Agency Lending at National Equity Fund.

In support of Veterans Day, Affordable Housing Finance featured five developments that are helping reduce the number of Veterans experiencing homelessness throughout the country. According to data from the U.S. Interagency Council on Homelessness, Department of Housing and Urban Development (HUD) and Department of Veterans Affairs (VA), Veterans homelessness has dropped to its lowest level on record since it first started being reported in 2009.

While the affordable housing crisis continues to deepen across the country, blind and visually impaired individuals and veterans have a beacon of hope in the form of the newly opened Foglia Residences at The Chicago Lighthouse. The grand opening held at the end of October celebrated this development as the first LIHTC building in the nation specifically supporting the blind and visually impaired community.

Our experts, Dave Musial and Brandon McCall, will be sharing their industry expertise on LIHTC and dispositions during AHF Live!

A few weeks ago, our partners at Hawaiʻi Island Community Development Corporation (HICDC) were joined by community stakeholders, the governor, two senators and the mayor at the dedication ceremony for Kauhale I Ke Kula Uka, an affordable housing development in Kailua-Kona, HI. Kauhale I Ke Kula Uka offers 99 homes for households earning up to 60% of the area median income (AMI) with a focus on family housing in an area with a high demand.

Congratulations to our partners at Bear Real Estate Group on breaking ground at the site of the East National Flats. Soon, Milwaukee's Harbor District will have 140 new units of affordable housing!

Congratulations to our Structured Finance team on a productive Q3 in the preservation and moderate income rental housing space! Our team has financed 6 developments in 5 states for over $112 million to preserve 1,195 units of affordable housing.

Last week, NEF’s Louise Fattaleh and Meredith Hudak attended the grand opening of People’s Place in Santa Paula, CA. Developed by our partners at People's Self-Help Housing, People’s Place provides 69 one-, two-, and three-bedroom homes for families and farmworkers earning 30-60 percent of the area median income (AMI), with 21 units being specifically set aside for farmworker households.

NEF’s Danny Gutman met with Congressman Darin LaHood and staff members as well as partners from Bedrock Property Management and North Arrow Partners to tour a standout development in Henry, IL. Oak Field Place is a 30-unit affordable housing development that opened in 2021 and serves seniors 55+.

“We have seen a decrease in pricing over the year so far and are hopeful that the uncertainties that we know are coming have been priced in at this point so that pricing will hold steady in the second half of the year.”

A few weeks ago, representatives from the city of Santa Monica and our partners at EAH Housing gathered with newly housed residents to celebrate the official opening of the Laurel. More than half of the 57 affordable housing units at the Laurel are home to seniors, many of whom have been chronically homeless for years.

One of the original leaders at NEF, Karen Przypyszny, has made the decision to move on from NEF to begin the next chapter of her personal and professional life after 24 years.

Karen’s dedication to affordable housing brought her to NEF in 2000 and since then she has been highly influential and impactful.

We can't contain our excitement for our own Liz Hibbard, who was recently recognized as one of eight Affordable Housing Finance 2024 Young Leaders. These rising stars touch a variety of sectors and represent the next generation of change makers in the affordable housing industry!

Last month, our partners at People's​ Self-Help Housing in collaboration with 5 Cities Homeless Coalition celebrated the grand opening of Pismo Terrace! This affordable housing apartment building in Pismo Beach, CA serves not only low-income and formerly homeless people, but also transitional-age youth (TAY).

Our final 2024 Charles L. Edson Award Winner for Green and Healthy Housing is Vista Verde (also known as Alta Verde), which was honored at the ceremony in Washington D.C. last week. To tackle the challenge of providing affordable workforce housing while being sustainable, Breckenridge, Colorado hired Gorman & Company to build Vista Verde, an affordable housing development with 80 units...

The Carlton Apartments won the 2024 Charles L. Edson Award for HUD Preservation and was honored at the ceremony in Washington D.C last week. Located in the Sheridan Park Historic District of Chicago's Uptown neighborhood and built in 1925 as a hotel, the Carlton Apartments were transformed in 2022 from 70 single room occupancy units into 68 studio apartments for individuals struggling with homelessness and/or residents with special needs.

Our second affordable housing development honored at the 2024 Charles L. Edson Tax Credit Excellence Awards ceremony in Washington D.C was Millworks Family Housing in the Small Metropolitan Housing category.

Millworks Family Housing (MFH) is an innovative Public-Private partnership that provides 83 units of energy-efficient, permanently affordable family housing...

This week, four of our affordable housing developments were honored at the 2024 Charles L. Edson Tax Credit Excellence Awards ceremony in Washington D.C. Our first award winner is the Barrister in the Historic Preservation category. 

It's our pleasure to celebrate the announcement of AHTCC's 2024 Charles L. Edson Tax Credit Excellence Awards! Over the next few weeks, we will be congratulating our partners and sharing more about the four (4) award-winning affordable housing developments.

Veterans now have a new place to call home thanks to our partners at Housing Authority of Cook County! Last week, the ribbon cutting ceremony was held for Otto Veterans Square, a new 82-unit affordable housing and permanent supportive housing development in downtown Chicago Heights, IL.

"The acquisition of Homestead Capital pushed NEF to think both strategically and compassionately about how we can commit to and invest in regions," says Lisa Decker, managing director - investor relations at NEF...

Each year since 2021, NEF has been selected as a winner of Best and Brightest Companies to Work For® in the Nation! 

NEF is grateful to have been a part of the reopening of the 2100 Memorial Senior-Living Community in Houston. Our partners at Columbia Residential, and the Houston Housing Authority led the charge of this reopening...

The newly opened Copley Chambers II & III were designed to meet the current needs of Providence, Rhode Island through high-quality, permanently subsidized affordable housing units. These mixed-use buildings stand in place of a vacant lot and rundown retail space and will offer supportive housing for low-income residents...

Last month, our partners at Mercy Housing broke ground on the first affordable housing project funded by the Bay Area Housing Innovation Fund, 1633 Valencia St. This visionary fund demonstrates the power of public-private partnerships in community development and housing.

Last but certainly not least, our final 2024 AHF Readers' Choice Award Finalist is the Journey, which is our second contender in the permanent supportive housing category. The Journey is a new construction, 40-unit permanent supportive housing (PSH) development located in Venice, California.

To tackle the challenge of providing affordable workforce housing while being sustainable, the Breckenridge Housing Authority of Colorado hired Gorman & Company to build Vista Verde, an affordable housing development with 80 units serving households earning between 30%, 50%, 60%, and 100% of the area median income (AMI)...

NEF is proud to have been part of extending the impactful legacy of Project Freedom, Inc.'s The Legacy in Robbinsville, New Jersey! Our very own Emily Chen and David Rozan attended the ribbon cutting ceremony...

Our second 2024 AHF Readers' Choice Award Finalist is up next! The Barrister is our well-deserving finalist in the Historic Rehab category. 

Are you ready to meet NEF's first 2024 AHF Readers' Choice Award Finalist? PATH Villas at Fourth Street is one of our two finalists in the Permanent Supportive Housing category.

Congratulations to our partners at Steele Properties LLC on their incredible transformation of The Meranda (formerly known as Claysburg Tower II). The first substantial renovation of the 228-unit affordable housing development after 45 years since its construction yields dramatic results from the photos alone!

NEF has invested in four (4) affordable housing developments that have been recognized as Affordable Housing Finance (AHF)'s 2024 Readers' Choice Awards Finalists in three (3) separate categories.

Last week, NEF's Emily Chen spoke at the ribbon cutting for the new Betances Family Apartments (Betances VI) in the Mott Haven area of the Bronx. This affordable housing development with permanent supportive housing services provides 101 new homes.

In late June, a groundbreaking ceremony was held to celebrate the beginning of the rehabilitation of Encino Gardens, a senior housing community in Albuquerque. There have been no major renovations since the building's construction in 1978...

NEF would like to recognize our Structured Finance team's excellent work in the preservation and moderate income rental housing space so far this year. Our team has financed 17 developments in 11 states for a total of $256 million to preserve over 2,000 units of affordable housing!

Running a marathon is a big accomplishment and a testament to overcoming obstacles, so that's why our partners at Excelerate Housing Group named their new affordable housing development in Long Beach, CA after the number of miles in a marathon: 26 Point 2.

Our partners at Citizen Advocates, Inc. and 3d Development Group LLC celebrated the completion and opening of the four story Harison Place, a mixed-use and new affordable housing development in Malone, NY! After 6 years of dedication and hard work, 40 new apartments and a commercial space are officially open...

Earlier this month, NEF's Tina Belanger and Danny Gutman attended the groundbreaking of Lakeview Landing in Chicago. This affordable housing development, led by our friends at OTR (Over The Rainbow Association) and Lakeview Lutheran Church, will replace the existing church structure to create 37 one-bedroom apartments...

NEF's partners at NeighborWorks Capital continue to show their dedication to ensuring a level playing field for nonprofit developers in the affordable housing industry. 

Congratulations to our longtime partners at National Church Residences on the grand re-opening of Lakewood Christian Manor in Atlanta! After undergoing a second round of rehab work, this affordable housing development provides upgraded facilities to 250 senior households (aged 55+) where they can safely and comfortably age in place.

Last week’s NCSHA’s Housing Credit Connect in Atlanta was a huge success and great opportunity to learn more from industry professionals about important topics in the affordable housing industry.

Thank you to all who stopped by our booth at the Marketplace to learn more about NEF and to everyone who attended sessions involving NEF leaders!

NEF had the tremendous honor of hosting some legends in the affordable housing industry last week for a conversation on its history, community development, and the power of public-private partnerships. Paul S. Grogan, former CEO of LISC and the Boston Foundation, and his co-author, Kathy Merchant discussed their new book, “Be Prepared To Be Lucky.”

A couple weeks ago, NEF's Emily Chen attended and spoke at the ribbon cutting ceremony for the freshly redeveloped Moyer Carriage Lofts in Syracuse, NY!

This highly anticipated transformation, led by our friends at Housing Visions Unlimited, Inc and Redev CNY, took the Moyer Carriage and Car Factory -- a site on the National Register of Historic Place -- and turned it into 128 units of affordable housing.

Congratulations to our partners at Jewish Family Services (JFS) on breaking ground at Woodale Crossing, which will be add 56 new #affordablehousing units for seniors in Brown Deer, WI! NEF's own Danny Gutman attended the event.

NEF’s Tony Lyons spoke at the grand opening of the Joseph Caffey Apartments and Jordan Caffey Townhomes in Providence a few weeks ago! NEF colleagues Esther Velez and Nicole Bush also attended the event in support of the incredible new development.

A few weeks ago, Liz Hibbard and Tony Lyons represented NEF at the groundbreaking for the 32 Marion Apartments in Brookline, MA. This development will offer 115 homes for seniors and residents with disabilities...

“We need innovative, creative ways to solve long-standing imbalances. The NeighborWorks Capital Equity Fund is a tool community-based nonprofit network developers can use to help strengthen their community, taking advantage of their local insight and perspective,” said Liz Hibbard, Managing Director, Innovation and Strategic Growth at NEF.

Congratulations to Pawtucket Central Falls Development (PCFD) and investor TD Bank on the groundbreaking of Central Street, a mixed-use and mixed income affordable housing development in Central Falls, RI! The occasion was well-attended by two US Senators, the governor, two mayors, other stakeholders, and NEF's very own Tony Lyons, Maria Botello, and Jessica Polak.

For the fourth year in a row, NEF has been selected as a winner of Chicago's Best and Brightest Companies to Work For®! The National Association for Business Resources/The Best and Brightest Programs "identifies and honors organizations that display a commitment to excellence in their human resource practices and employee enrichment."

After a record-setting year of Low-Income Housing Tax Credit (LIHTC) production in 2023, National Equity Fund (NEF) welcomed three new members to its board of directors in Q1 2024. These members join a cohort of civic leaders who meet NEF's unique needs as an organization and will improve its impact on the communities it serves across the country.  

As the nationwide housing crisis rages on, the city of Detroit is celebrating a milestone in its efforts to invest in and create more affordable housing in the past five years. Nearly 5,000 units have been added to Detroit's affordable housing stock and over $1 billion has been invested thanks to its city council, partners, developers, and the mayor.

NeighborWorks Capital, a national non-profit Community Development Financial Institution (CDFI), has partnered with National Equity Fund (NEF), a leading non-profit multi-family, affordable, real estate investment manager, to launch the NeighborWorks Capital Equity Fund.

"On a single night in 2023, more than 34,700 people younger than 25 experienced homelessness on their own in the United States. That’s a 15% jump, or 4,613 more youths, than the year before, according to the latest data from the Department of Housing and Urban Development (HUD)."

A couple of weeks ago, our partners at Portland Community Reinvestment Initiatives, Inc. (PCRI) celebrated the groundbreaking of the Kafoury Court Apartments! This Portland, OR development will bring 40 new affordable housing and permanent supportive housing units to the area, providing 35 one-bedroom apartments and five studio apartments for those in need.

Thanks to the partnership between Over-the-Rhine Community Housing (OTRCH), Urban Sites, and Fifth Third Bank on The Barrister, Cincinnati's Central Business District has new affordable housing for the first time in over twenty years!

Congratulations to our partners at Abbey Road, Penny Lane Centers, and Los Angeles County Development Authority (LACDA) on the grand opening of Imagine Village II in LA! NEF's very own Debbie Burkart attended and spoke at the celebration in addition to community leaders and stakeholders.

Harris County, Texas, which includes Houston, has answered the overwhelming need for senior housing by allocating federal COVID-19 relief funds towards five affordable housing developments, including New Hope Housing (NHH) Ennis, which broke ground in early February.

Congratulations to our partners at CLDI, Inc on the completion of the Tapestry Apartments in Billings, MT! The development will offer 27 affordable housing units on the city's South Side. 

Last month, our partners at Ability Housing broke ground on the Villages of New Augustine in St. Augustine, Florida! This development will bring 92 new units of affordable housing to the West Augustine neighborhood, all affordable to households earning up to 60 percent of the AMI.

NEF's very own president and CEO, Matt Reilein, has been featured as a 2024 Chicago Titan 100 honoree at the annual awards ceremony. Congratulations to all the leaders recognized by the Titan 100 program!

The February 12th issue of The Wall Street Journal listed the Best and Brightest Companies to Work For® in the Nation and National Equity Fund is one of the honorees! We are thrilled to be recognized by The Best and Brightest Programs as a 2023 National winner for the third year in a row.

A couple of weeks ago, our partners at the Low Income Housing Institute (LIHI) celebrated the groundbreaking of the MLK Family Housing development in Seattle! This 6-story, mixed-used and early learning center will provide 148 units of affordable housing for individuals and families, specifically focusing on those at risk of displacement and earning up to 50-60 percent of the Area Median Income (AMI)

“The affordable housing crisis is not going to be solved by LIHTC alone. If we’re going to try to be a leader and identify ways for capital markets to be part of the solution, we’ve got to broaden what it is we’re doing,” notes Matt Reilein, president and CEO of National Equity Fund.

Congratulations to our partners at ACTION Housing on the grand opening of Flats on Forward in Pittsburgh! This 43-unit affordable housing development is the largest project ever constructed by ACTION Housing.

Located in the Squirrel Hill neighborhood of Pittsburgh, Flats on Forward is the sixth project NEF has had the honor of completing with the developer since 2013.

“It’s important to recognize that these are already our neighbors. They’re living unhoused, but they’re in our communities. If we can build a beautiful apartment complex with wraparound supportive services, then they become our housed neighbor.” – PATH CEO Jennifer Hark Dietz

We are thrilled for our partners at PATH on the grand opening of the PATH Villas at 4th Street in San Jose. This development brings 94 units of affordable housing and permanent supportive housing to seniors experiencing homelessness.

National Equity Fund (NEF) provided a strong year of financing to support the creation and preservation of affordable homes across the country, prevailing against major economic and financial disruptions that impacted the industry throughout 2023...

CHICAGO, Jan. 18, 2024 /PRNewswire/ -- National Equity Fund (NEF), a leading nonprofit multi-family, affordable, real estate investment manager announced the closing of its inaugural Northeast Fund. Through the fund, which closed at the end of 2023, NEF raised $122.5 million, which will finance eight Low-Income Housing Tax Credit (LIHTC) developments throughout the Northeast. Once completed, the eight developments will bring 571 high quality, affordable homes to four states: Connecticut, Massachusetts, New Jersey, and Rhode Island.

Congratulations to our partners at Asia Pacific Cultural Center (APCC) and Low Income Housing Institute (LIHI) on the groundbreaking of Patsy Surh Place in Tacoma, WA! The development is named after Patsy Surh O’Connell, a community leader who has been a longtime proponent of Asian and Pacific Islander (AAPI) heritage, culture, and arts throughout the region.

"There is no question that we are in the eye of the perfect storm and that it will take a sustained commitment from legislators, investors, developers, and communities to right the ship. But there is a path forward: the Low-Income Housing Tax Credit (LIHTC)," Matth Reilein, President and CEO at NEF writes in Crain's Chicago Business Equity series.

As 2023 wrapped up, the Cycle House groundbreaking in the Truxton Circle neighborhood of Washington D.C. marked a new beginning and hope for low- and middle-income residents in need of affordable housing. This development is a remarkable triumph for the industry in several ways.

Congratulations to our partners at NeighborWorks Blackstone River Valley (formerly The Woonsocket Neighborhood Development Corporation) on breaking ground at Millrace in Woonsocket, RI last week! The event was well-attended by state and local officials, community partners as well as NEF's very own Jessica Polak and Kim Pereira.

NEF's very own Tony Lyons attended the grand opening of the Brandywine Lofts and Farmstead Lofts in South Burlington, Vermont last week. Combined, these complexes offer 71 income-restricted units out of 94 total and are the largest single new construction infusion of affordable housing in Vermont in over 15 years.

Last week, representatives from King County, Sound Transit, Mercy Housing, and Amazon gathered to address the affordable housing crisis in Washington by breaking ground at the Mercy Angle Lake Housing development in Seatac.

Congratulations to our partners at Depaul Properties on the groundbreaking for Mosaic Apartments, a 60-unit affordable housing complex in Schenectady, NY! The two-building development will have one four-story building with 46 apartments and a three-story building with 14 apartments.

Our partners at Housing Trust Group (HTG) and Turnstone Development Corp. celebrated a major accomplishment in mid-November: the opening of Crescent Place, a new 40-unit affordable housing complex in Arlington Heights, IL.

Our partners at Fifth Avenue Committee and Brooklyn Public Library recently cut the ribbon on the historic Sunset Park Library and Apartments in Brooklyn. This new development model brings affordable housing and public library facilities together and sets a new precedent for co-located housing in New York City.

Congratulations to our partners Community Ventures, Inc on the groundbreaking for The Old First House in the Old City neighborhood of Philadelphia.

Soon, 34 permanent supportive housing units will provide shelter and a safe space for individuals experiencing chronic homelessness.

Our final Affordable Housing Finance (AHF) Readers’ Choice Award winner is Lucille and Bruce Terwilliger Place. This Arlington-based development took the top prize in the Urban category and is comprised of 160 units of affordable housing with a 50 percent Veteran preference.

Another affordable housing development recently awarded for its excellence at the Affordable Housing Finance (AHF) Magazine's Readers' Choice Awards was the Lennox House in the Preservation category.

In 1951, Lennox House opened as a 110-room hotel in Grand Prairie, Texas and shut its doors in 1985.

We are excited to share more love and appreciation for our friends at Full Circle Communities, Inc and the Ruth Ellis Center for their big win a couple weeks ago at AHF Live! Congratulations on winning the Readers’ Choice Award in the Permanent Supportive Housing category for the Ruth Ellis Clairmount Center.

Earlier this month, our partner Lincoln Avenue Communities (LAC) broke ground on Pinyon Apartments, which will bring 252 units of affordable housing for lower-income families to Reno, NV. Pinyon Apartments will restrict 244 units for households earning no more than 60% of the area median income (AMI) and 8 units to less than 50% AMI.

Congratulations to our partners at Over-the-Rhine Community Housing and Urban Sites on the groundbreaking for Vandalia Point in the Northside neighborhood of Cincinnati!

Vandalia Point will provide 52 units of affordable housing for low-income households earning 30-60% of the area median income (AMI) in the neighborhood that has seen the most significant increase in housing costs in the entire city. 

A few weeks ago, we celebrated the grand opening of Salem Village in Columbus, Ohio with our partners at National Church Residences! This 76-unit affordable housing development is dedicated to seniors ages 62 and older and is an ideal space for independent living.

Congratulations to our president and CEO, Matt Reilein, on his recognition as one of the 2024 Chicago Titan 100 honorees. The Titan 100 program recognizes Chicago’s Top 100 CEO’s & C-level executives that "embody the true diversity of the Chicago business landscape."

Happy Veteran's Day!
 
For years, NEF has worked to support Veterans through our “Bring Them Homes” initiative, which provides Veterans of the U.S. military with high-quality affordable housing. Over the past decade, NEF has invested more than $1 Billion in 84 projects that provide a Veterans preference, alongside over $9 million of grant funding to assist with pre-development and system change work to expedite projects, resulting in nearly 13,000 units of affordable housing, including 7,500 units targeting Veterans and Veteran families.

We want to give recognition to another award-winning development! 

Congratulations to our friends and at Community Development Partners (CDP) and Native American Youth and Family Center (NAYA) on winning the Charles L. Edson Tax Credit Excellence Award (Edson Awards) in the Housing for Native Americans or Tribal Populations category.

Onto our second of three award winning developments: The Ruth Ellis Clairmount Center in Detroit! This affordable housing and permanent supportive housing development was awarded the 2023 Charles L. Edson Award Winner in the Housing for Special Populations category by the Affordable Housing Tax Credit Coalition.

We are honored to share that three of NEF's affordable housing developments were awarded at the 2023 Charles L. Edson Tax Credit Excellence Awards ceremony in Washington D.C. last week!

Our first 2023 Charles L. Edson Award winner is Hilltop View Apartments in the Housing for Veterans of the Armed Services category.

Our partners New Hope Housing, Inc. (NHH) broke ground on their first affordable community for seniors, and we couldn't be more excited!

Located in Houston, New Hope Housing Gray will offer 135 affordable housing units to seniors with low incomes as well as a Bezos Academy location on-site, which will provide a Montessori-inspired preschool free of charge to tenants.

An incredible day for our partners at New Hope Housing, Inc. (NHH)! NEF is thankful for NHH's partnership and honored to play a role in the groundbreaking of their 12th affordable housing development.

Earlier this month, our colleague Debbie Burkart was interviewed for a thoughtful video that discussed the importance and critical need of affordable housing and permanent supportive housing in the Los Angeles area.

We are excited to share the fantastic news that our friends at Community Development Partners, NAYA Family Center, and Northwest Housing Alternatives have won Golden Hammer Awards in the Best New Multifamily Project category.

The procurement of the mountain region entity brings 49 new LIHTC projects to the NEF portfolio. CHICAGO, Oct. 25, 2023 /PRNewswire/ -- National Equity Fund (NEF), a leading nonprofit multi-family, affordable, real estate investment manager has expanded its reach in the west with the acquisition of the assets of Mountain Plains Equity Group, Inc. (MPEG), including the ownership of MPEG Acceptance Corporation (Acceptance Corp.). 

Our partners at New Hope Housing, Inc. (NHH) held the ribbon cutting ceremony for their newest supportive housing development in Houston: New Hope Housing Savoy!

A frequent collaborator of NEF’s, New Hope Housing approaches affordable housing and permanent supportive housing with a mission to help residents stabilize and advance their lives, creating a path to positive generational impact.

Congratulations to our partners at Abbey Road and Linc Housing on the grand opening of Sun Commons in North Hollywood, LA! This affordable housing development is adjacent to Penny Lane Centers, the nonprofit that provides supportive services at Sun Commons as well as 6,000 children, youth, and families.

NEF is delighted to announce that Lisa Deller, VP Asset Management, has been named the new President of the Board of Directors for CHAM - Consortium for Housing and Asset Management for Housing and Asset Management!

NEF is proud to work with innovative developers like our partners at New Hope Housing (NHH) and DWR Development Group, LLC on affordable housing initiatives that improve lives beyond providing homes.

Witnessing the opening of Bezos Academy at NHH at Reed in Houston, a "free, Montessori-style preschool," and the anticipation of building DWR's OST Lofts, which will also have "a prekindergarten program operated by the Tejano Center for Community Concerns," is not only a demonstration of going above and beyond in community and resident services, but also a revolutionary offering in supportive housing in terms of education.

"NEF's investment in developments like Bertha Pitts Campbell Place not only aligns with our mission to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing, but it also reflects our efforts to ensure that our team has the experience and knowledge to effectively support the diverse individuals, families, and communities we serve."

The NEF team is proud to support and celebrate with our partners at Englewood Community Development Corporation and Noble on the grand opening of The Passage Apartments in Indianapolis! The Passage provides 39 affordable housing units with one floor set aside for short-term rentals, eight apartments for residents with disabilities and their families, and the remaining units reserved for households earning no more than 60% of the area median income (AMI). 

NEF is thrilled to celebrate the groundbreaking of the Fischer Senior Apartments, the latest affordable housing development from our partners at WSFSSH, Inc.

Located in the Highbridge neighborhood of The Bronx, The Fischer Apartments will bring 105 homes for seniors 55+, including 54 units for formerly homeless seniors

Congratulations to our partners at Full Circle Communities, Inc on the groundbreaking of Raymond E. Shepherd Housing in Ferndale, MI! This development is a direct response to the needs of the community, specifically its notable LGBTQ+ and elderly populations in need of affordable housing.

Congratulations to our partners at Women Organizing Resources Knowledge and Services (W.O.R.K.S) and GTM Holdings, LLC on the ribbon cutting of the Depot at Hyde Park in southeast LA! The event was well-attended by city officials, including Mayor Bass and Councilman Harris-Dawson, and community members.

Congratulations to our partners Magnusson Architecture and Planning, Xenolith Partners, Women's Prison Association and Home (WPA), and Brownsville Partnership on The Rise being recognized as a NYSERDA Buildings of Excellence and Blue Ribbon for Design Excellence award winner!

The NEF team is proud to support our partners at the Women's Development Corporation and RIHousing on the ribbon cutting for the Pine View Apartments in Exeter, Rhode Island.

Pine View Apartment offers 40 units of affordable housing to a semi-rural community about 25 miles outside of Providence.

Congratulations to our partners at Amsterdam Housing Authority and 3d Development Group LLC on the ribbon cutting ceremony of the New Amsterdam Apartments in Amsterdam, NY. It was an honor to have Governor Kathy Hochul and Mayor Mike Cinquanti speak at this event along with NEF's very own Emily Chen, other stakeholders, and community members. The substantially renovated New Amsterdam Apartments offers 116 units of affordable housing for seniors aged 55+ earning at or below 80% of the area median income (AMI).

The NEF team is proud to support our partners at Evergreen Real Estate Group who recently held the groundbreaking of Encuentro Square. Soon, 89 new affordable housing units will be available for those who need it most in a development that unites the Logan Square, Humboldt Park and Hermosa neighborhoods of Chicago.

Congratulations to our partners at Full Circle Communities, Inc (FCC) on 5150 Northwest Highway being awarded Outstanding Affordable Project in the 15th Annual LEED Homes Awards by the U.S. Green Building Council (USGBC).

We are thrilled to announce that NEF has invested in six affordable housing developments recognized as Affordable Housing Finance (AHF)'s 2023 Readers' Choice Awards Finalists in four separate categories. These outstanding developments were selected along with 30 others across 18 states out of 145 total entries for their dedication to creating and preserving stable, safe, affordable, and supportive housing for a variety of populations.

Our very own Emily Chen was thrilled to join our partners at Project Freedom, Inc. and the New Jersey Housing and Mortgage Finance Agency (NJHMFA) at the ribbon-cutting of Freedom Village at Hamilton Woods in Hamilton (Mercer County), New Jersey!

This incredible affordable housing and supportive housing development prioritizes inclusivity through accessibility for individuals with disabilities.

Congratulations to our partners at Pennrose, the I-195 Redevelopment Commission and the City of Providence, on the groundbreaking of Parcel 9 Phase 1 in the Fox Point neighborhood! This development marks Pennrose's first in Rhode Island and will help transform the area with a new mixed use, mixed income space for individuals and families.

Congratulations to our partners at BRIDGE Housing Corporation and HomeRise (formerly Community Housing Partnership) on winning the 2023 Urban Land Institute (ULI) Americas Awards for Excellence in the Small-Scale Development category for their development HomeRise at Mission Bay! This affordable housing project and the other winners "represent the highest standards of achievement in the land use profession and encompass a wide range of land uses, sizes, investments, and geographic locations."

Congratulations to our partners Lawrence CommunityWorks, Inc. on the ribbon cutting for the Armand Michael Hyatt Apartments in Lawrence, MA. Formerly known as the Island Parkside Phase 1, this development brings 40 units of affordable housing to the Mill District neighborhood.

Congratulations to our partners New Hope Housing on Avenue J being named Tax Credit/Affordable Property of the Year by the Houston Apartment Association! With 100 units of affordable housing for families and individuals, Avenue J is a much needed and welcome addition to Houston's Second Ward neighborhood. 

“We are proud to work with partners like BRIDGE Housing and Morgan Stanley who share our belief that preserving affordable housing is just as important as creating new homes, especially in markets like San Francisco where the cost of housing continues to rise,” said Matthew Reilein, president and CEO of National Equity Fund.

Congratulations to our partners at Genesis Companies, LLC, The Metro Company, LLC and East Orange Housing Authority (EOHA) on the grand opening of the Ted R. Green Senior Residences in East Orange, NJ! Named after East Orange Mayor Ted R. Green, this incredible new affordable housing development brings 60 high-quality homes to seniors in the area.

Congratulations to our partners at The Core Companies and The Veterans Collective on the groundbreaking at MacArthur Field on the West Lost Angeles VA North Campus! NEF is proud to have invested along with U.S. Bank in this exciting new affordable housing development. MacArthur Field (Phase A) will offer 74 homes to homeless or at-risk Veterans with special needs earning at or below 30 and 50 percent of the Area Median Income (AMI) plus one manager's unit.

Congratulations to our partners at Gaudenzia, Inc. on the opening of West Mill Place in Philadelphia! This affordable housing complex will not only meet the needs of the community for low-income families but also provide a safe haven for people in recovery from substance abuse. West Mill Place offers 30 units in the Mill Creek section of West Philadelphia where drug use has been historically rampant.

The 2023 Chicago Neighborhood Development Awards (CNDA) was a night to cherish and remember! We offer our congratulations to Landon Bone Baker Architects Ltd. on winning second place in the Richard H. Driehaus Foundation Award for Architectural Excellence in Community Design for the Lucy Gonzalez Parsons Apartments in Logan Square!

Congratulations to our partners at Full Circle Communities (FCC) on winning the 2023 Richard H. Driehaus Foundation Award for Non-Profit Real Estate Development Award at the Chicago Neighborhood Development Awards for 5150 Northwest Highway Apartments in Jefferson Park!

The 5150 Northwest Highway Apartments in Jefferson Park is a new construction affordable housing development by FCC.

Congratulations to our partners at The Neighborhood Developers, Inc (TND) and Causeway Development on the ribbon cutting for 1005 Broadway in Chelsea, MA! It's exciting to see this longtime brownfield site redeveloped as an affordable housing building with new green space and access to the Mill Creek.

1005 Broadway provides 38 affordable homes for families earning below 30% and 60% of the Area Median Income (AMI).

Congratulations to our partners Plymouth Housing and the construction team at W.G. Clark Construction on their Award of Merit from the 2023 Gold Nugget Awards. The award honors architectural design and planning excellence in developments across the country. This year, our partners were recognized for the incredible Bertha Pitts Campbell Place development in the Best Supportive/Transitional Housing category. The Award of Merit Winners are the top vote recipients in each category and are finalists for the Grand Award.

NEF is thrilled to see the positive impact of the holiday celebrations at Bridgeport Manor Senior Housing in Ohio! National Church Residences and the onsite resident service coordinator were able to use the $3,000 grant from NEF Housing Charities to hold multiple activities and celebrations for the residents.

Congratulations to our partners at HACE and the Pennsylvania Housing Finance Agency (PHFA) on the completion of Rafael Porrata-Doria Place in North Philly!

Not only does this affordable housing development bring 30 units reserved for households that are 55 years of age and older or living with intellectual disabilities, it also offers over 2,000 sq. ft. of commercial space to bring small businesses to El Centro de Oro Commercial Corridor.

“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.

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.

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.

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.

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.

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.

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!

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.

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.

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.

2022 was an exceptional year for NEF, despite having occurred during one of the most complex and challenging macro-economic cycles that many of us have ever seen.  Elevated inflation, interest rate jumps, extended construction delays, continued longstanding economic effects of COVID and more, put pressure on investors, sponsors and the affordable housing industry like never before.

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.

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...

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.

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.

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.

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.

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.

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."

Congratulations to our partners at Mercy Housing Northwest on the ceremonial groundbreaking at Millworks Family Housing in Bellingham, WA! While the project actually broke ground and began construction on Phase I late last year, representatives from the City and Port of Bellingham, Mercy Housing Northwest, Whatcom Community Foundation and other partners gathered at the port’s container village for the occasion.

Congratulations to our partners at Hispanos Unidos de Buffalo (HUB) and Acacia Network on the ribbon-cutting ceremony at La Plaza de Virginia in Buffalo, NY!

La Plaza de Virginia serves low-income seniors ages 55+ with 46 units of affordable housing for households at or below 60% of the area median income (AMI). There are 15 Empire State Supportive Housing Initiative (ESSHI) units reserved for formerly homeless seniors at or below 30% of the AMI. 

Congratulations to our partners at National Church Residences on a few weeks of exciting festivities! National Church Residences celebrated multiple grand reopening events:

1. Lennox House in Grand Prairie, TX,

2. Brandywine Apartments in Richardson, TX,

3. Christian City in Atlanta, GA, which includes Larry Moore Manor, John Sparks Manor and Gene Miller Manor, and

4. Big Bethel Village Apartments in Atlanta, GA, which NEF's own Stacy Woodford attended as our representative.

Congratulations to our partners at Arlington Partnership for Affordable Housing (APAH) on Terwiliger Place winning the 2023 CoStar Impact Award for Multifamily Development of the Year! This unique affordable housing development deserves this outstanding recognition for taking an aging facility with diminishing membership and redeveloping it as supportive housing for Veterans as well as a new, modern American Legion Post 139 facility.

Thank you to our friends at Freddie Mac for this incredible feature on St. Catherine De Vigri Villas in Tieton, Washington. Because of Freddie Mac's LIHTC equity investment and the passion and drive of our developer partners at Catholic Charities Housing Services, the Tieton community now has 53 units of affordable housing -- the first new, affordable housing development in 30 years -- dedicated to farmworkers and their families.

Congratulations to our friends at HELP USA on Preservation Alliance for Greater Philadelphia Grand Jury Award for the Lt. Colonel Hazel Johnson-Brown Veterans Center at HELP Philadelphia VI!

This incredible historic preservation development was adapted into 55 affordable housing and supportive housing units for low-income seniors, veterans experiencing homelessness, and people with disabilities.

Congratulations to our partners at Self-Help Enterprises (SHE) on the grand opening of Palm Terrace II in Lindsay, California! The second phase of this affordable housing development offers 54 new units and completes the Palm Terrace rental community, which now provides a grand total of 104 units. With a focus on low-income families, six of the units will be Permanent Supportive Housing (PSH) earning 30 percent of the Area Median Income (AMI).

Congratulations to our partners at Lincoln Avenue Capital (LAC) and The Housing Authority of the City of Alameda (AHA) on their commitment to preserving up to 132 units of affordable housing at Rica Vista Apartments for the next 55 years! The existing market-rate property will be converted into workforce housing (or moderate income rental housing) in one of the most expensive housing markets in the nation, the Bay Area...

We were encouraged to see the latest statement from the FDIC that the newly established Bridge Banks for the closures of Silicon Valley Bank and Signature Bank will be required to meet their contractual obligations, including fulfilling equity investments and construction loans...

National Equity Fund (NEF) is actively monitoring the Silicon Valley Bank (SVB) receivership and broader banking market closely, while we wait for additional guidance from the FDIC. Our experienced team is in active conversations with investors, developers, state agencies and other external stakeholders. And while we recognize that we don’t yet have all the answers, NEF remains in a strong position to help navigate the impact on the affordable housing industry both now and in the future.

Congratulations to our partners at Full Circle Communities (FCC) and Alternatives for Girls (AFG) on the successful groundbreaking at Dr. Maya Angelou Village in Detroit! The event was well-attended with Mayor Mike Duggan, city council representatives, and other important community members and stakeholders.

Located in Detroit's Miller Grove neighborhood on a decade-long vacant land, Dr. Maya Angelou Village will provide 45 units of affordable and permanent supportive housing for individuals and families at risk of homelessness. 

We were honored to celebrate with The Resurrection Project (TRP) at their ribbon cutting ceremony of Casa Durango in the Pilsen neighborhood of Chicago last week! The gathering included a multitude of community members, residents, partners, as well as state and local officials.
 
Casa Durango is a 53-unit multi-family rental housing development named after the Mexican State of Durango, where many residents of Pilsen came from.

Sending our sincerest congratulations to our partners at Trellis on their grand opening of Trellis @ Mission in Phoenix, their first LIHTC affordable housing rental development! After 15 years, this rental property will become available for ownership and low-income renters will have the opportunity to purchase their units. This program encourages community stabilization and allows residents to invest in their property and neighborhood.

Congratulations to our partners at Bear Development and Waukegan Housing Authority on the completion of The Bluffs at South Sheridan (formerly Barwell Manor) in Waukegan, IL! 

In case you missed it, the February 15, 2023 issue of The Wall Street Journal listed the Best and Brightest Companies in the Nation and National Equity Fund is one of the honorees! We are thrilled to be recognized by The Best and Brightest Programs as a 2022 National winner. NEF was also named one of Chicago’s 2022 Best and Brightest Companies to Work For®, which recognizes companies committed to excellence in human resources and employee enrichment.

Congratulations to our partner Barbara Gualco on her retirement from Mercy Housing California. For 35 years, Barbara worked to expand affordable housing as the Regional Director of Real Estate Development for the Bay Area. In partnership with NEF, Barbara worked to create more than 500 affordable and supportive homes that helped empower Bay Area seniors, people experiencing homelessness and other vulnerable communities.

Congratulations to our partners at Episcopal Community Services of San Francisco, Mercy Housing, and all of the organizations and individuals involved in the grand opening of 1064 Mission Street! 1064 Mission Street is San Francisco’s largest and most comprehensive permanent supportive housing (PSH) site. This community provides 256 units of affordable housing to formerly homeless adults and seniors. 

Despite continued economic and market headwinds, NEF invested over $1.2 billion in Low-Income Housing Tax Credit (LIHTC) investments and nearly $900 million to preserve existing affordable housing throughout 2022, resulting in nearly 15,500 affordable homes nationwide.

We are buzzing with anticipation for construction to begin on OST Lofts in Houston! As the city struggles with a shortage of affordable housing, the City Council has approved a loan to the Tejano Center for Community Concerns to build a 130-unit affordable housing development on purchased land. The city was already experiencing a shortage of affordable housing before the devastation of Hurricane Harvey depleted nearly 25 percent of its existing units...

Congratulations to our partners at Bear Real Estate Group on last month's closing of The Flats at 402 in Madison, Wisconsin. Because of our partners at Bear Real Estate, and an incredible $12 million in financing from NewPoint Real Estate Capital, some much needed affordable housing will soon be available for individuals and families in the area. Within four blocks of the Wisconsin State Capitol, this affordable housing community will provide 54 homes...

Congratulations to all involved in this month's ribbon cutting of Hayu Tilixam! We are so proud to partner with organizations like Native American Youth and Family Center (NAYA) and Community Development Partners (CDP), who lead the charge in developing this project in Portland's Cully neighborhood.

Hayu Tilixam, which means "Many Nations" in the Chinook language, offers 50 new affordable housing units and is the third project by CDP and NAYA to provide housing opportunities for the Native community in northeast Portland...

Congratulations to our partners at Housing Visions Unlimited, Inc on the official ribbon cutting for Northwoods, a new affordable and supportive living community in Plattsburgh, NY! The ceremony was attended by partners, investors and state and local officials. This development brings 80 homes (1, 2 and 3-bedrooms) for individuals and families earning 80 percent or less of the AMI. Half of the units will include mental health support services through the New York State Department of Mental Health...

Our team had a wonderful time at the grand opening of The Groves senior development in San Juan Capistrano, California! The Groves is a new, 75-unit affordable senior living community created by our incredible partners at C&C DEVELOPMENT CO., LLC. The project offers 1- and 2-bedroom homes and features amenities that will benefit active seniors, including walk-in closets, elevator services and ADA accessible and adaptable units...

Sending a big congratulations to our partners at Community Corporation of Santa Monica on the groundbreaking of Red Tail Crossing. This is the first entirely affordable housing and permanent supportive housing development in the Westchester area! Red Tail Crossing will serve households earning between 15 and 70 percent of the AMI. The development will also bring a total of 102 units to the area in a mix of 1, 2 and 3-bedrooms. 40 of the 1-bedroom units will be reserved for formerly homeless individuals and 52 will be reserved for families...

Sending a big congratulations to our partners at Xenolith Partners on winning the Community Impact Competition for their project The Rise. Located in Brownsville, Brooklyn, The Rise is a 72-unit mixed-use development that offers affordable and supportive housing for formerly incarcerated individuals and families. Xenolith collaborated with the Women's Prison Association and the Brownsville Partnership to bring this project to life, which just broke ground in November 2022...

Congratulations to our partners at Juliette Fowler Communities on the celebration of its 130th anniversary and the dedication of the newest building, The Peak at Fowler! Last month, members of the organization were joined by Dallas officials and community members to honor 130 years of collaborative care and service.

The Peak is a 144-unit development for independent-living seniors, addressing the "forgotten middle" senior. These are seniors who can neither afford higher-priced apartments nor qualify for lower-income housing...

We are extremely proud of our SVP and Chief Human Resources Officer, Jaclyn Jackson, who was recently featured on an episode of the How Women Inspire Podcast by How Women Lead!

Our sincerest congratulations to our president & CEO, Matthew Reilein, who has been recognized as one of Crain's 2022 Notable Nonprofit Board Leaders! Read about how Matt's leadership at Chicago Community Loan Fund (CCLF) helped alleviate racial disparities in the financial and affordable housing sectors and inspired the creation of CCLF's Communities of Color fund.

Congratulations to our partners at Holladay Ventures on the groundbreaking of Stone Bridge Lofts, a 311-unit, mixed-use development in Goodlettsville, Tennessee! This is NEF's first deal in Tennessee in some time and will cater to residents earning between 50 and 60 percent of the Area Median Income (AMI). Thank you to our partners at Holladay Ventures for your commitment to building attainable and affordable housing, and thank you to our investors at Amazon Housing Equity Fund and the German American Bank...

Congratulations to our partners at Stewardship Development, the Housing Authority of Lincoln County (HALC), Cornerstone Community Housing and Oregon Housing & Community Services (OHCS) on last week's groundbreaking of Wecoma Place, a new affordable housing community in Lincoln City, Oregon! The new development will bring 44 affordable homes to the area, all of which will be one and two-bedroom units available to residents between 30 - 60 percent of the Area Median Income...

"A Joyous Dedication" couldn't be more accurate for last week's grand opening of WSFSSH at West 108th Street. Located in the expensive Upper West Side of Manhattan, WSFSSH at W. 108 is an innovative co-location of 100 shelter beds for seniors experiencing homelessness and 199 permanent supportive housing units for low-income and formerly homeless seniors, many of whom are living with serious mental illness and/or substance-use disorders...

Another big win for New York City, this time, on Staten Island! In partnership with Iris Holdings Group, NEF is proud to support the refinancing of the Seaview Estates Complex, a 316-unit multifamily development in the St. George waterfront neighborhood. The complex is comprised of four buildings with affordable homes ranging from studio to three-bedrooms...

NEF is thrilled to announce that our very own Debbie Burkart is being inducted into the 2022 Affordable Housing Hall of Fame! A critical thinker, problem solver, motivator, and pioneer in every sense of the word, we are honored to have Debbie as a member of our team and as a 2022 inductee. We cannot wait to celebrate this momentous occasion at AHF Live: The Affordable Housing Developers Summit, Nov. 14-16, in Chicago.

A huge congratulations to our partners at Berkeley Food & Housing Project and BRIDGE Housing Corporation on the grand opening of The Hope Center and Berkeley Way Apartments, the largest affordable housing development in Berkeley, CA! This innovative development is located at 2012 Berkeley Way and composed of two entities combined into one building with the purpose of easing and ending the crisis of homelessness in Berkeley...

Congratulations to our partners at Mercy Housing (California) on breaking ground at the Veterans Villas at San Antonio in Norwalk, CA last week! Representatives from the City of Norwalk, California and Silicon Valley Bank were present for the celebration. NEF's very own Todd Fabian spoke at the event. The new development will have 60 units dedicated to housing veterans.

Sending a huge congratulations to our partners at New Hope Housing, Inc. on the grand opening of Avenue J, a new, 100-unit development in the heart of Houston's historic East End neighborhood. In a community undergoing rapid gentrification, Avenue J offers homes to residents earning between 30 and 60 percent of the Area Median Income. This is New Hope Housing's first development focusing specifically on low-income communities. Historically, the organization has focused on building permanent supportive housing complexes with supportive services for Houston's vulnerable populations.

NEF was thrilled to attend the grand opening of the Ruth Ellis Clairmount Center in Detroit! The opening of this wonderful permanent supportive housing development brought together residents, civic leaders, investors, developers and neighborhood supporters to participate in a ribbon-cutting, tour of the building and a block party to celebrate a new community cornerstone. With the creation of the Ruth Ellis Clairmount Center, LGBTQ+ youth have access to 43 units of permanent supportive housing, a community health & wellness center, career training and more...

Congratulations to our partners at RUPCO, Inc and investors at TD on the ribbon-cutting of Landmark Place, a new construction and historic preservation development in Kingston, NY! The development consists of the rehabilitated former Kingston Almshouse (Landmark West), which consists of 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. 35 of the apartments are reserved for formerly homeless seniors...

NEF is thrilled to celebrate the grand opening of PATH Metro Villas in Los Angeles! Because of our partners at People Assisting The Homeless (PATH), 187 affordable housing and supportive housing units (and 98 interim housing beds) are available for residents. PATH Metro Villas is an expansive urban campus for low-income households and formerly homeless veterans and individuals. Now, residents can have a safe, stable home in addition to...

“This building exemplifies how NYCHA is a driving force in the multi-agency effort to create and preserve affordable housing in New York City. We are excited to be here to celebrate the completion of the building's superstructure, and we look forward to welcoming over 100 households into their new homes soon,” said NYCHA Executive Vice President of Real Estate Jonathan Gouveia...

“Throughout my career in social services, I have been committed to using my talents to help improve the lives of families and individuals in the communities I have had the honor to serve."  Jaclyn Jackson, NEF SVP and Chief Human Resources Officer.

"For people who are blind or visually impaired, finding safe, affordable, accessible housing is more difficult than it ought to be in the United States. We are proud to be part of the solution."

Team NEF recently attended the groundbreaking of 340+ Dixwell, a new development in New Haven, CT that will be the first-ever LIHTC complex to be made with a mass timber structure and technology system, which utilizes wood from a renewable forest. This development will bring 69 total units to the area, with 55 being reserved for low-income families.

Today, The Community Preservation Corporation (CPC), National Equity Fund (NEF), and Cinnaire announced their joint partnership in CPC Mortgage Company, a national mortgage lending company specializing in multifamily Agency finance products. This first-of-its-kind cooperative leverages the resources and expertise of its three nonprofit owners to increase access to flexible Agency mortgage capital in communities where it is needed most, with the goal of expanding and preserving affordable and workforce housing. 

We are thrilled to see the expansion of our partners at Housing Trust Group, LLC! Last month, the Florida-based developer broke ground on Crescent Place, its first affordable housing community in Illinois in the Arlington Heights neighborhood.

With nearly 30 years of banking experience and a partnership history with NEF, Arroyo joins the trusted Board of Directors to help bring affordable and supportive housing to the nation.

“The clear entry into talking about ESG to potential LIHTC investors is that housing is foundational to all sorts of social opportunities for families and individuals.”

We were thrilled to be a part of last week’s grand opening of The Brigadier General Hazel Johnson Brown Veterans Center at Help Philadelphia VI....

Congratulations to our partners at Community Development Partners, NAYA Family Center and Confederated Tribes of Siletz Indians Human Resources on the grand opening of Mamook Tokatee! Last week, NEF joined...

NEF is thrilled to have been a part of the groundbreaking of Placita Dolores Huerta, a new 110-unit affordable housing development.

We are extremely honored to be named one of Chicago’s 2022 Best and Brightest Companies to Work For®, which recognizes organizations committed to excellence in...

NEF partner, West Side Federation for Senior and Supportive Housing, received an AIA New York State Excelsior Merit Award, which honors excellence in practice and advocacy of...

NEF partner, Gorman & Company is working to revitalize communities through innovative housing developments. On March 29, Gorman celebrated the groundbreaking for Crosswinds at Arista, a...

With respect to our past and an eye to the future, we present our new look. And I’m so pleased to share that as of yesterday, National Equity Fund has officially been in business for 35 YEARS! Happy Anniversary!!

NEF partner Bridge Meadows recently celebrated the grand opening of Bridge Meadows Redmond, a 36-unit new construction affordable housing community in…

In 2021, NEF had its strongest performance throughout its 35-year history, raising and deploying a record-breaking $2.2 billion in affordable housing investments, which included a record $1.23 billion in LIHTC...

MARTA ANNOUNCES FIRST TRANSACTION OF GREATER ATLANTA TRANSIT-ORIENTED AFFORDABLE HOUSING PRESERVATION FUND NEAR WEST END STATION Fund Supports Preserving and Extending Long-Term Housing Affordability ATLANTA...

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...

NEF partner Bridge Meadows recently celebrated the grand opening of Bridge Meadows Redmond, a 36-unit new construction affordable housing community in…

Download the press release. On October 14, developer Pacific Crest Affordable Housing (PCAH) celebrated a joint grand opening and groundbreaking for phases I and II...

Last week National Equity Fund partner, Full Circle Communities (FCC), celebrated the groundbreaking of their new affordable development Torrence Place, a new construction three-story, 48-unit...

Florence Mills Apartments (FMA) continues to receive recognition for its innovative and vibrant design. A finalist of Affordable Housing Finance’s Reader’s Choice Awards.

On September 30, NEF syndicated development Harrison Circle had its ribbon cutting ceremony. Located in Kalamazoo’s River’s Edge District, the property was co-developed by NoMi...

Congratulations to Fifth Ward Community Redevelopment Corporation (FWCRC) on last Friday’s (September 27th) groundbreaking of St. Elizabeth Place Apartments in the Fifth Ward district of...

NEF syndicated developments Hope Manor Village and Milwaukee Soldiers Home have been declared winners of Affordable Housing Finance’s (AHF) Reader’s Choice awards! Milwaukee Soldiers Home...

The Alexander Company’s Milwaukee Soldiers Home has been officially recognized as a 2021 recipient of the Charles L. Edson Tax Credit Excellence Award in the...

Last week, developer Concern for Independent Living, Inc. (Concern) celebrated the ribbon cutting for Liberty Station! The NEF syndicated development consists of six two-story residential...

Three NEF syndicated developments have been recognized by the Philadelphia Association of Community Development Corporations (PACDC) as part of their Blue Ribbon Awards. Community Venture’s...

On September 16th, developer The Resurrection Project (TRP) celebrated the groundbreaking of NEF-syndicated Casa Durango. The 53-unit new construction affordable housing development will be located...

National Church Residences’ affordable development True Light Haven has opened! The grand opening ceremony was attended by prominent city leaders including city of Atlanta Mayor...

NEF partner Housing Hope has broken ground on Twin Lakes Landing II! The development is a new 60-unit, four-building, garden-style affordable housing community in Marysville,...

National Equity Fund has been named as one of Chicago’s 2021 Best and Brightest Companies to Work For®. The Best and Brightest award identifies and...

On August 26th, Housing Opportunity Development Corporation (HODC) held a ribbon cutting event to celebrate the opening of Cleland Place in Wilmette, Illinois. The development...

National Equity Fund partnered with Silicon Valley Bank to commit $110,000,000 for affordable housing in Los Angeles and the Bay Area. Leveraging an innovative and deliberate use of Opportunity...

On August 23 various community leaders gathered to celebrate the groundbreaking of PATH Ventures’ Villas at Fourth Street. This permanent supportive housing development will provide homes...

NEF syndicated 5150 Northwest Highway is set to complete construction by the end of this summer or early autumn, despite local resistance and numerous delays,...

National Equity Fund partner New Hope Housing (NHH) has been recognized as a winner of the 2021 Urban Land Institute (ULI) Americas Awards for Excellence....