National Equity Fund Closes Inaugural Northeast Fund

The $122.5 million fund represents new equity, market expansion and a continued investment in LIHTC.

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.

For more than three decades, NEF has worked to diversify its portfolio, collaborating with 250 investor partners to raise more than $24.5 billion towards affordable housing. As a leader in the space, NEF has investments in almost all 50 states and has completed more than 3,000 developments.

"Delivering innovative, collaborative financial solutions to expand the creation and preservation of affordable housing is our mission, and we are steadfast in our belief that we can only achieve that mission through connecting with dedicated and passionate partners," said Matt Reilein, president and CEO of National Equity Fund. "Our inaugural Northeast Fund allowed us to deepen relationships in the region and ensure continued market expansion through an investment in our core LIHTC business, which will ultimately drive the development of more safe, stable and affordable homes."

The Northeast Fund brought in nine regionally focused investor partners to collaborate and contribute. Of the nine partners, three were first-time LIHTC investors, a testament to NEF's commitment and alignment to its strategic priority to grow its core LIHTC business through innovative partnerships.

"As the need for affordable housing grows, our team knows that we have to be strategic in our approach to deliver innovative financial solutions to help solve our nation's housing crisis," said Liz Hibbard, managing director of innovation and strategic growth at NEF. "Bringing in new investors and creating new equity here in the Northeast demonstrates that we are critically thinking about affordable housing from not only an overarching national perspective, but also from a tailored regional perspective as each region has differing issues that can cause rent instability."

The success of NEF's inaugural Northeast fund provides the organization with more opportunities to expand regional equity and enhance regional funds in the future.

About National Equity Fund, Inc. (NEF)

National Equity Fund, Inc. (NEF) is a leading non-profit, multi-family, affordable, real estate investment manager with a mission to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing. Through its Low-Income Housing Tax Credit (LIHTC) syndication platform and its lending and investing platforms, NEF generates opportunities rooted in its vision that all individuals and families across the country have access to stable, safe, and affordable homes. Since being founded in 1987, NEF has invested over $24.5 billion, representing 242,500 new or preserved affordable homes for individuals, families, and communities in need across the country. NEF is Chicago-based and has donated more than $240 million in grants to support its affiliate LISC's nationwide community development work. To learn more about NEF's impact, innovative financial solutions, and opportunities, visit www.nefinc.org.

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SOURCE National Equity Fund