National Equity Fund

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Mission & Vision

National Equity Fund's mission is to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing. We strive to be diverse, equitable and an inclusive place to work so that our team has the experience and knowledge to effectively support our partners and communities.

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 to reach their full potential.



  • One of the largest Non-profit Tax Syndicators committed to expanding, diversifying and preserving affordable housing for the long term
  • Mission-driven experts in Low-Income Housing Tax Credits since 1987
  • Pioneers in Supportive Housing with three decades of demonstrated impact
  • Innovators in finding new ways to deepen and broaden the creation and preservation of affordable housing with expertise in preservation lending, workforce housing and pre-development lending
  • Industry leaders in combining Opportunity Zone credits with LIHTC
  • Cultivators of long-term partner relationships and award-winning projects in urban, suburban and rural areas

Innovative & Collaborative Solutions

Low-Income Housing Tax Credits (LIHTC)

Enacted in 1986, the federal low-income housing tax credit (LIHTC) was created to advance the production and preservation of affordable housing. Each state allocates LIHTC to qualified affordable housing developers who then sell them to an investor, or to a tax-credit syndication fund made up of equity from one or from many investors. In return, the investors receive a credit against their federal income tax based on the size of their investments.

Predevelopment Loans

NEF’s pre-development lending team provides critical early financing to assist our partners in developing affordable housing. Targeted pre-development funds cover a variety of development expenses, from professional fees to acquisition, including the costs of tasks that need to be completed before construction closing.

Workforce Housing

NEF offers specialized financing solutions targeted to working individuals and families in the "missing middle" who are not income-eligible for LIHTC properties but struggle to find affordable housing options in neighborhoods close to job opportunities.  

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Preservation Lending

NEF's experienced Preservation Lending team provides financing to multi-family property owners to help low-income families and individuals stay in their homes, and not be displaced as rents increase.

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Supportive Housing

NEF has been a pioneer in permanent supportive housing since the very first days of LIHTC. Our supportive housing leaders are advocates for the most vulnerable individuals and families, experts in the planning and operation that goes into these developments and knowledgeable about government programs and policies that can help families and individuals to thrive.

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Emerging Minority Developers Fund

NEF's Emerging Minority Developer Fund (EMDF) was designed to create access to equity capital resources to facilitate accelerated development capacity and wealth creation for Black, Indigenous and People of Color (BIPOC) developers who have not had proportionate and consistent access to LIHTC. With our investor partners, we have committed capital for the Fund well exceeding our original $100 million target.

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November 21, 2022

Matt Reilein Recognized as a Crain's 2022 Notable Nonprofit Board Leader

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.

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November 17, 2022

Stone Bridge Lofts Breaks Ground in Goodlettsville

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...

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November 15, 2022

NEF and Esusu Offer Financial Wellbeing to Thousands of Residents in Affordable Housing Communities

NEF is thrilled to announce that we have made an investment in Esusu, a leading financial technology company that leverages rent reporting for credit building. This collaboration is a milestone for NEF as our first strategic technology investment in the community development and affordable housing space...

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Wecoma Place
November 09, 2022

Wecoma Place Breaks Ground in Lincoln City, OR

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...

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November 04, 2022

WSFSSH at West 108 Celebrates Joyous Dedication & Grand Opening

"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.

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October 27, 2022

Largest Affordable Housing Development Opens in Berkeley, CA

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. After years of community development efforts, a parking lot has been replaced with a haven against homelessness. The Hope Center will provide 32 shelter beds and 43 units of permanent supportive housing for homeless and disabled individuals...

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October 14, 2022

Avenue J Grand Opening Brings Hope to Houston's East End

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.

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October 27, 2022

Debbie Burkart Inducted into Affordable Housing Hall of Fame

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.

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October 25, 2022

Veterans Villas in Norwalk Breaks Ground

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.

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October 07, 2022

Ruth Ellis Clairmount Center Celebrates Grand Opening

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...

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October 05, 2022

Landmark Place Ribbon-Cutting Celebrates New & Historical

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...

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September 30, 2022

PATH Metro Villas Celebrates Grand Opening

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...

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September 29, 2022

Terwilliger Place Celebrates Grand Opening

Congratulations to our partners at Arlington Partnership for Affordable Housing (APAH) on the grand opening of Terwilliger Place! Located in Arlington, Virginia, Terwilliger Place brings160 units of affordable housing to the community, 50 percent of which will have veterans preference. Within the D.C. metro area, there are more 236,000 veterans with 20-34 percent being burdened by the housing crisis...

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September 27, 2022

Betances VI Brings Supportive Housing to the Bronx

“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...

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September 06, 2022

Jaclyn Jackson is Leading Great Things in Chicago

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.

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August 25, 2022

Foglia Residences at The Chicago Lighthouse Breaks Ground

"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."

This quote from Dr. Janet P. Szlyk, President and CEO of The Chicago Lighthouse summarizes the incredible impact that the Foglia Residences at The Chicago Lighthouse will have on the community and beyond. NEF provided tax credits to our partners at Brinshore Development, LLC for this development, which will be the first LIHTC building in the nation for the blind and visually impaired community.

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August 16, 2022

AHF Names Announces Readers' Choice Finalists

We are thrilled to announce that four NEF-syndicated projects have been named finalists in four different categories for the 2022 Affordable Housing Finance Readers' Choice Awards! 

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August 10, 2022

NEF Celebrates 340+ Dixwell Groundbreaking

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.

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August 08, 2022

National Equity Fund And Cinnaire Become Equity Partners In CPC Mortgage Company To Form Industry’s Only Impact-Driven Multifamily Mortgage Lender

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. 

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August 03, 2022

Crescent Place Brings 40 Affordable Homes to Illinois Suburb

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.

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July 22, 2022

NEF Welcomes Vicky Arroyo to its Board of Directors

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.

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ESG Investing
July 20, 2022

The Future of ESG Investing

“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.”

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May 18, 2022

The Brigadier General Hazel Johnson Brown Veterans Center Opens In Philadelphia

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....

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May 13, 2022

Mamook Tokatee Celebrates Grand Opening

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...

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May 05, 2022

Nef Named Best And Brightest Companies To Work For® Chicago

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...

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