National Equity Fund


Timely and accurate financial reporting is critical to tax-credit financed housing. It helps ensure that Partnerships are in compliance with requirements of its lenders, investors and taxing authorities (federal and state). It also helps guarantee that investors receive the credits that have been purchased. By working together, we can meet the mutual reporting requirements to the benefit of all parties involved.


View deadlines here

October 31 Fiscal Year End
December 31 Fiscal Year End
2022 Audit & Tax Return Priority List
Schedule K-2 and K-3

The lower-tier partnerships are all pass-through entities to NEF’s investors, many of which have international tax provision reporting requirements. As such, NEF needs each lower-tier partnership to include Schedules K-2 and K-3 with all relevant information for the lower-tier partnership in its tax return for the year-ended 12/31/21.

NEF anticipates that Parts I – IV and Parts IX – X will be completed for all lower-tier partnerships. For any lower-tier partnership that itself has foreign business activity, we would also expect that Parts V – VIII would be completed.

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Section 163(j) Election

Please see NEF’s Section 163(j) Election Schedule for partnerships that closed between 2020-2022. There is no change to the previous election status for any partnership that closed before 2020, unless it has not yet placed in service. For any partnership that closed before 2020 and has not yet placed in service, please follow the original underwriting terms for the Section 163(j) election.

Please see additional notes regarding the section 163(j) election on the TAX RETURN NOTES page.

NEF Review and Approval Process
  • When you upload a draft audit or draft tax return to the CPA Portal that does NOT require NEF review or approval, you will receive an auto-email that states the following message below. Typically only a partnership that closed in 2017-2019 will need NEF’s review and approval to finalize. This email serves as NEF’s formal approval of the submitted draft {document} for {limited partnership name}. Please proceed in uploading the Final Tax Return/Audit to the CPA Portal by the NEF deadline.Should you have any questions, please reply directly to this email. Thank you for your continued cooperation in our partnership.
  • This auto-email will come from and is considered to be NEF’s formal approval. You will not receive any other approval for these partnerships. Please check your junk folders or with your IT department to determine if these emails are being prevented.
  • When a draft audit or draft tax return DOESrequire NEF review and approval, you will receive an email communication also from with the reviewer’s comments or questions. Reviews on the drafts are typically completed within 5 business days.
  • Please continue to use the CPA Portal as the primary source for submitting the required reporting to NEF. If you are unable to submit via the CPA Portal, please email to directly; do not send the files to the individual Asset Managers.
CPA Portal and Report/Document Submission

Please utilize National Equity Fund’s (NEF’s) CPA Portal to quickly and securely upload all the reporting documents to be submitted to NEF. The site can also be used to view all required documents for each Partnership and the status of each document as received or still outstanding.

Use of the CPA Portal is the preferred method of submitting all year-end related documents. All documents are date and time stamped and immediately available to NEF staff.

If you are a new/unregistered user, you will need an electronic invitation from NEF to register for the CPA Portal. Please contact Tracey LeGrand, VP Financial Analysis at to request an invitation.

If you are unable to utilize the CPA Portal, you may submit a PDF document to Please note that during peak times, it may take up to two business days to post an email submission. In the meantime, the Partnership and/or CPA may receive follow-up calls/texts regarding the status of the outstanding documents.

Note: All lists posted on the NEF Partner Portal for Accountants are subject to change based on new information received after the original posting date. All files will indicate date published. Please check the website regularly for updates.