CHICAGO, Jan. 20, 2022 /PRNewswire-HISPANIC PR WIRE/ — In 2021, National Equity Fund (NEF) had its strongest performance throughout its 35-year history. The nonprofit raised and deployed a record-breaking $2.2 billion in affordable housing investments, which included a record $1.23 billion in LIHTC investments and a record $930 million in affordable housing preservation lending. In total, these investments created and preserved 13,550 affordable homes in 2021. Other notable activity for the year included $110 million in committed Opportunity Zone investments, twinning with LIHTC benefits, to create new affordable housing where each state determines it’s needed most, and record workforce housing investments of nearly $40 million to support the nation’s “missing middle”. NEF has also now raised over $112 million for its Emerging Minority Developer Fund to stand up to racial injustice and empower the next generation of Black, Indigenous, People of Color (BIPOC) LIHTC developers to build their financial capacity and overcome high barriers to entry in accessing LIHTC investment to build affordable housing.
“As COVID continues to wreak havoc across the country affecting all communities – but disproportionately impacting lower-income communities – the need for quality affordable housing has never been greater,” said Matt Reilein, president and CEO of National Equity Fund. “We’re proud to have had such a strong year in support of our mission to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing. Beyond the numbers, our continued growth means there are more individuals and families across the country with a safe, stable and affordable place to call home.”
National Equity Fund was founded by its affiliate Local Initiatives Support Corporation (LISC), on January 9, 1987. This was just a few months after the IRS first introduced the concept of LIHTC as part of the Tax Reform Act to encourage private investment in affordable housing on October 22, 1986.
“NEF has come a long way since we closed our first deal in Kansas City, Missouri on September 30, 1987,” said Mark Siranovic, SVP of investor relations who has been with NEF for 28 years. “That deal had 43 LIHTC units and less than $1 million in equity. Today we are approaching our 3000th deal and have invested over $20.2 billion in more than 215,500 residences across 48 states plus Puerto Rico, Washington D.C. and the U.S. Virgin Islands. And we now have relationships with close to 1,150 developers and 250 investors, and 195 funds under management.”
About National Equity Fund, Inc. (NEF)
National Equity Fund, Inc., is a leading nonprofit Low-Income Housing Tax Credit (LIHTC) syndicator and pioneer in affordable housing with a mission to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing. Through its diverse multi- and single-investor funds, NEF generates opportunities rooted in its vision 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. Since being founded by the Local Initiatives Support Corporation (LISC) in 1987, NEF has invested more than $20.2 billion, which represents 215,500 new affordable homes for individuals, families and communities in need across the country. NEF is Chicago-based and has donated more than $210 million in grants to support LISC’s nationwide community development work. To learn more about NEF’s impact, innovative financial solutions and opportunities, visit www.nefinc.org.
SOURCE National Equity Fund