For the first time in its 38-year history, NEF achieved a record $1.8 billion in Low-Income Housing Tax Credit (LIHTC) production, contributing to an overall record of $2.7 billion in investments, creating or preserving more than 16,000 affordable homes nationwide.
CHICAGO, Jan. 14, 2025 /PRNewswire/ — National Equity Fund (NEF), a leading non-profit multi-family, affordable, real estate investment manager, had the strongest performance in its history last year, providing record level financing to support affordable homes across the country. Despite economic headwinds and uncertainty that impacted much of 2024, NEF raised and deployed $2.7 billion in affordable housing investments, including $1.8 billion in LIHTC-specific equity.
NEF’s impressive performance also included nearly $900 million in structured finance – more than doubling 2023’s results – for preservation lending and workforce housing investments, the latter of which aims to provide housing for the country’s “missing middle” or moderate-income earners.
“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. “While there is still stress in the system across our industry, we continue to provide stability for our investor and developer partners by expanding our financial solutions and delivering new ways to bridge capital gaps in addition to our core offerings.”
In response to the ever-growing equity size of deals in urban markets, in 2024, the non-profit developed and closed on a “club fund” strategy aimed at placing single large deals in a fund with multiple investors, in addition to its traditional proprietary and multi-fund offerings. Notably, NEF’s 10th Homestead Equity Fund closed this summer at over $1 billion in total equity since inception in 2009. NEF has also found success by leaning into State LIHTC credits, which now make up a larger piece of project capital stacks than ever before.
Furthermore, collaborative partnerships, including launching the NeighborWorks Capital Equity Fund, a first of its kind opportunity that provides 250 community-based non-profits with standardized, equitable LIHTC terms are helping to diversify the organization’s investor and developer bases.
In addition to a record production year, the organization celebrated its fourth consecutive year being honored as a Best and Brightest Company to Work For® in Chicago and in the Nation. This distinction recognizes companies that are committed to excellence in talent development, retention and employee enrichment and further supports NEF’s priority to invest in its workforce.
Another year of exceptional results has provided the company with strong momentum entering 2025. Reilein and his team continue to advocate for progress with the Affordable Housing Credit Improvement Act (AHCIA), among other important policy initiatives, which include provisions that could lead to a material increase in tax credit availability if passed.
“National Equity Fund is continuously evolving to address the ever-growing needs of the housing crisis, and we are ready for whatever 2025 brings,” said Reilein. “We are unwavering in our commitment to creating meaningful impact for those who need it most and we will continue fighting for our vision that increased access to affordable housing empowers every individual and family to reach their full potential.”
About National Equity Fund, Inc. (NEF)
NEF is a proven non-profit real estate investment manager for multi-family affordable housing 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 increased access to affordable housing empowers every individual and family to reach their full potential.
Beyond LIHTC, NEF offers additional financial solutions to help close the affordable housing gap in multiple ways that are mission-aligned. Deep expertise in pre-development, preservation, and workforce lending further assists partners to expand their efforts to provide low-income and middle-income affordable housing. NEF promises responsive capital solutions, leveraging its comprehensive infrastructure and extensive experience to create meaningful social impact and positive financial returns.
Since being founded in 1987, NEF has invested over $27.2 billion, representing nearly 260,000 new or preserved affordable homes for individuals, families, and communities in need across the country. NEF is Chicago-based and has donated more than $260 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.
SOURCE National Equity Fund
