NEF invested a record $1.43 billion in (LIHTC) production including $70 million in dedicated funding for developers of color, creating or preserving an additional 11,100 affordable homes nationwide.
CHICAGO, Jan. 25, 2024 /PRNewswire/ — National Equity Fund (NEF) provided a strong year of financing to support the creation and preservation of affordable homes across the country, prevailing against major economic and financial disruptions that impacted the industry throughout 2023. For the full year, the nonprofit raised and deployed nearly $2 billion in affordable housing investments, including a record-level of financing for LIHTC-specific equity at more than $1.43 billion and nearly $425 million in preservation lending and workforce housing investments.
In line with its mission to find innovative ways to fund affordable housing, NEF deployed $70 million through its Emerging Minority Developer Fund (EMDF), which helps facilitate LIHTC access for affordable housing developers of color. The 2023 investment through EMDF will create 323 total units of affordable housing in eight developments across eight different states.
Notably, NEF also expanded its presence in the west with the acquisition of Mountain Plains Equity Group (MPEG) and celebrated the closing of its inaugural Northeast Fund, a $122.5 million fund representing new equity, business growth and a continued investment in LIHTC. In line with the organization’s strategic priorities, NEF continues to focus on its core business of LIHTC while seeking continued market expansion, which will drive the development of more affordable homes.
“I’m proud of these results in such a challenging year because it means more residents now have a safe, stable and affordable place to call home,” said Matthew Reilein, president and CEO of National Equity Fund. “Our success comes from the strength of our relationships with our investors and developers and in finding new solutions to address the deepening housing crisis across the country. Working together, we remain relentless in service of our vision that all individuals and families across the country have access to homes that provide a foundation for them to reach their full potential.”
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.
SOURCE National Equity Fund
Originally published at https://www.prnewswire.com/news-releases/national-equity-fund-nef-announces-nearly-2-billion-in-affordable-housing-investments-for-2023-with-record-low-income-housing-tax-credits-lihtc-production-302045032.html
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