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 / Moderate Income Rental 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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Matt Titan 100 Article Web
February 21, 2024

NEF CEO Matt Reilein Featured as 2024 Chicago Titan 100 Honoree

NEF's very own president and CEO, Matt Reilein, has been featured as a 2024 Chicago Titan 100 honoree at the annual awards ceremony. Congratulations to all the leaders recognized by the Titan 100 program!

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B&B 2023 (1)
February 13, 2024

Wall Street Journal Lists NEF as a 2023 National Best & Brightest Companies to Work For® in the Nation Winner for Third Year in a Row

The February 12th issue of The Wall Street Journal listed the Best and Brightest Companies to Work For® in the Nation and National Equity Fund is one of the honorees! We are thrilled to be recognized by The Best and Brightest Programs as a 2023 National winner for the third year in a row.

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February 09, 2024

Low Income Housing Institute (LIHI) Breaks Ground on 148-Unit Affordable Housing & Early Learning Center

A couple of weeks ago, our partners at the Low Income Housing Institute (LIHI) celebrated the groundbreaking of the MLK Family Housing development in Seattle! This 6-story, mixed-used and early learning center will provide 148 units of affordable housing for individuals and families, specifically focusing on those at risk of displacement and earning up to 50-60 percent of the Area Median Income (AMI)

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February 08, 2024

TCA Article: The Mission Is Most Important: A Spotlight on National Equity Fund’s Mission-Driven Innovations

“The affordable housing crisis is not going to be solved by LIHTC alone. If we’re going to try to be a leader and identify ways for capital markets to be part of the solution, we’ve got to broaden what it is we’re doing,” notes Matt Reilein, president and CEO of National Equity Fund.

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February 06, 2024

ACTION-Housing Celebrates Grand Opening of 43-Unit Flats on Forward in Pittsburgh

Congratulations to our partners at ACTION Housing on the grand opening of Flats on Forward in Pittsburgh! This 43-unit affordable housing development is the largest project ever constructed by ACTION Housing.

Located in the Squirrel Hill neighborhood of Pittsburgh, Flats on Forward is the sixth project NEF has had the honor of completing with the developer since 2013.

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Path 4Th Street
January 31, 2024

PATH Villas at 4th Street Brings Affordable, Permanent Supportive Housing to Unhoused Seniors in San Jose

“It’s important to recognize that these are already our neighbors. They’re living unhoused, but they’re in our communities. If we can build a beautiful apartment complex with wraparound supportive services, then they become our housed neighbor.” – PATH CEO Jennifer Hark Dietz

We are thrilled for our partners at PATH on the grand opening of the PATH Villas at 4th Street in San Jose. This development brings 94 units of affordable housing and permanent supportive housing to seniors experiencing homelessness.

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2023 Results PR (1)
January 25, 2024

National Equity Fund Announces Nearly $2 Billion in Affordable Housing Investments for 2023 with record Low-Income Housing Tax Credits (LIHTC) production

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...

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January 18, 2024

National Equity Fund Closes Inaugural Northeast Fund

CHICAGO, Jan. 18, 2024 /PRNewswire/ -- National Equity Fund (NEF), a leading nonprofit multi-family, affordable, real estate investment manager announced the closing of its inaugural Northeast Fund. Through the fund, which closed at the end of 2023, NEF raised $122.5 million, which will finance eight Low-Income Housing Tax Credit (LIHTC) developments throughout the Northeast. Once completed, the eight developments will bring 571 high quality, affordable homes to four states: Connecticut, Massachusetts, New Jersey, and Rhode Island.

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Lincoln District
January 17, 2024

Asia Pacific Cultural Center & Low Income Housing Institute Break Ground on 77 Units for Seniors in Tacoma, WA

Congratulations to our partners at Asia Pacific Cultural Center (APCC) and Low Income Housing Institute (LIHI) on the groundbreaking of Patsy Surh Place in Tacoma, WA! The development is named after Patsy Surh O’Connell, a community leader who has been a longtime proponent of Asian and Pacific Islander (AAPI) heritage, culture, and arts throughout the region.

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January 16, 2024

Crain's Chicago Business Features Matt Reilein's Op-Ed Piece in Equity Series

"There is no question that we are in the eye of the perfect storm and that it will take a sustained commitment from legislators, investors, developers, and communities to right the ship. But there is a path forward: the Low-Income Housing Tax Credit (LIHTC)," Matth Reilein, President and CEO at NEF writes in Crain's Chicago Business Equity series.

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January 10, 2024

Urban Green Celebrates Breaking Ground on Cycle House, its First LIHTC Development in DC

As 2023 wrapped up, the Cycle House groundbreaking in the Truxton Circle neighborhood of Washington D.C. marked a new beginning and hope for low- and middle-income residents in need of affordable housing. This development is a remarkable triumph for the industry in several ways.

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