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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April 16, 2024

BREAKING NEWS: NeighborWorks Capital and National Equity Fund Announce LIHTC Equity Fund to Empower Partner Organizations

NeighborWorks Capital, a national non-profit Community Development Financial Institution (CDFI), has partnered with National Equity Fund (NEF), a leading non-profit multi-family, affordable, real estate investment manager, to launch the NeighborWorks Capital Equity Fund.

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April 12, 2024

NEF Publishes 2023 Annual Report

"2023 proved to be one of the strongest in NEF’s history across most measures both quantitively and qualitatively. The strength and talent of our NEF team, coupled with our deep relationships with sponsors and investors have carried us through. We’ve demonstrated time and again that we are here for our clients in good times and in bad, and we’ve shown the creativity, grit and confidence necessary to honor our unwavering commitment to creating and preserving affordable housing across the country," Matt Reilein, President and CEO of NEF says in his letter within the annual report. 

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Residences On Main
April 09, 2024

Fostering Connections for Transition-Age Youth (TAY)

"On a single night in 2023, more than 34,700 people younger than 25 experienced homelessness on their own in the United States. That’s a 15% jump, or 4,613 more youths, than the year before, according to the latest data from the Department of Housing and Urban Development (HUD)."

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April 05, 2024

Matt Reilein Quoted in Two AHF Articles in March/April Issue

NEF's CEO, Matt Reilein, was quoted in two articles published in the March/April issue of Affordable Housing Finance. Sharing NEF's outlook as a syndicator and a leader in the industry is a priority and a great win for the organization as a whole!

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March 19, 2024

The Barrister Brings First New Affordable Housing to Cincinnati's Central Business District in Over 20 Years

Thanks to the partnership between Over-the-Rhine Community Housing (OTRCH), Urban Sites, and Fifth Third Bank on The Barrister, Cincinnati's Central Business District has new affordable housing for the first time in over twenty years!

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March 07, 2024

Imagine Village II Opens Doors to Low-Income Households & Transition-Aged Youth in LA

Congratulations to our partners at Abbey Road, Penny Lane Centers, and Los Angeles County Development Authority (LACDA) on the grand opening of Imagine Village II in LA! NEF's very own Debbie Burkart attended and spoke at the celebration in addition to community leaders and stakeholders.

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NHH Ennis
February 29, 2024

New Hope Housing Ennis Breaks Ground to Provide 102 Affordable Units for Seniors in Houston

Harris County, Texas, which includes Houston, has answered the overwhelming need for senior housing by allocating federal COVID-19 relief funds towards five affordable housing developments, including New Hope Housing (NHH) Ennis, which broke ground in early February.

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February 28, 2024

Tapestry Apartments Celebrates Ribbon Cutting on the South Side of Billings, MT

Congratulations to our partners at CLDI, Inc on the completion of the Tapestry Apartments in Billings, MT! The development will offer 27 affordable housing units on the city's South Side. 

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February 26, 2024

Ability Housing Breaks Ground on 92 Affordable Apartments in St. Augustine, FL

Last month, our partners at Ability Housing broke ground on the Villages of New Augustine in St. Augustine, Florida! This development will bring 92 new units of affordable housing to the West Augustine neighborhood, all affordable to households earning up to 60 percent of the AMI.

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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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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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