National Equity Fund (NEF) is actively monitoring the Silicon Valley Bank (SVB) receivership and broader banking market closely while we wait for additional guidance from the FDIC. Our experienced team is in active conversations with investors, developers, state agencies and other external stakeholders. And while we recognize that we don’t yet have all the answers, NEF remains in a strong position to help navigate the impact on the affordable housing industry both now and in the future.
NEF has a 35-year history of leadership and financial stability in the affordable housing industry. We have financed affordable housing developments in 48 states, Washington D.C., Puerto Rico and the U.S. Virgin Islands, and have relationships with over 1,150 developers, 250 investors, and 195 funds under management. This helps diversify risk and maximize the opportunity to advance our mission of creating and delivering innovative, collaborative, financial solutions to expand the creation and preservation of affordable housing.
We recognize and appreciate that SVB was a dedicated supporter of affordable housing in California, Massachusetts and beyond. They were an active LIHTC investor and lender, with a demonstrated history of partnering with non-profit sponsors to create broad impact in the communities they served. In the short term, we hope the FDIC recognizes the importance of honoring both SVB’s debt and equity commitments in a timely fashion, as the affordable properties under construction need to remain on track to provide individuals and families a much-needed place to call home. Longer term, we look forward to working with the industry to fill the gaps left by SVB’s departure and will continue to serve as an unwavering advocate, loan syndicator and asset/fund manager committed to creating and preserving safe, stable and affordable housing across the country.
Matt Reilein, president and CEO, National Equity Fund
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