National Equity Fund

Building Homes, Communities, and Futures

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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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September 25, 2023

Victory Vistas Celebrates Groundbreaking on 50 Units for Seniors in Cincinnati

Congratulations to our partners at KINGSLEY + CO. and Serving Older Adults Through Changing Times (SO-ACT) on the groundbreaking of Victory Vistas! Soon, 50 units of affordable housing for seniors will be available in the Paddock Hills Community of Cincinnati.

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September 22, 2023

Daryl Shore to Speak on Neighborhood Housing Panel at Diverse Developers Conference in Chicago

NEF's Daryl Shore, Head of Structured Finance, will speak on the Neighborhood Housing panel (Session 6B) at the inaugural Diverse Developers Conference on Thursday, October 12 in Chicago! The session will discuss ways to preserve naturally occurring affordable housing (NOAH). 

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Rendering Of Fischer Senior Apartments At 97 West 169Th Street 777X496
September 20, 2023

Fischer Senior Apartments will Bring Over 100 Homes for Seniors in The Bronx

NEF is thrilled to celebrate the groundbreaking of the Fischer Senior Apartments, the latest affordable housing development from our partners at WSFSSH, Inc.

Located in the Highbridge neighborhood of The Bronx, The Fischer Apartments will bring 105 homes for seniors 55+, including 54 units for formerly homeless seniors

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Raymond E Shepherd
September 12, 2023

Raymond E. Shepherd Housing Will Offer Supportive Housing for LGBTQ+ Residents & Seniors in Ferndale, MI

Congratulations to our partners at Full Circle Communities, Inc on the groundbreaking of Raymond E. Shepherd Housing in Ferndale, MI! This development is a direct response to the needs of the community, specifically its notable LGBTQ+ and elderly populations in need of affordable housing.

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Depot At Hyde Park Exterior Building
September 11, 2023

Depot at Hyde Park Brings 43 Homes to Low-Income Families & Individuals in LA

Congratulations to our partners at Women Organizing Resources Knowledge and Services (W.O.R.K.S) and GTM Holdings, LLC on the ribbon cutting of the Depot at Hyde Park in southeast LA! The event was well-attended by city officials, including Mayor Bass and Councilman Harris-Dawson, and community members.

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Rendering Of The Rise At 1366 East New York Avenue In Brownsville Brooklyn 777X535
September 08, 2023

The Rise Recognized as a NYSERDA Buildings of Excellence & Blue Ribbon for Design Excellence Award Winner

Congratulations to our partners Magnusson Architecture and Planning, Xenolith Partners, Women's Prison Association and Home (WPA), and Brownsville Partnership on The Rise being recognized as a NYSERDA Buildings of Excellence and Blue Ribbon for Design Excellence award winner!

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Pine View Apartments - WJAR credit
August 31, 2023

Women's Development Corporation and RIHousing Celebrate Ribbon Cutting of Pine View Apartments in Exeter, RI

The NEF team is proud to support our partners at the Women's Development Corporation and RIHousing on the ribbon cutting for the Pine View Apartments in Exeter, Rhode Island.

Pine View Apartment offers 40 units of affordable housing to a semi-rural community about 25 miles outside of Providence.

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New Amsterdam (External)
August 28, 2023

New Amsterdam Apartments Preserves More Than 100 Affordable Housing Units for Seniors in New York

Congratulations to our partners at Amsterdam Housing Authority and 3d Development Group LLC on the ribbon cutting ceremony of the New Amsterdam Apartments in Amsterdam, NY. It was an honor to have Governor Kathy Hochul and Mayor Mike Cinquanti speak at this event along with NEF's very own Emily Chen, other stakeholders, and community members. The substantially renovated New Amsterdam Apartments offers 116 units of affordable housing for seniors aged 55+ earning at or below 80% of the area median income (AMI).

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Encuentro Groundbreaking
August 25, 2023

Evergreen Real Estate Group Breaks Ground on Encuentro Square in Chicago

The NEF team is proud to support our partners at Evergreen Real Estate Group who recently held the groundbreaking of Encuentro Square. Soon, 89 new affordable housing units will be available for those who need it most in a development that unites the Logan Square, Humboldt Park and Hermosa neighborhoods of Chicago.

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August 22, 2023

5150 Northwest Highway Awarded Outstanding Affordable Project in LEED Homes Awards

Congratulations to our partners at Full Circle Communities, Inc (FCC) on 5150 Northwest Highway being awarded Outstanding Affordable Project in the 15th Annual LEED Homes Awards by the U.S. Green Building Council (USGBC).

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EMDF Closing Alert New Life Housing (1)
August 21, 2023

Emerging Minority Developer Fund (EMDF) Closes on Fourth & Fifth Deals: Victory Vistas & New Life Housing

In partnership with our Emerging Minority Developer Fund (EMDF) investors, we are pleased to announce the closings on the fourth and fifth deals of the fund:

  • Victory Vistas, a 50-unit affordable housing development for seniors (55+) in Cincinnati, OH with sponsor Kingsley + Co.
  • New Life Housing, a 60-unit affordable housing development in Tacoma, WA with sponsor Shiloh Baptist Church.
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Awards (1)
August 14, 2023

NEF Announces Six Finalists in the 2023 AHF Readers' Choice Awards

We are thrilled to announce that NEF has invested in six affordable housing developments recognized as Affordable Housing Finance (AHF)'s 2023 Readers' Choice Awards Finalists in four separate categories. These outstanding developments were selected along with 30 others across 18 states out of 145 total entries for their dedication to creating and preserving stable, safe, affordable, and supportive housing for a variety of populations.

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Ribbon Cutting Project Freedom Hamilton Woods
August 10, 2023

Freedom Village at Hamilton Woods Brings 72 ADA Compliant Apartments to Hamilton, NJ

Our very own Emily Chen was thrilled to join our partners at Project Freedom, Inc. and the New Jersey Housing and Mortgage Finance Agency (NJHMFA) at the ribbon-cutting of Freedom Village at Hamilton Woods in Hamilton (Mercer County), New Jersey!

This incredible affordable housing and supportive housing development prioritizes inclusivity through accessibility for individuals with disabilities.

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August 09, 2023

Pennrose Celebrates First Groundbreaking in Providence, RI at Parcel 9 Phase 1

Congratulations to our partners at Pennrose, the I-195 Redevelopment Commission and the City of Providence, on the groundbreaking of Parcel 9 Phase 1 in the Fox Point neighborhood! This development marks Pennrose's first in Rhode Island and will help transform the area with a new mixed use, mixed income space for individuals and families.

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Homerise At Mission Bay Site Photo Aug 2022
August 04, 2023

HomeRise at Mission Bay Wins 2023 Urban Land Institute Americas Award for Excellence in the Small-Scale Development Category

Congratulations to our partners at BRIDGE Housing Corporation and HomeRise (formerly Community Housing Partnership) on winning the 2023 Urban Land Institute (ULI) Americas Awards for Excellence in the Small-Scale Development category for their development HomeRise at Mission Bay! This affordable housing project and the other winners "represent the highest standards of achievement in the land use profession and encompass a wide range of land uses, sizes, investments, and geographic locations."

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Avenue J (Front View)
August 02, 2023

New Hope Housing's Avenue J Named Tax Credit/Affordable Property of the Year by Houston Apartment Association

Congratulations to our partners New Hope Housing on Avenue J being named Tax Credit/Affordable Property of the Year by the Houston Apartment Association! With 100 units of affordable housing for families and individuals, Avenue J is a much needed and welcome addition to Houston's Second Ward neighborhood. 

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