National Equity Fund (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.
Beyond LIHTC, NEF offers additional financial solutions to help close the affordable housing gap in multiple ways that are aligned with our mission. Our expertise in pre-development, preservation, and workforce lending allows us to further assist our partners to expand their efforts to provide low-income and middle-income affordable housing.
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.
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 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.
National Equity Fund strives to be a diverse, equitable, and inclusive place to work so that our team has the experience and knowledge to effectively support the individuals, families, and communities we serve. We are committed to bridging the gap between people and communities across the country by embracing differences, learning from the unique experiences of our partners, residents, and employees and taking a leadership role to create a more inclusive world where everyone has access to a safe, stable and affordable home.
As a non-profit and one of the largest syndicators in creating and preserving affordable housing, we acknowledge and embrace our responsibility to inspire, build and lead by example, and actively seek to employ and partner with those who have similar values in mission and vision. We are not afraid to speak openly and directly to the hard truths about the inherent legacy of discrimination built into our industry while taking deliberate and progressive steps to provide a more equitable and inclusive future for the next generations. We stand up and stand firm to give an opportunity to the nation’s most vulnerable populations and remain committed to doing what is right internally and externally to help people thrive today, tomorrow, and in the future.
Becoming an expert in your field takes time and commitment. It demands a thorough knowledge as well as a passion for what one does. That describes each person on our originations team.
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National Equity Fund’s asset management group has been in operation since the company’s inception in 1987. Comprised of more than 60 asset and construction management professionals with an average of 12 years of real estate experience, it is one of the largest and most experienced asset management groups in the industry.
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Our talented investor relations team is extraordinary at aligning the interests of affordable housing investors and developers. We continue to raise record capital as well as expand our diverse investment base.
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We have a team of talented professionals dedicated to navigating our partners through the disposition process. For each project disposition, we seek a win-win outcome and are proud to be one of the most user-friendly syndicators in the industry.
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Our professionals are experts in their fields and have years of experience in the affordable housing industry. Their commitment to excellence provides our partners with everything they need to succeed. National Equity Fund has invested more than $20.6 billion in revitalizing neighborhoods, fostering economic growth and creating affordable, sustainable housing since 1987.
One of the most efficient tools for financing affordable housing developments is the federal low-income housing tax credit (LIHTC). The credit, which was established in 1986 to encourage private investment, has aided in constructing almost 2.7 million new homes.
2023 proved to be one of the strongest in NEF’s history across most measures both quantitively and qualitatively. 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. For the full year, NEF 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.
National Equity Fund, Inc.'s board of directors and leadership team are more than just a group of the country's top affordable housing experts. They're also a strong team dedicated to helping communities grow responsibly. We know that our relationships with our investors and sponsors are critical to our success. We value those relationships and are committed to providing our partners with everything they need to achieve their goals. Please feel free to contact any senior staff member with questions or comments.
Matthew Reilein joined National Equity Fund, Inc. in June 2019 as president & CEO. Before joining the company, he served as managing director and partner overseeing community development and part of the Opportunity Zone team for Cresset Partners. Previously he was managing director and head of Impact Investing at O’Brien-Staley Partners and managing director, community development banking with JP Morgan Chase leading New Markets Tax Credit and intermediary lending with community development banking.
Reilein’s background provides a wealth of experience in community finance, development and impact investing. Since 2004, he has been building relationships and leading teams to deliver market-driven capital to low-income communities.
He has developed a reputation as a leader within the industry, and currently serves as the chair of the board of directors of Chicago Community Loan Fund. Reilein previously served on the executive committee of the New Markets Tax Credit Coalition and has been frequently involved with the Community Development Financial Institutions Fund (CDFI Fund) at the US Department of the Treasury on market dynamics.
Reilein holds a Master of Business Administration degree in finance and marketing from Northwestern University’s Kellogg School of Management and a bachelor’s degree in international politics from Georgetown University. He serves on the Board of Governors of Georgetown University, the Metropolitan Planning Council and Timeline Theater.
Alex Denja originally joined National Equity Fund in 2001 and is NEF’s Chief Operating Officer & Chief Financial Officer. Throughout his tenure, Denja’s forward-looking and proactive perspective has helped create the success from which both NEF and its investors benefit.
Denja’s career began as an auditor for KPMG followed by a position as a financial analyst with marchFIRST, Inc. He left NEF in 2008 and worked for BP as a finance manager before returning to NEF in 2010.
His experience and background in finance and accounting with these organizations and his years at NEF provide Denja with a comprehensive understanding of many areas of business and the ability to communicate with a variety of financial professionals.
Denja has a bachelor’s degree in accounting from the University of Illinois-Champaign/Urbana and an MBA from Northwestern’s University’s Kellogg School of Management. Denja is also a CPA and serves on the Audit Committee for New Markets Support Corporation, and affiliate of NEF.
Jaclyn Jackson joined National Equity Fund in 2020 and was promoted to Chief Administrative Officer in 2024 after serving as the Senior Vice President and Chief Human Resources Officer for over three years. Jackson’s 12 years of talent development and strategic planning experience provide her with the tools to work closely with NEF’s executive leadership team and staff to effectively oversee human resources and marketing and communication responsibilities for 180+ employees.
Jackson most recently served as Vice President of Human Resources for the Helping Hand Center, a 300-person organization serving children and adults with disabilities in the south suburbs of Chicago. There, she developed strategic plans related to the organization’s core mission, values, culture, succession planning, headcount management, compliance and financial accountability. Jackson also oversaw the Marketing and Information Technology departments, which resulted in increased effectiveness and efficiencies for programing. Additionally, in her role on the executive team, she developed the board governance practices and processes.
Earlier in her career, Jackson was Assistant Director of Human Resources at SOS Children’s Villages Illinois, which serves foster children in the Chicago area and worked to support corporate clients at the National Able Network, helping companies determine and fulfill their staffing needs.
Jackson has an MBA as well as a master’s degree in human resources from Keller School of Management and a bachelor’s degree in business administration from DeVry University.
Judy Schneider joined National Equity Fund in 2001 and serves as Senior Vice President and Chief Credit Officer. In these roles, her main responsibility lies in underwriting and structuring new investment acquisitions. She also manages NEF’s Year 15 Disposition Program.
Throughout her tenure, Schneider has established an underwriting department to evaluate the market, operations and guarantor capacity for new proposed projects. In addition, she continues to focus on developing systems and procedures to ensure consistency in risk analysis and reporting.
Her prior roles include vice president and Midwest manager at Bank One Community Development Corporation, VP underwriting and development for Ohio Capital Corporation, and housing development officer for the Colorado Housing and Finance Authority.
Schneider has a bachelor of arts degree in urban and regional planning from the University of Illinois Urbana-Champaign and a master of city and regional planning from the University of California, Berkeley.
Reena Bramblett joined National Equity Fund in 2010. She was recently promoted to Chief of Production after serving as Senior Vice President of Equity Placement, in which she was responsible for developing investment strategies as well as placing product with NEF’s funds.
Throughout her tenure at NEF, Bramblett has played an instrumental role in the growth of proprietary equity placements and management of key investor relationships.
Bramblett previously worked as an auditor with Deloitte as well as occupying positions of SVP of underwriting and originations, chief risk officer and chief financial officer at Homestead Capital.
She holds a bachelor’s degree in accounting from the University of Connecticut and is also a certified public accountant.
Peter Harrison joined National Equity Fund in 1999, and is the Senior Vice President of Asset Management, responsible for asset management, construction risk management, and asset resolution. Harrison’s more than 40 years of diverse experience with asset management, development, and construction provides him with the tools to work closely and collaboratively with developers, property managers, financial advisors, and investors to effectively oversee NEF’s portfolio of more than 1,500 partnerships and 115,000 housing units.
Harrison formerly served as Vice President of Asset Management Operations where he was responsible for the day-to-day operations of asset management and the oversight of construction risk management.
Before joining NEF, Harrison worked as Project Manager for Staalsen Construction Co. Inc. where he specialized in multifamily and LIHTC development. Prior to that, he worked for Bethel New Life, Inc., a non-profit community development corporation, and with LSE real estate development, all located in Chicago.
Harrison has an MBA from Keller School of Management and a bachelor of science from Southern Illinois University.
Mike Rogers first joined National Equity Fund in 1996 and serves as Senior Vice President and General Counsel. He works with outside attorneys on complex LIHTC transactions and provides legal advice to NEF professionals in all areas of the business.
Prior to rejoining NEF in 2015, Rogers was Senior Counsel with Holland & Knight representing investors and syndicators in LIHTC and New Markets Tax Credit Transactions. He has held positions with Holland & Knight LLP, Greenberg Traurig, LLP, Sidley Austin LLP, Federal Deposit Insurance Corporation and Greenberger, Krauss & Jacobs, Chartered.
Rogers obtained both a law degree and a bachelor’s degree in political science from Indiana University.
Daryl Shore joined National Equity Fund in August 2021 as Managing Director of Structured Finance and was promoted to his current position as Senior Vice President, Structured Finance in March 2024. Daryl has leadership experience in impact investment, corporate social responsibility, and real estate financing initiatives. His background includes broad expertise, leading place-based inclusive economic growth strategies, overseeing multi-million-dollar grant/contribution portfolios and structuring complex debt/equity transactions.
Mark Siranovic joined National Equity Fund in 1994 and was promoted to Senior Vice President, Head of Capital Markets in Spring 2023, which reflects NEF’s increased focus on capital markets executions for larger LIHTC transactions. In this role, Siranovic will continue to oversee fund management and state tax credit execution with his extensive experience in treasury management, financial analysis and accounting. Concentrating on raising LIHTC capital from new investors and continuing NEF’s annual multi-investor fund opportunities, Siranovic oversees NEF’s fund management team.
Throughout NEF, Siranovic is credited with the creation of the organization’s secondary, guarantee transaction processes, regional fund approach and implementing the fund financing structures for some of its largest investors. Additionally, Siranovic worked on some of NEF’s syndicator takeovers, including responsibility for the integration of the Homestead transaction as well as a re-syndication of LP interests held by the FDIC.
Past positions include senior budget analyst with British Telecom North America, treasurer of Saul Stone & Co. and accountant with Glass Ginsburg Ltd.
Siranovic has a BSC and MBA from DePaul University and is also a certified public accountant.
Liz Hibbard joined NEF in 2022 as Managing Director on the Investor Relations team and was promoted to Managing Director and Head of Innovation and Strategic Growth in 2023. Liz is a passionate real estate professional with fifteen years of experience in commercial real estate investing/lending. Prior to joining NEF, Liz was the Director of Capital Development at the Massachusetts Housing Investment Corporation (MHIC). She is dedicated to expanding affordable housing, building strong partnerships with financial institutions and investors, and thinking creatively about community development
Among other prestigious, charitable appointments, Liz was most recently appointed to the Board of Overseers for the Boston Children’s Museum. Liz is a graduate of the University of Massachusetts Amherst with a Bachelor of Arts in Political Science and a double-minor in Psychology and Sociology.
Stewart Jester joined National Equity Fund in 2007 and is currently Senior Vice
President in NEF’s Project Management group. In this role, Jester is responsible for the seamless and comprehensive management of the due diligence, underwriting, investment recommendation and lower tier closing process for assigned project investments.
With more than 18 years in the affordable housing industry, Jester previously served as a Senior Project Manager for the Better Housing Coalition, a Richmond, Virginia‐based corporation that develops affordable housing through the LIHTC program. Throughout his time at NEF, Jester has held positions in the originations and underwriting groups.
Jester obtained a B.S. in history from the University of Vermont and a master’s degree in urban and regional planning from Virginia Commonwealth University. He is also an accredited member of the American Institute of Certified Planners (AICP).
Ed Simon joined National Equity Fund in 2000 and serves as Senior Vice President and Chief Information Officer.
Simon created NEF’s first web-based tax credit management system and is responsible for introducing new technologies that keep the organization at the leading edge of tax credit software.
Prior to joining NEF, Simon worked with online retailers helping to expand their online market presence. He also worked on developing a loan management system that is still used today.
Simon has an engineering degree from the University of Illinois and an MBA from the Stuart School of Business.
