National Equity Fund (NEF) Achieves Record-Breaking Year with $2.7 Billion in Total Affordable Housing Investments for 2024
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CHICAGO, Jan. 14, 2025 ~ In 2024, National Equity Fund (NEF) achieved its strongest performance to date, providing a record level of financing to support affordable homes across the country. Despite facing economic challenges and uncertainty, NEF raised and deployed $2.7 billion in affordable housing investments, including $1.8 billion in Low-Income Housing Tax Credit (LIHTC)-specific equity.

NEF's impressive results also included nearly $900 million in structured finance for preservation lending and workforce housing investments, which aim to provide housing for moderate-income earners. This is more than double the amount from the previous year.

President and CEO of National Equity Fund, Matthew Reilein, credits the organization's success to their strong relationships, diverse product offerings, and dedicated teams. "Thanks to our deep relationships, strong product offerings and the perseverance of our exceptional teams, I'm proud that we helped create or preserve more than 16,000 affordable homes in 2024 in service of our mission," said Reilein.

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Despite challenges in the industry, NEF remains committed to providing stability for their investor and developer partners by expanding their financial solutions and finding new ways to bridge capital gaps.

In response to the increasing size of deals in urban markets, NEF developed a "club fund" strategy in 2024. This strategy involves placing single large deals into a fund with multiple investors, in addition to their traditional proprietary and multi-fund offerings. The organization's 10th Homestead Equity Fund closed at over $1 billion this summer since its inception in 2009.

NEF has also found success by utilizing State LIHTC credits as a larger piece of project capital stacks than ever before.

Collaborative partnerships have also played a significant role in NEF's success. They recently launched the NeighborWorks Capital Equity Fund, which provides standardized LIHTC terms for 250 community-based non-profits. This has helped diversify the organization's investor and developer bases.

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In addition to their record production year, NEF was also recognized for the fourth consecutive year as a Best and Brightest Company to Work For® in Chicago and in the Nation. This recognition highlights NEF's commitment to talent development, retention, and employee enrichment.

With strong momentum entering 2025, Reilein and his team continue to advocate for progress with the Affordable Housing Credit Improvement Act (AHCIA) and other important policy initiatives. If passed, these provisions could lead to a significant increase in tax credit availability.

"National Equity Fund is continuously evolving to address the ever-growing needs of the housing crisis, and we are ready for whatever 2025 brings," said Reilein. "We are unwavering in our commitment to creating meaningful impact for those who need it most and we will continue fighting for our vision that increased access to affordable housing empowers every individual and family to reach their full potential."
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