Despite continued economic and market headwinds, NEF invested over $1.2 billion in Low-Income Housing Tax Credit (LIHTC) investments and nearly $900 million to preserve existing affordable housing throughout 2022, resulting in nearly 15,500 affordable homes nationwide.
CHICAGO, Jan. 26, 2023 /PRNewswire/ — National Equity Fund (NEF) provided near-record levels of financing to support affordable homes across the country, despite the economic headwinds that the affordable housing industry faced in the second half of the year. The nonprofit raised and deployed more than $2.1 billion in affordable housing investments, nearly matching the record production of $2.2 billion from the previous year. The 2022 results included over $1.2 billion in LIHTC investments and nearly $900 million in preservation lending and workforce housing investments to provide housing for the nation’s “missing middle”. In total, these investments created and preserved 15,500 affordable homes in 2022.
In 2022, NEF took a major step to expand its ability to provide mission-driven capital to affordable housing developments through an ownership stake in the creation of CPC Mortgage Company, the only nonprofit lender with a suite of Freddie Mac, Fannie Mae, and Federal Housing Administration (FHA) products to provide flexible Agency mortgage capital in communities where it is needed most. Other notable activities for the year included a partnership to provide $250 million in committed lending capital to BRIDGE Housing to help accelerate the delivery of affordable and workforce housing to families and communities, and a strategic technology investment in Esusu Financial, Inc. to help bridge the racial wealth gap for residents of affordable housing.
“We are proud of these strong results in such a challenging year,” said Matt Reilein, president and CEO of National Equity Fund. “Our Low-Income Housing Tax Credit portfolio was as strong as ever; we did more preservation and workforce housing deals than ever before, and we are finding new and innovative solutions and partnerships to address the affordable housing crisis head-on. Most importantly, our continued growth means more individuals and families across the country have a safe, stable, and affordable place to call home.”
About National Equity Fund, Inc. (NEF)
National Equity Fund, Inc., is a leading nonprofit Low-Income Housing Tax Credit (LIHTC) syndicator, asset manager, and pioneer in affordable housing with a mission to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing. Through its multiple 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 that provide a foundation for them to reach their full potential. Since being founded in 1987, NEF has invested more than $22.7 billion, which represents 231,500 new affordable homes for individuals, families, and communities in need across the country. NEF is Chicago-based and has donated more than $225 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.
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SOURCE National Equity Fund