[ad_1]
of $122.5 million This fund represents new equity, market expansion, and continued investment in LIHTC.
Chicago, January 18, 2024 /PRNewswire/ — National Equity Fund (NEF), a leading not-for-profit multifamily real estate investment manager, announces the closing of its first Northeast Fund. NEF raised funds through this fund, which closed at the end of 2023. $122.5 million, which will fund eight Low Income Housing Tax Credit (LIHTC) developments across the Northeast. Once completed, the eight developments will bring 571 high-quality affordable housing units across four states. connecticut, Massachusetts, new jerseyand rhode island.
For more than 30 years, NEF has strived to diversify its portfolio, working with 250 investment partners to $24.5 billion Aiming for affordable housing. As a leader in this field, NEF has invested in nearly all 50 states and completed more than 3,000 developments.
“Our mission is to provide innovative and collaborative financial solutions to scale the construction and preservation of affordable housing, and we can only accomplish that mission through our connections with dedicated and passionate partners. We are confident that we can achieve this,” he said. matt leyrein, President and CEO of National Equity Fund. “With our first Northeast Fund, we have been able to deepen our relationships in the region and ensure continued market expansion through investment in our core LIHTC business. This will ultimately promote the development of safer, more stable and more affordable housing.”
Northeast Fund has invited nine regionally focused investor partners to collaborate and contribute. Three of his nine partners were first-time investors in LIHTC. This is a testament to NEF’s commitment to and alignment with its strategic priority of growing its core LIHTC business through innovative partnerships.
“As the need for affordable housing grows, our team recognizes that providing innovative financial solutions to solve our nation’s housing crisis requires a strategic approach. ” Liz Hibbard, NEF Managing Director of Innovation and Strategic Growth. “Attracting new investors and generating new capital here in the Northeast will help us not only take a comprehensive view of affordable housing nationally, but also create rent instability in each region. It shows that you are thinking critically from a localized perspective as well, because you have different problems that could be involved.”
The success of NEF’s first Northeast Fund provides NEF with further opportunities to expand regional equity and strengthen regional funds in the future.
About National Equity Fund Co., Ltd. (NEF)
National Equity Fund, Inc. (NEF) is a nonprofit multifamily housing organization with a mission to create and deliver innovative and collaborative financial solutions to expand the construction and preservation of affordable housing. An affordable real estate investment management company for Through our Low Income Housing Tax Credit (LIHTC) syndication platform and lending and investment platform, NEF creates opportunities based on our vision that every individual and family across the country has access to stable, safe, and affordable housing. is producing. Since its founding in 1987, NEF has invested more than $24.5 billion and provided 242,500 new or preservable affordable homes to individuals, families and communities in need across the country. NEF, based in Chicago, has contributed more than $240 million in grants to support the community development efforts of its affiliate LISC nationwide. To learn more about NEF’s impact, innovative financial solutions and opportunities, please visit www.nefinc.org.
View original content to download multimedia: https://www.prnewswire.com/news-releases/national-equity-fund-closes-inaugural-northeast-fund-302038665.html
Source National Equity Fund
[ad_2]
Source link
