NEC Posts Record Results for 2010 LIHTC Investing
National Equity Fund (NEF) announced preliminary results that include $835 million in low-income housing tax credit (LIHTC) equity investments, a record for the 23-year-old tax credit syndicator.
NEF’s 2010 activity includes support for 105 affordable housing projects that are developing some 6,100 units of housing and generating an estimated 11,500 local jobs—both temporary and permanent. The strong production year allowed NEF to make a $7.8 million grant to its parent, the Local Initiatives Support Corporation (LISC), as part of its annual program to help LISC stimulate revitalization in disadvantaged neighborhoods.
Since its founding in 1987, NEF has invested $8.8 billion in 2,022 projects, providing 121,720 units of affordable housing, while providing $105 million in community development capital to LISC.
“Our recent production is particularly important, given where the market has been over the last few years,” said NEF’s Joe Hagan. Hagan also noted how important it is for NEF to have kicked off 2011 with a strong pipeline of secured deals that are slated to close in the first few months of the year.