NEF Closes on New Investment Fund to Support LIHTC-Financed Housing
National Equity Fund, Inc. has closed on a new $76MM investment fund to support affordable housing financed with federal low-income housing tax credits (LIHTCs.) The NEF multi-investor fund includes capital from JPMorgan Chase, U.S. Bank, Wells Fargo, Key Bank, Comerica, and Harris Bank.
“Economic conditions are still negatively impacting the LIHTC market,” commented Joe Hagan, NEF president and ceo. “But, we are making significant progress with both new and traditional investors, and expect to have a solid year, in spite of the ongoing challenges. This new fund is an important piece of our plan for the year,” he said.
NEF currently has 115 funds under management with a portfolio of 1,600 projects. This latest NEF fund is expected to invest in approximately 13 new construction and rehab projects in Arizona, California, Illinois, Iowa, Missouri, New Mexico, New York, Oregon, Texas, and Wisconsin. Those projects will develop 1,000 units of affordable housing and create an estimated 1,900 jobs.