State Farm Makes $25 Million Commitment to NEF
State Farm Insurance Cos. has joined forces with National Equity Fund (NEF), a nonprofit syndicator of low-income housing tax credits (LIHTCs), to support high-impact developments for families and seniors by expanding its commitment of $25 million to NEF.
State Farm’s investment will support development projects that are expected to create 250 to 300 affordable rental homes with green features. The first project has been slated for Milwaukee, and additional projects will be identified in months to come.
In recent years, State Farm has contributed more than $80 million in community development grants and loans to the Local Initiatives Support Corporation (LISC) to support restored parks, after-school programs, and other initiatives in low-income areas. LISC is NEF’s parent. Since 1987, NEF has invested $7.5 billion in nearly 1,800 projects.