National Equity Fund: LIHTC housing equity

NEF’s core business is raising and deploying federal and state housing tax credit equity. It also provides predevelopment and preservation loans, supportive housing financing, workforce and moderate-income housing products, and investment structures that combine LIHTC with Opportunity Zone capital.

In 2025, NEF reported raising and deploying $2.5 billion across 130 investments, including a record $1.94 billion in federal LIHTC equity. Those investments supported approximately 14,200 homes. Recent company materials cite roughly $27 billion to $30 billion invested over the organization’s history and approximately 260,000 affordable homes supported.

NEF also directs resources back into community development through its relationship with LISC. The organization reports contributing more than $280 million in grants to support LISC’s work. Based in Chicago, NEF works nationally with affordable housing developers, investors, lenders, and public-sector partners.

Key benefits

Scale LIHTC syndication

2025 brought about $1.94 billion in federal housing-credit equity and $2.5 billion total across 130 investments.

Nearly $30 billion lifetime

Public materials cite on the order of 260,000 affordable homes financed since NEF’s 1987 launch inside the LISC family.

More than tax credits

Predevelopment, preservation, supportive housing, workforce rental, state credits, and Opportunity Zone hybrids sit beside LIHTC.

Nonprofit developer focus

The NeighborWorks Capital Equity Fund and rural expansion target mission-driven sponsors that need more efficient equity delivery.

National Equity Fund invests in the creation and preservation of affordable rental housing by combining LIHTC equity with specialized debt, state tax credits, and other complementary financing tools.

Its strongest fit is with nonprofit and mission-aligned developers pursuing affordable multifamily housing, supportive housing, preservation transactions, and workforce housing for households that earn too much for traditional assistance but remain priced out of local markets.

NEF also provides predevelopment financing for costs incurred before construction closing and preservation capital for affordable properties at risk of market conversion. Through the NeighborWorks Capital Equity Fund, it is expanding access to capital for nonprofit developers, including organizations working in rural communities.

The $500,000 to $50 million check-size range listed on this profile is an estimated planning range across NEF’s equity and lending products. It is not a guaranteed minimum or maximum, and actual investment sizes depend on the project, product, and financing structure.

Developers and investors can explore current products and contact the investment team through nefinc.org. Organizations seeking broader CDFI lending, grants, or local community development support should also review programs offered by NEF’s affiliate, LISC.

Frequently asked questions

What does National Equity Fund fund?

National Equity Fund is a nonprofit affordable housing investment manager and one of the largest nonprofit Low-Income Housing Tax Credit syndicators in the United States. LISC created NEF in 1987 to connect corporate investors with community developers building and preserving affordable rental housing. NEF’s core business is raising and deploying federal and state housing tax credit equity. It also provides predevelopment and preservation loans, supportive housing financing, workforce and moderate-income housing products, and investment structures that combine LIHTC with Opportunity Zone capital. In 2025, NEF reported raising and deploying $2.5 billion across 130 investments, including a record $1.94 billion in federal LIHTC equity. Those investments supported approximately 14,200 homes. Recent company materials cite roughly $27 billion to $30 billion invested over the organization’s history and approximately 260,000 affordable homes supported. NEF also directs resources back into community development through its relationship with LISC. The organization reports contributing more than $280 million in grants to support LISC’s work. Based in Chicago, NEF works nationally with affordable housing developers, investors, lenders, and public-sector partners.

What is National Equity Fund's check size?

$500,000 – $50,000,000

What is National Equity Fund's investment thesis?

National Equity Fund invests in the creation and preservation of affordable rental housing by combining LIHTC equity with specialized debt, state tax credits, and other complementary financing tools. Its strongest fit is with nonprofit and mission-aligned developers pursuing affordable multifamily housing, supportive housing, preservation transactions, and workforce housing for households that earn too much for traditional assistance but remain priced out of local markets. NEF also provides predevelopment financing for costs incurred before construction closing and preservation capital for affordable properties at risk of market conversion. Through the NeighborWorks Capital Equity Fund, it is expanding access to capital for nonprofit developers, including organizations working in rural communities. The $500,000 to $50 million check-size range listed on this profile is an estimated planning range across NEF’s equity and lending products. It is not a guaranteed minimum or maximum, and actual investment sizes depend on the project, product, and financing structure. Developers and investors can explore current products and contact the investment team through nefinc.org. Organizations seeking broader CDFI lending, grants, or local community development support should also review programs offered by NEF’s affiliate, LISC.

Which sectors does National Equity Fund invest in?

Built Environment, Community Development, Impact Finance