FACTS ABOUT THE NATIONAL EQUITY FUND, INC.

MISSION
To pool corporate capital to provide equity financing for low-income rental housing developed by nonprofit sponsors, including community development corporations (CDCs) working to transform distressed neighborhoods into healthy communities.

DESCRIPTION

• Nation’s largest nonprofit syndicator of Low Income Housing Tax Credits.
• Provides up-front equity financing to CDC-sponsored low-income rental developments.
• Helps CDCs work with banks and local governments to build decent, affordable housing.

  DATE ESTABLISHED
  Established in 1987 by the Local Initiatives Support Corporation (LISC). GEOGRAPHIC AREAS Investments in more than 160 cities and towns throughout the U.S. including New York, Los Angeles, Chicago, Philadelphia, Kansas City, Minneapolis, St. Paul, Boston, and several rural areas.

  MONEY RAISED
  Nearly $2.4 billion since 1987.

  INVESTORS
  More than 140 corporations representing a variety of industries including Fannie Mae, Freddie Mac, Bank of America, Bankers Trust, Berkshire Hathaway, Weyerhaeuser, Hallmark, and Prudential.

  GOVERNANCE
  A 17-member national Board of Directors comprised of key business and community leaders.

  TRACK RECORD
  Through a family of three funds, helped more than 400 CDCs build or rehabilitate an estimated 41,600 homes.

  FAMILY OF FUNDS

  • National Equity Fund (NEF): Invests in developments in cities and towns throughout the country. The National Equity Fund has raised over $1.4 billion to support more than 23,400 affordable homes.
  • New York Equity Fund (NYEF): A collaboration with the Enterprise Foundation that operates in New York City. NYEF investments totaling more than $610 million have provided equity for nearly 12,300 units of housing.
  • California Equity Fund (CEF): Provides equity for developments in urban and rural communities throughout the state. CEF has invested over $410 million in more than 5,900 affordable homes.

    The LISC Link
    The NEF market advantage is linked to its parent corporation, LISC. NEF makes the majority of its investments in the more than 40 LISC program areas, where program staff have solid, long-standing relationships with CDCs, t he local private sector and local government officials. LISC staff know the neighborhoods and work closely with CDCs in identifying the best types of housing to meet community needs. LISC also provides CDCs with support services ranging from predevelopment and operating support to construction loan financing and technical or financial assistance. In addition, LISC, in collaboration with NEF, offers CDCs a Property Management Training Program.