LISC's Affiliates

The work of rebuilding neighborhoods—creating affordable housing, renovating a retail corridor or constructing a new school, recreation center or office building—doesn’t happen without financing. And just as with for-profit ventures, nonprofit development requires significant capital. But community development projects in disinvested neighborhoods have a much harder time attracting capital investment. To help get funding into the places that need it most, LISC created two affiliates—the National Equity Fund, the New Markets Support Company—that bridge the gap between investors and projects in disadvantaged communities and get things built. We also provided initial capitalization to the Community Development Trust, the first real estate investment trust fund specializing in affordable housing.

LISC subsidiaries offer small business loans and equity products available to fill gaps at all stages of a project and are provided nationwide:

Investment Companies

The National Equity Fund® (NEF) is a nonprofit, Chicago-based affiliate of LISC and a leading syndicator of Low Income Housing Tax Credits. NEF helps bridge the gap between investors and nonprofit developers. Syndicators like NEF raise money from investors and identify low-income housing projects in which to invest that capital. NEF is focused on building long-term relationships with partners and investing in quality affordable housing projects that raise the standard of living in underserved communities.

Since inception, NEF has played an integral role in creating affordable housing options, revitalizing communities and strengthening local economies. NEF has investments in almost all 50 states. Despite continued economic and market headwinds, NEF invested $1.23 billion in Low-Income Housing Tax Credit (LIHTC) investments and nearly $900 million to preserve existing affordable housing throughout 2022.

The New Markets Support Company (NMSC) is a Chicago-based, wholly-owned subsidiary of LISC and a syndicator of federal New Markets Tax Credits. We work closely with institutional investors to support a range of developments including major retail developments, manufacturing/industrial sites, charter schools, theaters and urban entertainment districts, athletic facilities/fields, office space and health care centers. NMSC provides syndication services, third-party advisory services, software leasing services and small business lending.

The Community Development Trust (CDT) is the country's first private real estate investment trust with a public purpose and occupies a unique position to preserve and expand the supply of affordable housing while earning attractive returns for shareholders. Created in 1998 with an initial capital investment from LISC, CDT operates much like a mutual fund, combining the capital of institutional investors to acquire or provide financing for affordable housing. Through its debt and equity programs, CDT makes long-term equity investments and originates or purchases long-term, fixed-rate multi-family mortgages to preserve affordability.