LISC Affiliate, National Equity Fund (NEF), Announces $2.1 Billion in Affordable Housing Investments for 2022
Despite continued economic and market headwinds, LISC’s affiliate NEF invested over $1.2 billion in Low-Income Housing Tax Credit (LIHTC) investments and nearly $900 million to preserve existing affordable housing throughout 2022, resulting in nearly 15,500 affordable homes nationwide.
The excerpt below was originally published on Cision PR Newsire:
National Equity Fund (NEF) Announces $2.1 Billion in Affordable Housing Investments for 2022, nearly matching record performance in 2021
National Equity Fund (NEF) provided near-record levels of financing to support affordable homes across the country, despite the economic headwinds that the affordable housing industry faced in the second half of the year. The nonprofit raised and deployed more than $2.1 billion in affordable housing investments, nearly matching the record production of $2.2 billion from the previous year. The 2022 results included over $1.2 billion in LIHTC investments and nearly $900 million in preservation lending and workforce housing investments to provide housing for the nation's "missing middle". In total, these investments created and preserved 15,500 affordable homes in 2022.
In 2022, NEF took a major step to expand its ability to provide mission-driven capital to affordable housing developments through an ownership stake in the creation of CPC Mortgage Company, the only nonprofit lender with a suite of Freddie Mac, Fannie Mae, and Federal Housing Administration (FHA) products to provide flexible Agency mortgage capital in communities where it is needed most. Other notable activities for the year included a partnership to provide $250 million in committed lending capital to BRIDGE Housing to help accelerate the delivery of affordable and workforce housing to families and communities, and a strategic technology investment in Esusu Financial, Inc. to help bridge the racial wealth gap for residents of affordable housing.
"We are proud of these strong results in such a challenging year," said Matt Reilein, president and CEO of National Equity Fund. "Our Low-Income Housing Tax Credit portfolio was as strong as ever; we did more preservation and workforce housing deals than ever before, and we are finding new and innovative solutions and partnerships to address the affordable housing crisis head-on. Most importantly, our continued growth means more individuals and families across the country have a safe, stable, and affordable place to call home."