National Equity Fund, Inc. (NEF), announced that it closed $833 million in low-income housing tax credit (LIHTC) equity investments in 2011. The activity includes support for 74 new construction and rehabilitation projects that created about 8,100 jobs, as well as secondary-market acquisitions.
“Certainly, we’re excited about beating our investment goals for the year,” said Joe Hagan, NEF president and CEO, in a statement. “But it’s what those investments represent that is really gratifying: thousands of jobs, thousands of affordable homes, and critical development capital for communities starving for opportunity and economic stability.”
A strong investment year also means NEF is able to infuse significant additional capital into distressed neighborhoods through its parent, the Local Initiatives Support Corp. (LISC), he noted. In December, the NEF board approved an $8.4 million grant to LISC that supports LISC’s Building Sustainable Communities work across the country.
Chicago-based NEF is a national nonprofit syndicator of LIHTCs that connects private capital to long-term affordable rental housing investments. With its 2011 activity, NEF now counts some 2,100 LIHTC projects under management, with $9.5 billion invested.