National Equity Fund (NEF) has acquired the properties and fund management portfolio of the St. Louis Equity Fund, Inc. (SLEFI).
The move adds 32 properties across 13 funds, representing more than $200 million in equity, to NEF’s portfolio and expands opportunities for the national nonprofit low-income housing tax credit (LIHTC) syndicator and investment manager.
“In service of our mission, National Equity Fund collaborated with a fellow nonprofit to support investors and developers in the St. Louis region while preserving affordability for vulnerable residents,” said NEF president and CEO Matt Reilein in a statement. “The acquisition of the St. Louis Equity Fund provides an opportunity to deliver unparalleled expertise to new partners through fresh perspectives and our full suite of capital solutions.”
The move comes on the heels of NEF’s acquisition of the National Affordable Housing Trust, which involved more than 165 properties across 29 funds, in May.
A regional LIHTC syndicator founded in 1988, SLEFI has raised more than $500 million through 155 partnerships to support the creation of over 5,000 homes in Missouri and Illinois. Over the last few years, it has been examining options to stabilize its portfolio to ensure that investors experienced value and residents continue to thrive, said officials.
The organization collaborated with NEF to guarantee that critical affordable housing was not lost.
“After playing a vital role in the affordable housing industry for nearly four decades, our board reviewed our mission and affirmed our highest priority is to support quality housing of vulnerable St. Louisans,” said SLEFI president and CEO Jill Nowak. “The board determined that a partnership with an organization with greater capacity would be necessary to meet that mission, and NEF’s interest in our property portfolio was enthusiastically embraced. We believe that NEF will make a positive impact on the St. Louis affordable housing community.”
The acquisition creates direct access for NEF to build a presence in the area.
“The St. Louis metropolitan area is a region in which we have not traditionally had a large market share,” said Reilein. “Expanding our geographic footprint helps strengthen partnerships and builds dynamic, new relationships that will ultimately allow us to evolve our investment platform. This acquisition is a testament to our integrity and stability as an organization, and we look forward to collaborating with our partners to unlock new opportunities for communities in need throughout this Midwest region.”
Chicago-based NEF is one of the nation’s largest housing credit syndicators. In 2025, it deployed $1.94 billion in federal LIHTC equity, surpassing its previous high set in 2024. Adding in the investments it made in state LIHTC programs, the company invested almost $2 billion in tax credits supporting the creation of affordable housing. Since being founded in 1987, NEF has invested nearly $30 billion, representing approximately 274,000 new or preserved affordable homes.