Developed by Catholic Charities Housing Services Diocese of Yakima in 2013, Quincy Family Housing is a 51-unit development for farmworkers and their families in Quincy, Washington. It was financed through the first National Equity Fund-led Homestead Equity Fund.
Catholic Charities Housing Services Diocese of Yakima Developed by Catholic Charities Housing Services Diocese of Yakima in 2013, Quincy Family Housing is a 51-unit development for farmworkers and their families in Quincy, Washington. It was financed through the first National Equity Fund-led Homestead Equity Fund.

National Equity Fund (NEF) announced raising more than $1 billion through its Homestead Equity Fund (HEF).

NEF took over HEF in 2010 when it acquired Homestead Capital, a regional low-income housing tax credit (LIHTC) syndicator formerly based in Portland, Oregon. Since the acquisition, NEF has closed 10 funds resulting in $1 billion in equity, with the latest, Homestead Equity Fund XIX, closing this summer with $222 million.

"In 2010, National Equity Fund made a commitment to strategically invest in a region that had been hit hard by the 2008 financial crisis," says Mark Siranovic, senior vice president, capital markets, at NEF. "By integrating the Homestead funds into our existing operation, NEF was able to establish a presence out West while creating new relationships with developers, investors, and prominent community figures. These relationships have resulted in a continued push for affordable housing in a region in desperate need."

The 10 funds have helped create 150 developments, resulting in nearly 8,000 units of affordable housing across 14 states.

"During the financial crisis of 2008 and 2009, many organizations, including regional syndicators, were struggling to stay afloat," says Matt Reilein, president and CEO at NEF. "In 2010, our former president and CEO [Joe Hagan] made a promise to the Homestead Capital board, staff, and overarching community to continue investing in the Northwestern region to expand the creation and preservation of affordable housing. Nearly 15 years later, through industry hardships, economic headwinds, and financial uncertainty, NEF is proud to shine a light on this steadfast commitment to a region that emphasizes the importance of supporting and uplifting our partners and their communities."

In 2013, the first fund under the NEF banner, HEF X, closed with $25.6 million in equity. While many within the region showed concern that a Chicago-based nonprofit would influence the decision-making and financing of developments in the West, NEF worked to ensure its presence would be felt through supportive, hands-on collaboration, say firm officials.

The NEF Portland office is the second-largest employee base of the organization.