National Equity Fund (NEF), a leading nonprofit low-income housing tax credit syndicator and real estate investment manager, has acquired the assets of Mountain Plains Equity Group (MPEG).
Based in Billings, Montana, MPEG began operations as a small housing tax credit syndicator in August 2003 and has been responsible for the development of affordable housing primarily in six states: Alaska, Colorado, Montana, North Dakota, South Dakota, and Wyoming.
NEF’s acquisition also includes ownership of MPEG Acceptance Corp., which was created by MPEG to act as a project-level investment entity and routinely serves as a special limited partner in housing credit project partnerships.
"As the need for affordable housing grows, NEF recognizes that we must continue to find innovative solutions that enable us to provide more safe and stable housing for individuals and families across the country," said Matt Reilein, NEF president and CEO, in a statement. "The acquisition of Mountain Plains Equity Group allows us direct access to build a presence in states where NEF has not traditionally had a large market share. Now, we have an opportunity to support sponsors and investors in a new region and offer them NEF's full suite of products and capabilities to support and create affordable housing."
With the acquisition, NEF manages six new private equity funds that hold a total of 49 housing tax credit properties. All the properties are focused on serving residents and families who identify as low-income, with some properties setting aside units for people with disabilities and aging seniors.
"After 20 years of serving as the president and CEO of Mountain Plains Equity Group, I am honored to embrace our colleagues at National Equity Fund as we continue our journey together to provide housing for individuals and families in need," said Don Sterhan. "MPEG has an outstanding commitment and reputation providing affordable homes to the western region, and now, with the backing of NEF, we can broaden our horizons to positively impact communities that were previously beyond our reach."
In 2022, NEF raised and deployed more than $2.1 billion in affordable housing investments, including more than $1.2 billion in LIHTC-specific investment.