Liz Hibbard has a passion for introducing new people to the development of affordable housing. That includes potential investors in federal low-income housing tax credits (LIHTCs) like community banks and health care companies. It also includes her neighbors in the little town of Norwell, Massachusetts, near Boston, where she championed new affordable construction.
“It's easy in our industry to turn away from doing the harder things, where I thrive in those situations—with support from an incredible team of leaders,” says Hibbard managing director and head of innovation and strategic growth for National Equity Fund (NEF), headquartered in Chicago.
Community banks are often very interested in contributing to affordable housing developments in their areas. But they might not have experience with LIHTCs or capacity to support larger opportunities. She brought seven new LIHTC investors to NEF in 2023, totaling $95 million in equity, including several community banks.
Local investors such as community banks also appreciate being able to invest in the region where they do business. She launched NEF’s first Northeast Regional LIHTC Fund, raising $122.5 million.
In addition, the 39-year-old championed a new partnership with NeighborWorks. “Her drive and dedication resulted in our recent announcement of the NeighborWorks Capital Equity Fund,” says Jim Peffley, CEO of NeighborWorks Capital. Peffley also worked with Hibbard in her previous roles as director for capital development for Massachusetts Housing Investment Corp. and vice president for community development for Citizens Bank.
Nonprofit developers in the NeighborWorks network can get equitable terms on tax credits that they might otherwise not get. In particular, NEF charges lower asset management fees than many competitors and consistently offers sponsors the first right of refusal at the end of the LIHTC compliance period. The members of the NeighborWorks network range from small community developers to giants like Eden Housing.
Hibbard resides on the South Shore of Massachusetts with her family, where she served on Norwell’s Community Housing Trust for six years, a local body that serves as the Town’s permanent committee for overseeing housing issues. With Hibbard’s leadership, the Trust contributed to the creation of 18 units of affordable housing for seniors and veterans that opened in 2019. “Norwell has not always encouraged the development of affordable housing,” she says. “But I’m hopeful with continued community engagement we can change that.”
