National Equity Fund

This week, NEF closed an initial $85 million in investor commitments for its Emerging Minority Developer Fund (EMDF). NEF established the Fund in late 2020 to create access to equity capital resources in order to facilitate accelerated development capacity and wealth creation for Black, Indigenous and People of Color (BIPOC) developers who have not had proportionate and consistent access to .

EMDF was established to build the financial capacity and experience of emerging BIPOC developers to help them overcome today’s high barriers of entry in accessing LIHTC to create new . The Fund’s first deals are set to close in early 2022.

Thank you to our investor partners that committed to the first round of EMDF funding: Ally Bank, BMO Harris Bank, CIBC, Comerica Bank, Fifth Third Bank, KeyBank, PNC Bank, Truist and U.S. Bank.

National Equity Fund Closes $85 Million in Committed Capital for its Emerging Minority Developer Fund (EMDF) to Stand up to Racism and Empower Emerging BIPOC Low-Income Housing Tax Credit (LIHTC) Developers /PRNewswire/ -- This week, National Equity Fund (NEF) closed an initial $85 million in investor commitments for its Emerging Minority Developer Fund (EMDF)....

Congratulations to our partners and friends at Alliance Housing Inc. (AHI) on the closing of 3301 Nicollet! This will be our 7th project together. AHI fills a critical niche in Minneapolis’ marketplace, and we are proud to partner with them to expand the availability of quality affordable to those in need.

This new construction, six story, two elevator building will bring 50 studio and 14 one‐bedroom affordable apartments to Minneapolis, MN. The property will set‐aside units for tenants experiencing chronic homelessness and for persons with disabilities (mental illness and co‐occurring addiction). All 64 units will target households earning 30‐50% AMI. The property will include 4 fully accessible units and 2 visually and hearing impaired (VHI) units.

While the design and location of 3301 Nicollet encourages pedestrian friendly choices, tenants have various options of mobility to access jobs and amenities. The building will have secured, indoor storage for 35 bikes for tenants and an outdoor bike rack (3‐5 spaces) for visitors, helping promote community connectivity through bike mobility. The building will be designed and constructed to be at least 5% more energy efficient than what is required.

Congratulations to our partners at Lawrence CommunityWorks (LCW) on the closing of Island Parkside Phase I!

This new construction 40-unit development is the first of two phases to be constructed on a 4.46-acre parcel in Lawrence, MA. When both phases are completed, Island Parkside will contain two residential buildings with a total of 80 affordable rental units along with a park, open space, and cultural/community facilities.

The subject property makes up Phase I of Island Parkside and will be a single 53,190 square foot, five-story building designed to meet the highest level of energy efficiency with the goal of Passive House Alliance US certification. It will be comprised of 7 one- 15 two- and 18 three-bedroom units. 19 units will be affordable at or below 60% of AMI, 5 units will be affordable at or below 50% AMI and 16 units at or below 30% AMI.

LCW is a nonprofit organization with deep roots in Lawrence. Along with a range of comprehensive community development activities, LCW has completed 8 prior affordable projects, including earlier phases of redevelopment of the island. Community developers are essential sources of local expertise and a critical part of our mission to address the need for quality affordable housing nationwide. We are excited to partner with LCW and hope to support them as they continue their crucial work.

Congratulations to our wonderful friends at SOME (So Others Might Eat) on the dedication of the Anna Cooper House in Washington, DC providing 47 units of quality with supportive services!

Learn more about SOME's affordable housing initiatives and supportive services below.

Affordable Housing Initiative :: So Others Might Eat SOME started out serving sandwiches to our hungry and homeless neighbors in 1970. We soon realized that these folks needed more than just a meal. Throughout our over 50-year history, we have expanded our services to include healthcare, addiction treatment, job training, and other crucial services. I...