Project Disposition Philosophy
In its role as Fund Manger, NEF is charged with managing the disposition of projects in the Funds as they reach the end of their 15-year compliance period, and in winding up the affairs of the Funds. In performing this function, NEF's policies and objectives are as follows:- Uphold NEF's fiduciary responsibility to investors.
- Dispose of the Fund assets in a manner that minimizes displacement of current low-income tenants, promotes the long-term continued low-income use of the property, and promotes the purchase of properties by NEF's non-profit partners that seek to purchase and are in good standing.
- Manage the Funds in a manner that meets or exceeds the targeted internal rate of return to NEF investors, while also minimizing the impact of capital gains taxes to investors resulting from project dispositions, to the extent possible.
- Dispose of the Fund assets in a manner that maintains positive community relations.
- Timely wind up the affairs of the Fund Limited Partnership as contemplated in the Fund offering.
- Provide clear and concise reporting to investors regarding dispositions, including forecasts of anticipated capital gains taxes in order to assist investors in their tax planning.
Featured Project: Verne Barry Place
Verne Barry Place is a creative example of building preservation and adaptation in Grand Rapids, Mich., designed to meet the needs of some of the area’s lowest-income residents. NEF invested $13.5 million on behalf of eight investors to fund this impressive "green" development.
The 116-unit supportive housing project, developed by Dwelling Place, Inc., features seven commercial spaces and serves homeless residents, including veterans.
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