News Archives
State Farm Commits an Additional $25 Million to NEF, Inc.
Neighborhoods in need will soon be able to get more affordable housing thanks to an expanded commitment of $25 million by State Farm Insurance Company. The funds will help build 250-300 rental homes with green features. Capitalizing the fund will help revitalize low-income communities by financing affordable housing for disadvantaged families and seniors. Read more.
NEF Names Sereda to Lead Third-Party Asset Management Services
National Equity Fund, Inc., has named Howard Sereda as its new senior vice president of portfolio asset acquisitions. He will oversee NEF’s third-party asset management business, which leverages NEF’s expertise in asset-managing its $7.5 billion in LIHTC investments. Read more.
Low Income Housing Tax Credit Recovery Act of 2010
Sen. Jeff Bingaman (D-NM) has introduced the Low Income Housing Tax Credit Recovery Act of 2010, which includes the five-year carryback provision for LIHTCs that NEF has long supported as a way to expand investment activity in a constrained market. "This bill will attract an additional $5 billion of equity investment for affordable rental housing this year and next, generating $10 billion in construction activity, over 80,000 homes and about 100,000 jobs, especially in the distressed rural and urban communities where they are most needed," said Michael Rubinger, president and CEO of the Local Initiatives Support Corporation (LISC), NEF's parent.
$90MM Green Housing Development for Low-Income Families in La Quinta, CA
More than 200 low-income families have the opportunity to live in new, high-quality affordable housing with this week’s grand opening of Wolff Waters Place, a $90MM green development near Palm Springs designed for families earning 35-50 percent of the area median income. Read more.
Hagan Named New President at AHTCC
The Affordable Housing Tax Credit Coalition (AHTCC) has elected Joseph S. Hagan-president and CEO of National Equity Fund, Inc. (NEF)-as its new president. Hagan succeeds Ronne Thielen, managing director of affordable housing at Centerline Capital Group, who was at the AHTCC helm for the last three years. Read more.
LISC/NEF Help Bring Supportive Housing to Milwaukee
LISC and NEF helped fund one of the first permanent supportive housing projects in Milwaukee. Prairie Apartments was made possible in part through $3.6 million in LIHTC equity from the NEF, Inc. and a $50K green grant from LISC and The Home Depot Foundation. Milwaukee LISC's Leo Ries and NEF's Debbie Burkart are quoted in this Affordable Housing Finance article.
Morgan Stanley Launches $110 Million Commitment for Affordable Housing
Morgan Stanley's investment with NEF is expected to have total economic impact of more than $500 million, create 6,500 jobs and provide 3,300 homes for low-income families, seniors and special needs residents. Read more.
Goldman Sachs to Invest $61 Million in Affordable Housing
The Goldman Sachs Urban Investment Group announced an investment of $61 million to support the preservation of more than 500 affordable rental homes for low-income New Yorkers. The investment will go to the New York Equity Fund (NYEF) and represents the largest single investment in the fund’s history. Read more.
Secretary Shaun Donovan Speaks at LISC Dinner
HUD Secretary Shaun Donovan made remarks during a recent LISC event in New York City regarding actions being taken at the federal level to strengthen the linkages between housing and other areas of policymaking. Read more.
Legislative Changes Could Generate $5 Billion in Private Capital
Institutional investors are ready to finance an additional $5 billion in affordable rental housing through the federal Low Income Housing Tax Credit (LIHTC) program if Congress enacts legislation that addresses ongoing market dislocation, according to a study commissioned by Enterprise Community Partners, Inc. (Enterprise) and the Local Initiatives Support Corp. (LISC). Read more.
Treasury Awards LISC $115MM in NMTCs
The U.S. Treasury Department has awarded the Local Initiatives Support Corporation (LISC) $115 million in New Markets Tax Credit (NMTC) investment authority in the 2009 round of allocations. It is the second largest allocation in the 2009 round and makes LISC the largest award recipient in the program’s history, with $623 million in allocations since 2003. Read more.
Hagan Sees Hopeful Signs
NEF President & CEO Joseph Hagan discusses LIHTC market and exchange credits in recent Affordable Housing Finance magazine article. Read article. LISC's Buzz Roberts Testifies to House Committee About CRA Buzz Roberts, Senior Vice President for Policy and Program Development at Local Initiatives Support Corporation, testified to the House Committee on Financial Services on September 16th about the Community Reinvestment Act (CRA) and its impact on community development. Read more.
NEF Closes $76MM Fund to Support 1,000 Affordable Homes and 1,900 Jobs
National Equity Fund, Inc. has closed on a new $76 million investment fund to support affordable housing financed with federal Low Income Housing Tax Credits (LIHTCs). The NEF multi-investor fund includes capital from JPMorgan Chase, U.S. Bank, Wells Fargo, Key Bank, Comerica and Harris Bank. Read more.
The Graying of Parenthood
NEF invested $6.6 million on behalf of nine investors to support Coppin House, a green, grandfamilies development in Chicago's Washington Park neighborhood which serves growing ranks of grandparents raising young children. Investors include BB&T, Citicorp, Fannie Mae, Freddie Mac, Fifth Third, HSBC USA, JPMorgan Chase, U.S. Bank and Wells Fargo. Read the story online or download PDF file.
Sakowitz Apartments Featured on Houston Public Radio
This development will offer 166 fully furnished SRO units in Houston's Greater Fifth Ward. NEF invested $5.8 million on behalf of six investors including Comerica, Harris Bank, JPMorgan Chase, Key CDC, U.S. Bank and Wells Fargo. Construction is expected to be completed in late 2010, and supportive services will be made available through sponsor New Hope Housing. Read more.
NEF Project Nominated for AHF Readers' Choice Award
Langdon & Anne Simons Senior Apartments, a 95-unit senior housing development in Seattle developed by Plymouth Housing Group, earned a nomination for an AHF Readers' Choice Award in the Senior Housing category this year. Financing for the $22.7 million development includes about $10 million in low-income housing tax credit equity provided by NEF on behalf of ten investors.
NEF Projects Among 2009 AHTCC Edson Award Winners
Edson Awards are presented to the most outstanding LIHTC properties in six categories and celebrate the best in affordable rental housing development.
The Meadows in North Smithfield, RI, developed by Woonsocket Neighborhood Development Corp. received top honors in the Senior Housing Category. NEF invested $7.0 million on behalf of ten investors. Read more.
Verne Barry Place in Grand Rapids, Mich., developed by Dwelling Place, Inc., received the Excellence Award for metropolitan/urban housing. The $19 million, 116-unit project involves the historic rehab of three aging structures and the new construction of a LEED-certified tower to link them. Read more.
NEF Project Honored by ULI
The Urban Land Institute (ULI) recently honored DeVries Place Senior Apartments, a ‘green’ affordable housing project serving very low-income seniors in Milpitas, Calif, with the 2009 Awards for Excellence: The Americas award. Read more.
LISC Applauds HEARTH Focus on Homelessness
LISC and NEF, Inc. are applauding President Obama's recent signing of HEARTH as part of a broader package of housing legislation. The Homeless Emergency Assistance and Rapid Transition to Housing Act (HEARTH Act) will help communities tackle difficult issues surrounding homelessness by providing critical new resources for emergency housing, offering incentives for developing permanent supportive housing and focusing on prevention among at-risk populations, including families. Read more.
NEF Makes NMHC 50
The National Multi Housing Council’s authoritative ranking of the nation’s 50 largest apartment owners and 50 largest apartment managers was recently published, naming NEF, Inc. as one of the top ten largest owners. The NMHC 50 has been a key resource for industry observers for 20 years, and for the first time, NEF made the top ten list, coming in as the sixth largest company with apartment ownership interest. Read the report.
NEF, Inc. Announces Advisory Services for HFA's
NEF, Inc. is now offering a line up of advisory services to help states implement and maximize the impact of the new tax credit exchange and HOME gap financing programs created under the American Recovery and Reinvestment Act. The services include program design, pre-closing, closing, subaward disbursement and post-construction asset management and can be purchased separately as needed or as a package.
Get details about each level of service or contact us now for more information.
NEF Developer Partner, Olneyville Housing Corporation, Gets Recognition
Citizens Bank and NBC10 have named Olneyville Housing Corporation in Providence as their 2009 "Champion in Action" in recognition of their work to create affordable housing. Olneyville Housing Corporation will receive a $25,000 grant, media coverage and extensive promotional and volunteer support for its outstanding work. Meanwhile, the largest ever volunteer group -- over 600 residents and volunteers -- gathered at Olneyville's Riverside Park for "Olneyville Shines!" a neighborhood cleanup. Read more.
Special Report: Building Green Sustainable Communities
NEF and our parent, LISC, have together invested $440 million in grants, loans and equity in a wide range of green projects, the majority of which involve affordable housing. Green is part of LISC’s broader Building Sustainable Communities agenda to make low-income communities good places to live, work, do business and raise families. Read more about how LISC and NEF are supporting green building, green energy and green jobs that have a clear on-the-ground impact in the places we work. Read more about how we are working to build sustainable communities.
BusinessWeek Highlights OneEconomy Efforts to Widen Broadband Access
NEF, Inc. is cited in BusinessWeek for its work with One Economy Corporation, a nonprofit organization working to deliver technology and information tools to low-income families. With the help of NEF funding, broadband connections are made accessible to low-income families in inner city neighborhoods like New York City's Harlem, by leveraging the same funding mechanisms used to build affordable housing. The partnership helps deliver a package of services including broadband access, online content via Beehive, computer purchase vouchers and hands-on computer training to affordable housing projects across the country. Read BusinessWeek article, "Bringing Broadband to the Urban Poor".
Affordable Housing Finance Special Focus: Housing Homeless Vets
LISC & NEF, Inc. have launched a veteran's housing initiative that provides predevelopment loans and grants as well as technical assistance to support developers. St. Leo's Residence, a 141-unit project in Chicago is the first project under the initiative and more are planned. Read AHF article, "An Army of Homeless".
LISC Applauds Nomination of Donovan as HUD Secretary
The choice of New York Housing Commissioner Shaun Donovan as Secretary of the Department of Housing and Urban Development is in the best interest of communities, families and the nation’s economy as we face unprecedented housing challenges and mounting financial pressures, according to the Local Initiatives Support Corporation (LISC). Read more.
LISC Receives $80 Million NMTC Award
The U.S. Treasury Department has awarded Local Initiatives Support Corporation (LISC) $80 million in New Markets Tax Credit (NMTC) investment authority in the 2008 round of allocations. That brings LISC’s total allocation since 2003 to $508 million. Read more.
CRA Not to Blame for Economic Crisis
Michael Rubinger, LISC President & CEO, speaks out against critics of the Community Reinvestment Act and its impact the country's current economic status. Read more.
Foreclosure Rates Comparable Across Incomes
LISC analysis shows crisis not driven by low-income borrowers, but by subprime mortgage products. Subprime borrowers in more prosperous communities defaulted at nearly the same rate by March 2008 as those in impoverished areas. Read more.
Parkview Terrace: 2008 AHF Reader's Choice Award Winner
Each year AFFORDABLE HOUSING FINANCE searches for the best affordable housing projects in the nation in several categories. AHF readers have selected Parkview Terrace as a winner in the Senior Housing category. Winners were presented with awards at AHF Live: The Tax Credit Developers’ Summit, Nov. 7, 2008, in Chicago. Read more about the 2008 AHF Reader's Choice Award winners.
A collaboration between Chinatown CDC and AF Evans, the $18 million Parkview Terrace is an 101-unit showcase project for very low-income seniors in the Cathedral Hill neighborhood of San Francisco.
Parkview Terrace was featured in the ARCHITECTURAL RECORD, a trade magazine featuring design ideas and trends, building science, and more. Read article.
NEF Project Highlighted at Democratic National Convention
The Aromor, a Mercy Housing Colorado rehab project in Denver, was recently acquired from the Denver Housing Authority as part of Denver’s Road Home, the Mayor's 10-Year Plan to End Homelessness. Mercy will rehabilitate the historic hotel into permanent supportive housing for 66 formerly homeless individuals. Read more.
The project was highlighted during the DNC by artist Krzysztof Wodiczko who created a "projection art” performance that gives a voice and a face to the struggle of homeless veterans and their families today.
NEF Equity Finances "Green" Supportive Housing Development
The $19 million Verne Barry Place offers permanent supportive housing to homeless and disabled residents, including veterans, in and around Grand Rapids, Mich. This renovation-and-new construction project preserves three existing historic structures and links them with a newly built LEED- certified “green” building. Read more.
Housing Stimulus Package to Stabilize Neighborhoods
The Housing and Economic Recovery Act of 2008 will help attract new capital to affordable housing developments that address the needs of low-income renters and homeowners.
Read the press release on the LISC/NEF reaction to the legislation.
Get more details on how the new law will impact the LIHTC market.
NEF Funds Connecticut's First Green Multifamily Project
NEF invested $8.9MM of equity in the $22.2MM Hollander Foundation Center, an historic preservation and restoration of the landmark Capitol Building in downtown Hartford. The building will be LEED-certified upon completion in 2009. Read more.
NEF Honored with Guardian Angel Award
Mercy Housing honored NEF with its Guardian Angel Award, one of three awards it bestowed in connection with its 25th anniversary celebration this month. The awards highlight a corporation, individual and investor that have had a significant impact on affordable housing nationwide. Read more.
Senate Housing Bill to Provide $4 Billion
The U.S. Senate recently approved nearly $4 billion in emergency funds to fix up and reoccupy foreclosed
homes as part of the Foreclosure Prevention Act of 2008.
Read more.
Citi, Wells Fargo Support $90MM Green Development
Coachella Valley Housing Coalition (CVHC) recently broke ground on a $90 million green affordable housing project in La Quinta, Calif. La Quinta's Redevelopment Agency sold the project site to CVHC for $1 and made $30MM available to help fund the project. Additional funding will come from Citi and Wells Fargo, which invested a combined $43MM in Wolff Waters Place through NEF, Inc. Read more.
LISC Launches Green Development Center
Madeline Fraser Cook heads up LISC's newest unit, connecting the green development movement to full range of neighborhood projects as well as the next generation of low-income community workers. Read more.
LISC Publishes Green Rehab Guide for Multifamily Properties
The first of its kind, this publication provides guidelines to help affordable housing developers make their existing properties green and energy efficient. Read more.
NEF Partners in the News
Top NEF sponsor, Coachella Valley Housing Coalition (CVHC). recently broke ground on a $90 million green affordable housing project in La Quinta, Calif. Read more.
Long-time NEF partner Plymouth Housing Group opened the Langdon and Anne Simons Senior Apartments in downtown Seattle. The project marks the culmination of the company's $52 million Building Hope Capital Campaign and has welcomed 92 homeless seniors and veterans. Read more.
NEF Names Johnston SVP of Acquisitions
Robert Johnston has joined NEF, Inc. as senior vice president for acquisitions and will oversee the firm’s national affordable housing investment strategy. Read more.
Treasury Awards LISC-NEF Top New Markets Tax Credit Allocation: $133MM
Local Initiatives Support Corporation (LISC) has been awarded $133 million in new markets tax credit investment authority – the largest among the $3.9 billion in new awards that the U.S. Treasury Department recently made to help 61 organizations spur economic development in disinvested communities across the country. Read more.
2007 Fannie Mae Maxwell Awards
The Fannie Mae Foundation, in collaboration with the Partnership to End Long Term Homelessness, seeks applicants for the seventeenth annual Maxwell Awards of Excellence Program. Up to $300,000 will be awarded for Outstanding Supportive Housing Developments. Read more.
NEF Parent Company Praised by Clinton
Local Initiatives Support Corporation was praised in President Clinton's new book,
Giving: How Each of Us Can Change the World. The former President describes LISC's general work in community development and makes reference to their work with New Markets Tax Credits, green development, the Gulf, and AmeriCorps. Learn more.
NEF counts one winner, one finalist, in Buffalo's Brick by Brick Awards
Business First of Buffalo announced the winners of its 4th annual Brick by Brick Awards, a program that honors the best in local development in eight categories. Victory Ridge Apartments took the Brick in the Best Historic Renovation category, and Cornerstone Manor was a finalist in the Best New Construction category. Read more.
NEF Projects Named as Finalists by AHF
Three NEF projects have been named as finalists in Affordable Housing Finance (AHF) magazine's annual Readers Choice award competition. They include: Near North Apartments (aka Margot and Harold Schiff Residences) in Chicago, Mission Creek Senior Community in San Francisco, and Solara in Poway, Calif.
LISC/NEF Gulf Activity Reaches $170MM
LISC and NEF marked the anniversary of Hurricane Katrina with a commitment of $29 million in grants and tax-credit equity to new affordable housing in Miss. That brings the combined LISC/NEF GO Zone activity $170MM in grants, loans and equity. Learn more.
Green Grant
Home Depot provides $500,000 Green Grant to LISC. Read more.
NEF Invests $46MM to Preserve Calif. Low-Income Housing
NEF invests $46MM in Calif. project, its largest-ever single investment in a "green" preservation project sponsored by EAH. Read more.
NEF Projects Honored
The Affordable Housing Tax Credit Coalition honored three NEF-financed projects last week for excellence in affordable housing. Read more.
