NEF’s strong 2025 results bring the organization’s total production since inception to nearly $30 billion, supporting the creation or preservation of approximately 275,000 affordable homes nationwide.
CHICAGO, Jan. 13, 2026 /PRNewswire/ — National Equity Fund (NEF), a leading non-profit multifamily affordable housing investment manager, delivered exceptional performance in 2025, raising and deploying $2.5 billion across 130 affordable housing investments.
The organization set a new record of $1.94 billion in federal Low-Income Housing Tax Credit (LIHTC) equity, surpassing its previous high set in 2024. Adding in the investments it made in state LIHTC programs, the company invested almost $2 billion in tax credits supporting the creation of affordable housing.
As housing costs continued to rise nationwide, further intensifying the country’s systemic affordable housing shortage, NEF’s 2025 investments helped create and preserve more than 14,200 affordable homes.
Despite economic headwinds and broader industry disruption throughout the year, NEF’s disciplined capital deployment, deep partnerships, and innovative product offerings positioned the organization for continued momentum entering 2026. NEF has already secured more than $1.7 billion in its pipeline for the year ahead.
“I’m proud of our strong performance, especially in a challenging year,” said Matt Reilein, president and CEO of National Equity Fund. “We fostered deep, meaningful relationships with both new and long-standing investors and sponsors, and paired creative capital solutions with responsible risk and asset management to deliver affordable homes for thousands of families across rural, suburban, and urban communities nationwide.”
Innovative Capital Deployment Across the Housing Lifecycle
As part of its strategic growth, NEF continued to expand its debt and equity capabilities to bridge capital gaps and preserve access to affordable housing nationwide. In 2025, the organization committed $511 million in structured finance solutions across preservation debt and equity placements, agency lending, and pre-development loans, supporting the full housing lifecycle.
During the summer, NEF also completed the largest investment in its nearly 40-year history, preserving approximately 2,700 affordable homes across Albuquerque and Portland, Oregon.
Leveraging Scale, Expertise, and a Diverse Investment Platform to Bridge Capital Gaps
In 2025, NEF launched several new initiatives designed to address widening capital gaps that continue to challenge affordable housing development and preservation.
In October, NEF demonstrated its capacity for large-scale execution by closing the largest LIHTC transaction in its history. The nearly $100 million transaction, completed in partnership with Fannie Mae, will deliver 432 affordable homes to the Crystal City neighborhood in Arlington County, Virginia.
NEF also closed its inaugural NeighborWorks Capital Equity Fund, a first-of-its-kind partnership designed to more efficiently deliver capital to mission-driven non-profit developers. Together, NEF and NeighborWorks Capital are expanding the impact community-based organizations can have nationwide, with a particular focus on rural markets.
Additionally, NEF continued to expand its state tax credit investment platform, closing or securing transactions in five new states and providing critical capital to strengthen affordable housing investments.
Commitment to People and Culture
Aligned with its strategic priority to invest in its workforce, NEF was honored for the fifth consecutive year as a Best and Brightest Company to Work For® in both Chicago and nationally. The recognition reflects excellence in talent development, employee engagement, and organizational culture.
“NEF’s story of resilience, collaboration, and innovation would not be possible without our people, who remain our greatest asset,” Reilein added. “These results reflect the strength of our platform, the quality of our team, and the trust our partners place in us.”
About National Equity Fund, Inc. (NEF)
National Equity Fund is a non-profit real estate investment manager dedicated to expanding the creation and preservation of affordable housing. Through its LIHTC syndication platform, as well as lending and investing solutions, NEF delivers innovative, collaborative financial solutions rooted in the belief that access to affordable housing empowers individuals and families to reach their full potential.
Beyond LIHTC, NEF offers mission-aligned capital solutions including pre-development, preservation, and workforce housing lending to support both low- and moderate-income communities. Founded in 1987 and headquartered in Chicago, NEF has invested nearly $30 billion in affordable housing nationwide and has donated more than $280 million in grants to support its affiliate LISC’s community development initiatives.
To learn more, visit www.nefinc.org.
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SOURCE National Equity Fund
