The National Association of State and Local Equity Funds (NASLEF) announced the appointment of Michelle Foster as its first full-time executive director. With 16 years of experience in analysis and engagement, Michelle will significantly elevate the network by leveraging her expertise to amplify the voice of NASLEF members through community development advocacy, identifying areas for improvement to makes initiatives stronger, and creating opportunities for collaborative actions that will enable NASLEF to strengthen their mission.
Ohio Capital Finance Corporation (OCFC) Awarded $12 Million Grant!
June 30, 2022
The U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced that the Ohio Capital Finance Corporation (OCFC), an affiliate of the Ohio Capital Corporation for Housing, was one of 8 organizations to receive the maximum award of $12M from the Capital Magnet Fund to assist in leveraging private capital for use in affordable housing. OCFC anticipates its financing will result in nearly 1,800 affordable housing units.
Merritt Community Capital Corporation Scholars Announcement
June 21, 2022
We are thrilled to welcome the largest cohort of scholars to date and see their excitement and dedication to the future of affordable housing. Under Commitment to California, we are expanding the program by dramatically increasing the number of scholars (historically there were three-to-four awards each year), meeting our three-year goal of 16 scholars in year one.
Merritt provides $27.0 million in equity to Tenderloin Neighborhood Development Corporation to construct 63 units of supportive housing for Transition-Aged Youth and low-income individuals in San Francisco.
Congratulations to LA Family Housing on the financing closing for My Angel Apartments, a new construction development in LA’s San Fernando Valley. The project will contain 53 studio apartments to be rented to special needs and homeless households earning less than 30% of AMI.
Congratulations to Mission Housing Development Corporation on the financing closing for San Francisco Housing Authority Scattered Sites, a preservation development in San Francisco. The project will contain 69 apartments to be rented to family and senior households earning 30% – 50% AMI.
Mission Housing Citywide Small Sites Portfolio will...
Izaac Garcia Singh has been promoted from Senior Asset Manager to Director of Asset Management this year. Izaac joined Merritt in 2018 and in his new role as Director of Asset Management is responsible for asset management and tax credit compliance of Merritt’s more than $715,000,000 portfolio, and year 15 dispositions. He has over 15 years of...
Ohio Capital Corporation for Housing Asset Managers Anthony Tynan, CPM®, and Ken Shaefer, CPM® will serve as the IREM Columbus Chapter Board President and President Elect, respectively, in 2022.
The Institute of Real Estate Management (IREM®) is an international institute for property and asset managers with a mission of advancing the real...
Merritt Community Capital Ends 2021 Closing Its Largest Fund to Date
January 19, 2022
January 18, 2022 – OAKLAND, CA – Merritt Community Capital, California’s nonprofit investor for affordable housing tax credit equity, closed the final round for Fund XXII in December, raising $137 million, the largest California multi-fund of 2021. Equity raised will finance eleven projects and create 616 affordable homes across California.
National Association of State and Local Equity Funds (NASLEF) Elects New President and Officers
September 13, 2021
The National Association of State and Local Equity Funds (NASLEF) recently elected new officers to serve the association over the next two years. Bob Newman, president of VCDC in Richmond, Virginia accepted the office of president succeeding Bill Shanahan, co-president of Evernorth. Incoming officers include Vice President, Jim Peffley, Chief Strategy...
OCCH Achieves $5.3 Billion in Equity Raised With $312M Closing of Latest Fund
September 10, 2021
(Columbus, Ohio) — Columbus based financial intermediary Ohio Capital Corporation for Housing reached a new milestone with the closing of Ohio Equity Fund XXXI (OEF XXXI) at $312 million. Having secured commitments from 33 investors, including 1 new investor, OCCH has now raised over $5.3 billion in private equity investment...
NASLEF Fund Members Awarded Rapid Response Program Grants for COVID Relief Through the U.S Treasury CDFI Fund
June 16, 2021
Four Member Funds of the National Association of State and Local Equity Funds (NASLEF) received a combined total of $7.2 million in grants through the Treasury’s Community Development Financial Institution (CDFI) Rapid Response Program (CDFI RRP). These funds will help communities recover from the economic impacts of the COVID-19 pandemic by allowing...
Merritt Community Capital Closes Fund XXII, Its Biggest to Date
June 08, 2021
June 8, 2021 – OAKLAND, CA – Merritt Community Capital has closed the first round for Fund XXII, so far raising $102 million that will finance nine projects and create 452 affordable homes across California.
This is the initial close for Fund XXII and Merritt expects to add investors through Q3. Fund XXII has eleven investors, including...
Merritt Community Capital, Giving Back to Strengthen California’s Communities
February 26, 2021
February 26, 2021 — OAKLAND, CA — Merritt is best known for providing equity capital for affordable housing developments throughout California, having financed close to 10,000 homes for nearly 25,000 low-income people and raising nearly one billion dollars over the past thirty years.
But Merritt’s investment in California goes beyond...
Merritt Community Capital Closes $76.5 Million in Fund XXI, Second-Biggest Fund in its History
December 22, 2020
December 22, 2020 — OAKLAND, CA — In a hopeful end to a challenging year, Merritt Community Capital Corporation has closed Fund XXI, which raised $76.5 million in capital for affordable housing throughout California.
Closing the second-biggest fund in Merritt’s history during the COVID-19 pandemic was no small feat, as the year brought...
Changing Lives Through Affordable Housing: Raleigh-Based CAHEC Acquires Boyd Management to Diversify and Expand Reach, Impact
October 01, 2020
Raleigh, N.C., Oct. 1, 2020 – CAHEC, one of the largest nonprofit equity syndicators in the U.S., announces today it acquired Boyd Management, Inc. and its property development arm WWJ, LLC, which oversee...
Five NASLEF Fund Members Receive $3.1 Million in CDFI Fund Awards for the Financial Assistance (FA) Program
September 30, 2020
Five Member Funds of the National Association of State and Local Equity Funds (NASLEF) recently received a combined total of $3.1 million in Financial Assistance (FA) awards through the U.S. Department of Treasury’s Community Development Financial Institution (CDFI) Fund. These awards, received through the CDFI Program, allow these organizations...
Northern New England Housing Investment Fund and Housing Vermont Unite as a Single Entity
September 04, 2020
[Portland, ME and Burlington, VT] – Northern New England Housing Investment Fund (NNEHIF) and Housing Vermont (HV) announced they were uniting as a single entity to serve the low and moderate income people of Maine, New Hampshire and Vermont with affordable housing and community investments. The new regional organization, now named Evernorth, will...
Three NASLEF Fund Members Receive $16.7 Million in CDFI Capital Magnet Fund Awards
February 28, 2020
(February 28, 2020)—Three Member Funds of the National Association of State and Local Equity Funds (NASLEF) recently received a combined total of $16.7 million in Capital Magnet Fund Awards through the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund. The CMF program is funded through allocations...
Fannie Mae Invests $145 Million in LIHTC Funds with NASLEF Member Funds
November 14, 2018
Fannie Mae has committed $145 million to NASLEF Member Funds Cinnaire, Ohio Capital Corporation for Housing (OCCH), and Midwest Housing Equity Group (MHEG) for rural housing development. Please click on the link below to access the article from Affordable Housing Finance.
Bill Shanahan Elected President of the National Association of State and Local Equity Funds
October 23, 2018
The National Association of State and Local Equity Funds (NASLEF) recently elected new officers at the 25th Annual NASLEF Conference held in Boston, Massachusetts. Bill Shanahan, president of Northern New England Housing Investment Fund (NNEHIF) accepted the office of president succeeding Hal Keller, president of Ohio Capital Corporation for Housing....
New Housing Community in Minneapolis Provides Hope for Military Veterans Struggling with Homelessness
September 20, 2017
Veterans East, a 100-unit apartment community, provides onsite support services to help ensure veterans have greater access to health, education and job-training programs
Funding received from many public-private partners, including $5.2 million from UnitedHealth Group and $7.7 million in deferred loan funds from Minnesota Housing
Massachusetts Housing Investment Corporation Finances Preservation of Affordable Housing in Springfield
June 26, 2017
BOSTON, June 26, 2017 – Massachusetts Housing Investment Corporation (MHIC) has closed on an $8.4 million low-income housing tax credit (LIHTC) investment for the preservation of 42 affordable rental apartments in Springfield’s Old Hill neighborhood.
Called St. James Commons, the project is owned and is being rehabilitated by Springfield-based...
Four NASLEF Fund Members Receive $19 Million in CDFI Capital
October 14, 2016
Four Member Funds of the National Association of State and Local Equity Funds (NASLEF) recently received a combined total of $19 million in Capital Magnet Fund Awards through the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund. The CMF program is funded through allocations made from the Government-Sponsored...
Hal Keller Elected President of the National Association of State and Local Equity Funds
October 14, 2016
The National Association of State and Local Equity Funds (NASLEF) recently elected new officers at the 23rd Annual NASLEF Conference held in Portland, Maine. Hal Keller, president of Ohio Capital Corporation for Housing (OCCH), accepted the office of president succeeding Nancy Owens, president of Housing Vermont. NASLEF officers include: Vice President-...
Salvation Army Project Recognized for Historic Preservation (St. Louis Post-Dispatch)
November 05, 2015
Source: St. Louis Post-Dispatch
The Salvation Army’s 3010 Apartments project in St. Louis is getting recognition from the National Trust for Historic Preservation.
It is among 13 projects nationwide honored this week at the 2015 PastForward National Preservation Conference in Washington.
The three-story building at 3010 Washington Boulevard in midtown St....