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The National Association of State and Local Equity Funds (NASLEF), is a professional, nonprofit association formed to promote the efficient management of state and local equity funds. Throughout 42 states, NASLEF Active Members raise capital for affordable rental housing developments that qualify under the Low Income Housing Tax Credit (LIHTC) program. Collectively through 2019, member funds have raised over $16.9 billion in equity capital for rental housing developments throughout the country, creating or rehabilitating more than 201,125 units of affordable housing in 4,175 developments.
OUR MISSION
NASLEF’s mission is to promote a greater understanding of tax credit and other financing programs, to advocate for community development resources and to encourage the professional development of its member organizations all in support of the communities we serve. Our work is fueled by our members’ leadership in affordable housing advocacy, connection with community organizations, and knowledge of local markets. These organizational attributes enable NASLEF members to invest capital in strategic community endeavors, especially in underserved markets.
OUR IMPACT
NASLEF Active Members are visible in the communities they serve by providing affordable housing opportunities, strengthening neighborhoods, and impacting the lives of residents. Many member funds have developed philanthropic affiliates and foundations that fund programs that assist residents socially, economically, and educationally. Member funds also provide value-added services to development partners in the areas of technical assistance, training, engaging in local and state housing policy groups, and providing lending opportunities as certified CDFI organizations.
NASLEF member funds will continue to lobby for the continuation of the most successful affordable housing program in the nation. Fund members will continue to raise capital to provide affordable housing options for families, seniors, individuals, and special needs populations. NASLEF will continue to be a local presence with national impact on affordable housing.
Robert Rozen
The Low-Income Housing Tax Credit community made huge progress during 2019 in our efforts to build support for affordable housing while at the same time working to obtain cosponsors for legislation to expand and strengthen the Housing Credit program. Last June, the Affordable Housing Credit Improvement Act of 2019 (AHCIA) was reintroduced in both the Senate (S. 1703 by Senators Cantwell (D-WA) and Young (R-IN)) and the House (H.R. 3077 by Congresswoman DelBene (D-WA) and Congressman Marchant (R-TX). As I write this in March of 2020, the House version of the bill has now obtained cosponsorship of more than half the members of the House of Representatives, 221 of the 435 Representatives.
That level of congressional support is a testament both to the hard work of the affordable housing community and the seriousness of the affordable housing crisis in our nation. Indeed, in my long experience working on affordable housing policy at the federal level I have never seen such level of support and concern for affordable housing issues.
That is in large part due to the extent of the affordability crisis which exists across the county in every state. Prior to the coronavirus outbreak, strong economic conditions produced low unemployment rates that heated up housing markets. Yet economic gains have been uneven and incomes of those at the bottom have not improved sufficiently to enable them to afford higher rents.
According to the National Low-Income Housing Coalition, extremely low-income renters in the U.S. face a shortage of 7 million affordable rental units. Only 36 affordable homes exist for every 100 extremely low-income renter households. This has led to more than seventy percent of the nation’s approximately 11 million extremely low-income renter households to be severely housing cost-burdened, spending more than half of their incomes on rent and utilities. While the problem is most acute for the lowest income, the crisis is broader than that. According to the latest Harvard Joint Center on Housing Studies report, “vacancy rates are at decades-long lows, pushing up rents far faster than incomes. Both the number and share of cost-burdened renters are again on the rise, especially among middle-income households.”
Policymakers are increasingly aware of this situation and more inclined to act now than we have seen in the past. Indeed, almost every Democratic presidential primary candidate proposed robust affordable housing programs at a scale and cost that may be unprecedented. Almost all of those campaign proposals included increases in the Housing Credit program.
While the level of support for more Housing Credit resources is clearly a function of the overwhelming need for more affordable housing, it is also a testament to the sterling record we have been able to develop for the program as an effective and highly flexible means of providing affordable housing to fit diverse needs in varying geographies. The great success of the program –m serving rural, suburban and urban areas by providing housing to special needs populations, the elderly, the homeless, families and now increasingly public housing residents – gives elected officials a strong reason to support the program. This success is not by accident; it is a result of a positive role that each part of the industry plays – from housing finance agencies, to credit syndicators, developers, property managers, and industry consultants.
Each of us can be proud of the contributions we make toward making the Housing Credit program a success. But, of course, as we so often say, we cannot be satisfied with our strong record so far. We can’t assume election officials are automatically aware of how great the Housing Credit program is. We must continue to run the best program possible to serve families in need with quality affordable housing while also educating elected officials on both the overwhelming need for more resources and why the Housing Credit is a major part of the answer.
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Dana S. Boole
President and Chief Executive Officer
CAHEC
Mark McDaniel
President & CEO
Cinnaire
Stacy L. Sur
Member
Hawaii Housing Finance, LLC
Nancy Owens
President
Housing Vermont
Peter Sargent
Director of Capital Development
Massachusetts Housing Investment Corporation
Ari Beliak
President
Merritt Community Capital Corporation
John Wiechmann
President
Midwest Housing Equity Group, Inc.
Don Sterhan
President
Mountain Plains Equity Group, Inc.
Bill Shanahan
President
Northern New England Housing Investment Fund
Peg Moertl
President
Ohio Capital Corporation for Housing
John Kennedy
President & CEO
St. Louis/Kansas City Equity Fund, Inc.
Bob Newman
President & CEO
VCDC
Ari Beliak joined Merritt Community Capital Corporation as President and CEO on July 29, 2019. Previously, he was a Senior Vice President at Bank of America Merrill Lynch, leading a team in Community Development Banking that provided debt and equity solutions to affordable housing developers in Northern California, Nevada, and Colorado. Ari was instrumental in reestablishing the bank's leadership in affordable housing in Northern California, expanding into Nevada, and driving Bank of America’s $2.2 billion financing for the San Francisco Rental Assistance Demonstration project. Ari has also focused on attracting professionals to affordable housing through the Bank of America Low-Income Housing Challenge and supporting industry leadership and mentorship programs. In 2016, he was named a “Top 40 under 40” by the San Francisco Business Journal. His previous experience includes roles at Sidley Austin LLP, Wells Fargo Bank, and A.T. Kearney. He holds an undergraduate degree from UC Berkeley and a JD/MBA from UC Hastings College of Law and UC Berkeley’s Haas School of Business.
Welcome to NASLEF, Ari!
There are two levels of membership in the NASLEF association: Active Member and Corporate Member. If you are interested in becoming an Active or Corporate member, please review the eligibility information below to ensure your organization qualifies. Membership in NASLEF must be approved by the NASLEF Board of Directors. We thank you for your interest in NASLEF and encourage you to submit an application. If you have any questions, please contact MARY KAY MEAGHER, NASLEF Executive Director.
PORTFOLIO OF HOMES BUILT
EQUITY RAISED
RESIDENT VOICES
NASLEF member funds not only invest in affordable housing communities but also invest in the residents who live in our communities. We know that providing safe, decent, affordable housing is a catalyst to revitalizing neighborhoods and stabilizing lives. We help provide supportive services that link residents to health, education, and employment services that will impact their lives socially, educationally, and economically.
Our residents value their housing and their lives are impacted daily by what it means to have a safe, stable place to call home.
UNITS BUILT
NASLEF MISSION: VALUE-ADDED TO PARTNERS
While raising capital to provide affordable housing opportunities is our core business, NASLEF member funds also actively provide value-added services to our partners in the industry. Many member funds serve vulnerable populations by investing resources into programs and activities that impact residents’ lives. Member funds have developed philanthropic affiliates and foundations that fund programs that assist residents socially, economically, and educationally.
Examples for 2019 from Member Funds include:
Massachusetts Housing Investment Corporation (MHIC): MHIC operates a Charitable Contribution budget that starts at $25,000. MHIC also purchases MA Community Investment Tax Credits (CITC) each year, the proceeds of which go directly to eligible CDCs. In 2019 MHIC purchased over $310,000 in CITC’s.
The CAHEC Foundation: As an affiliate of CAHEC, the CAHEC Foundation offers wellness and education initiatives to residents living in areas that CAHEC serves. In addition to CAHEC’s current menu of Community Investments grants, the CAHEC Foundation creates opportunities that go beyond affordable housing to help residents receive the critical resources they need to succeed. In 2018, CAHEC and the CAHEC Foundation granted $735,202.
Merritt Community Capital Corporation: Merritt concentrates on funding educational research into affordable housing and supporting students who either lived in affordable housing or are interested in joining the industry post-graduation. In 2019, Merritt supported San Francisco State and Cal State Easy Bay with approximately $65,000.
Cinnaire staff members developed and launched Cinnaire Cares in 2017 as a companywide 100 percent staff funded and driven charitable program. Cinnaire Cares provides an opportunity for staff members to directly support Cinnaire’s mission by contributing twice monthly to a fund established to benefit staff nominated charities. Since 2017, 25 community serving organizations across Cinnaire’s footprint have been awarded a total of more than $54,000. In addition to contributing to Cinnaire Cares, Cinnaire staff have unlimited paid time off to volunteer their time to serve non-profits and charities that align with their personal missions.
Housing Vermont: HV Connections is a five-year imitative that Housing Vermont launched in January 2016 to enhance resident experiences and opportunities by connecting them with outside organizations, resources and activities. In 2019, HV Connections focused on food security and sustainability.
In recognition of the significant impact community gardening has on community building and well-being, in 2019 HV Connections contracted with the Vermont Community Garden Network to provide coordination of gardening and social enrichment activities at 7 developments, 3 of which have never had gardens previously.
The University of Vermont Extension’s Expanded Food and Nutrition Education Program provided cooking and nutrition classes to residents at two Housing Vermont sites. With an emphasis on nutritious cooking with limited financial resources, residents developed strategies for stretching their grocery dollars to purchase healthy foods and how to cook for even the pickiest of eaters.
A resident-created food shelf at an apartment site in St. Johnsbury, VT nearly closed in 2018 before HV Connections was able to step in to provide enough funding to sustain the food shelf through 2021. The food shelf is 100% resident managed and provides convenient access and hours in a community room on site.
St. Louis Equity Fund, Inc.: The St. Louis Equity Fund awarded for the second year $15,000 in grant funding for resident services programs in 2019. Grants of up to $2,500 were awarded to the Equity Fund’s 501(c)(3) non-profit managing and development partners who demonstrated a need for items and programs such as exercise equipment, computers, rent and utility assistance, home buyer education workshops and assistance with job training.
Ohio Capital Corporation for Housing (OCCH’s) philanthropic affiliate, the Ohio Capital Impact Corporation, funds programs targeted to neighborhoods and residents where OCCH has investments in affordable housing. More than $24 million in grants to partners has been awarded since 2012. In 2019, more than $3 million was raised for activities such as summer camp for residents’ children, youth empowerment, senior engagement, and the Jerry Grier Scholarship program, which assists residents with post-secondary education.
Other funding includes:
Member funds engage development and management partners by providing opportunities for training and education on a regular basis. Examples include:
Member funds recognize that importance of providing technical assistance to partners navigating HUD and Housing Finance Agencies programs. Assistance is given in:
Member funds are actively involved in state and federal housing policy issues, engaging lobbyists, and serving on:
Member funds focus on raising capital and providing equity for affordable housing development and preservation. Many funds also offer loan products or operate a Certified Development Financial Institutions Program that offers:
