Attention: You are using an outdated browser, device or you do not have the latest version of JavaScript downloaded and so this website may not work as expected. Please download the latest software or switch device to avoid further issues.
.
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 35 states, NASLEF Active Members raise capital for affordable rental housing developments that qualify under the Low Income Housing Tax Credit (LIHTC) program. Collectively through 2020, member funds have raised over $17.86 billion in equity capital for rental housing developments throughout the country, creating or rehabilitating more than 206,659 units of affordable housing in 4,306 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 continues to score victories in Congress as we seek more resources for affordable housing development to help respond to the nationwide shortage of affordable housing. Most noteworthy in 2020 was the enactment of the minimum 4% tax credit after many years of effort. This will make it much more financially feasible to develop Housing Credit properties using tax-exempt bonds and should be especially consequential in lower income rural states where multifamily bond usage has been financially infeasible. According to an analysis by Novogradac Inc., the 4% minimum credit should increase affordable housing unit production by nearly 130,000 units over the next decade.
Our success obtaining enactment of this provision is testament to the strong bipartisan support the Housing Credit program has been able to generate. In fact, the major Housing Credit legislation the industry has been working on, the Affordable Housing Improvement Act (AHIA), attracted the cosponsorship of 234 members of the House – over half the body – and 42 U.S. Senators in the last Congress.
This level of support does not happen by itself but requires the hard work all parts of the Housing Credit community have devoted to telling the story of affordable housing and the great need for more resources. Of course, only one provision from the AHIA was enacted last year – albeit one of the most important – so we need to build on that success to get more provisions enacted. In that regard, the 2020 elections may prove to be quite important for affordable housing. During the presidential campaign, President Biden put forth perhaps the most ambitious program for affordable housing in the history of presidential contests, including proposing more resources for the Housing Credit program. In addition, we have a new chairman of the Senate Finance Committee, Ron Wyden (D-OR), who has been a strong supporter of the Housing Credit program. Last year, he joined together with the chairman of the House Ways and Means Committee to author major affordable housing legislation that included several changes to the Housing Credit program, some taken from the AHIA.
These changes were included in major infrastructure legislation that passed the House in 2020. That legislation was groundbreaking, not only because it proposed considerably more resources for affordable housing – almost $90 billion over ten years – but also because it established the precedent that affordable housing is an essential part of the nation’s infrastructure and belongs in any major infrastructure bill. Senator Wyden, joined by our main Housing Credit advocate in the Senate – Senator Cantwell – took the affordable housing provisions from the House infrastructure measure an introduced a separate bill, the Emergency Affordable Housing Act of 2020. While these measures ultimately were not enacted into law, they serve as a good basis for legislation in the new Congress.
Now that we are in the 2121 legislative session, the expectation is that there will be a major effort to move an infrastructure bill this summer that will include much of President Biden’s initiatives. We have high hopes that this legislation will once again contain an affordable housing title that will include many of the provisions from the AHIA. Legislating in the Senate is particularly difficult given the 60 vote threshold required to overcome filibusters so the Democratic leadership intends to use a special budget reconciliation process that permits consideration of fiscal measures with a simple majority vote. This was the process used to pass the $1.9 trillion COVID relief bill in March 2021 and the 2017 tax cut bill that reduced the top corporate tax rate to 21% among other items. Even with a simple majority vote, the prospects for enactment of a major infrastructure bill are by no means certain given the 50-50 Senate split and the likely opposition of Republican Senators, but this is our best opportunity.
It is a both a point of pride and a strategic advantage for us that the Housing Credit has always enjoyed bipartisan support and we must work to maintain that status as we continue to engage our elected officials. Inclusion in what may turn out to be a partisan infrastructure bill will not change that situation as long as we continue to work closely with both our Republican and Democratic supporters.
-
Dana S. Boole
President and Chief Executive Officer
CAHEC
Mark McDaniel
President & CEO
Cinnaire
Bill Shanahan, Nancy Owens
Presidents
Evernorth
Stacy L. Sur
Member
Hawaii Housing Finance, LLC
Elizabeth Hibbard
Director of Capital Development
Massachusetts Housing Investment Corporation
Ari Beliak
President
Merritt Community Capital Corporation
Don Sterhan
President
Mountain Plains Equity Group, Inc.
Catherine Cawthon
President & CEO
Ohio Capital Corporation for Housing
John Kennedy
President & CEO
St. Louis/Kansas City Equity Fund, Inc.
Bob Newman
President & CEO
VCDC
Elizabeth Hibbard, Massachusetts Housing Investment Corporation (MHIC)
Elizabeth (Liz) joined MHIC in October 2020 as Director of Capital Development, bringing nearly fifteen years of experience in commercial real estate investing and lending. Before MHIC, she was a Senior Credit Officer at State Street, overseeing Tax Advantaged Investments, and spent four years at Citizens Bank developing a Community Development equity investment platform and a New Market Tax Credit investment structure. Liz also represented Citizens on the AHIC Planning Committee and managed low-income housing properties with a national tax credit syndicator for over five years.
Liz volunteers charitably in her community, serving as Vice Chair of the Norwell Community Housing Trust, on the Board of Trustees/Grant Review Committee for Charlesbank Homes, and on the Board of Overseers for the Boston Children’s Museum. She holds a BA in Political Science with minors in Psychology and Sociology from the University of Massachusetts Amherst.
Catherine Cawthon, Ohio Capital Corporation for Housing (OCCH)
Catherine Cawthon is President and CEO of Ohio Capital Corporation for Housing (OCCH). Previously, she was President of Fifth Third Community Development Corporation, overseeing business development, origination, and asset management for affordable housing, economic revitalization, and job creation projects. Under her leadership, Fifth Third CDC invested over $4.5 billion in more than 500 projects.
At OCCH, Catherine oversees corporate policy, fiscal affairs, investor relations, and housing project development, contributing to over $5 billion in equity for 900+ transactions and 50,000 affordable housing units in Ohio and surrounding states.
Catherine has served on boards such as the Affordable Housing Investor Council, United Way, and the Ohio Community Development Finance Fund. She currently serves on the Ohio Housing Council, the Council for Rural Housing in Ohio’s Advisory Board, and chairs the Joint Columbus and Franklin County Housing Advisory Board.
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 2020 from Member Funds include:
Massachusetts Housing Investment Corporation (MHIC): MHIC operates a Charitable Contribution budget that starts at $127,000. MHIC also purchases MA Community Investment Tax Credits (CITC) each year, the proceeds of which go directly to eligible CDCs. In 2020 MHIC made $479,450 in charitable contributions including $380,800 in CITC contributions purchasing $190,400 in CITCs.
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 2020, CAHEC and the CAHEC Foundation granted $695,102.
Merritt Community Capital Corporation: Merritt leads with mission across California. With the generous support of its investors, at the end of 2020 Merritt donated $350k to all of its 82 property partners to help offset some of the pressures that residents are grappling with, providing assistance to nearly 16,000 people. In addition to direct assistance to tenants, Merritt is investing to create a more just, diverse, equitable and inclusive industry. By partnering with organizations like the California Coalition for Rural Housing (CCRH), LISC LA, Non-Profit Housing Association of Northern California (NPH), San Diego Housing Federation, and Southern California Association of Nonprofit Housing (SCANPH), Merritt supports the major affordable housing internship programs across the state, fostering the industry’s future leaders. Merritt was able to provide over $50,000 in scholarships to local students in 2020 alone, and a cumulative $460,000 over the years.
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, 35 community serving organizations across Cinnaire’s footprint have been awarded a total of more than $70,000. 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.
Evernorth Connections is an initiative launched in 2016 to enhance resident experiences and opportunities by connecting them with outside organizations, resources and activities.
St. Louis Equity Fund, Inc.: The St. Louis Equity Fund awarded grant funding for resident services programs in 2020 for the third year. 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 funds for renovating an onsite beauty salon, activity boxes for senior residents, move-in baskets, catered holiday dinners delivered to resident’s houses and funds to stock a COVID stay safe supply cart. A total of $20,500 was awarded to 19 partners in 2020.
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 $25 million in grants to partners has been awarded since 2012. In 2020, more than $2 million was raised for activities such as economic and rental assistance, scholarships, after-school and summer activities, at-home learning, computers and Wi-fi, senior outreach and engagement, and services for people at risk for homelessness.
The COVID-19 Pandemic has had a devastating impact on the social and economic well-being of low-income renters. With an eviction crisis looming, OCCH and its investors created the Resident Impact Emergency Fund (RIEF) to assist partners and their residents in rent payments to lessen the financial burdens caused by the pandemic. Contributions benefitted organizations aiding those in need and households struggling to pay rent. Rental assistance payments were made to project owners who agreed to forgive nonpayment of rent and forgo evictions.
VCDC:
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:
