For more than 21 years, the National Association of State and Local Equity Funds (NASLEF) has operated as 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 2014, member funds have raised over $11.5 billion in equity capital for rental housing developments throughout the country, creating or rehabilitating more than 149,562 units of affordable housing in 3,262 developments.
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.
Ohio Capital Corporation for Housing
St. Louis Equity Fund, Inc.
Delaware Community Investment Corporation
Massachusetts Housing Investment Corporation
NASLEF’s local presence and national impact is strong and growing stronger. Last year, we celebrated our 25th anniversary at our annual conference in Savannah, Georgia where more than 250 member staff, investors and other housing professionals came together to learn from each other and reinforce our ties. That’s a key piece of business for NASLEF, because our success comes directly from connecting local communities with equity to build, renovate and preserve affordable rental housing.
The 14 active NASLEF members share a common affinity. NASLEF members know the communities we serve, actively participate in state and national housing policy discussions, provide training and support within our states to strengthen property managers and developers, offer grants and scholarships for programs and residents, and provide leadership to strengthen the country’s most successful affordable housing program—the Low Income Housing Tax Credit (LIHTC). We work consistently with the developers, managers and investors in the communities we serve to assure that housing for low income households is of the highest quality.
The Low Income Housing Tax Credit program represents the best of what public-private partnerships can do to create affordable housing and help revitalize distressed neighborhoods. Our accomplishments are impressive. This past year NASLEF members operated in 42 states, raising $1.15 billion from investors and closing $1.2 billion in equity into 186 properties with 9,411 apartments. Collectively through 2014, member funds have raised over $11.5 billion in capital, creating more than 149,562 affordable homes.
The Housing Credit program has proven to be effective, efficient and accountable. NASLEF, like many of our peer organizations, supports changes to the program which increase our ability to end the housing crisis. This enviable record cannot be tossed aside in any large scale discussion of tax reform. Restricting or eliminating the Housing Credit will have far-ranging and damaging consequences. Safe, decent, and affordable housing is the foundation of strong families and sustainable communities. We all know people who have trouble making ends meet each month, or maybe we’ve had our own struggles with poverty or mounting debts. When that happens it’s hard to find room in our lives beyond what’s necessary to get by each day. It’s only when our basic needs are met, when we have enough, that each of us can give something back to the world. By building long term relationships with developers and investors, NASLEF members create affordable housing and make investments in community development. Our work helps people and places prosper and participate in the economic and community life of America. And we all benefit from that.
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.
The tax legislative front has been on somewhat of a holding pattern the last few years as Congress continues to focus on comprehensive tax reform while periodically taking action to extend the several dozen expiring tax provisions. The Housing Credit is in the middle of these debates and members of NASLEF have been actively engaging Members of Congress to protect affordable housing. Although the major issues have not changed, there was notable action in 2014 on both tax reform and the extension of the expiring provisions.
The Housing Credit program is a key issue in the expiring provisions because the minimum 9% credit is a temporary provision that must be extended. It was in effect from 2009 to 2013 but expired in 2014 along with the several dozen other tax provisions. In the past, Congress has permitted these provisions to expire for several months before passing legislation to extend them back to the beginning of the year and forward for year. In 2014, however, Congress acted in late December and only extended them back to the beginning of the year. They are not in effect for 2015.
Since Congress is not likely to act on this until much later in the year, this means that there will be no minimum 9% credit for the Housing Credit program in 2015. This is the case in spite of the great efforts the industry has made in getting Members of the Senate and House to cosponsor legislation establishing both a minimum 9% credit and a 4% credit for acquisitions. The problem we have is that in spite of the strong support this issue has, we are caught up in the larger debate over the treatment of expiring tax provisions; they all move together or not at all.
The most notable activity on the tax reform front in 2014 was the release of a comprehensive tax reform bill by Dave Camp, the Chairman of the House Ways and Means Committee, and his Republican committee members. This legislation proposed the elimination of scores of special tax rules including repeal of 33 of the 36 business tax credits in the tax code. The affordable housing community achieved a great victory when the Housing Credit was one of the three business credits that would be preserved, along with the R&D credit and a tax credit for the cost of complying with the Americans with Disabilities Act.
This showed the strong support the program has among Republican members of the Ways and Means Committee. Nevertheless, the bill was an important lesson for the industry because even though we were successful in preserving the allocated credit program, other provisions in the bill would have decimated the program. The bill proposed to eliminate multifamily housing bonds, eliminate acquisition credits, repeal the 130% basis boost rules, increase the credit period from 10 years to 15 years, and make other changes that would severely undermine the program.
With the assistance of NASLEF, the Housing Credit community prepared a detailed response to the Camp tax reform bill and met with elected officials and their staffs, both to thank them for saving the 9% allocated credit and to make sure they fully understand the disastrous consequences of the other provisions. This activity around tax reform points out once again why it is so important for NASLEF members to actively engage their elected officials, both on the broad details of the program and the specific details.
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.
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:
President and Chief Executive Officer, CAHEC
President, Delaware Community Investment Corporation
Director, FAHE Capital Corporation
President/CEO, Great Lakes Capital Fund
Member, Hawaii Housing Finance, LLC
President, Housing Vermont
Director of Capital Development, Massachusetts Housing Investment Corporation
President, Merritt Community Capital Corporation
President, Midwest Housing Equity Group, Inc.
President, Mountain Plains Equity Group, Inc.
President, Northern New England Housing Investment Fund
President, Ohio Capital Corporation for Housing
President/CEO, St. Louis Equity Fund, Inc.
President & CEO, Virginia Community Development Corporation
Stacy Sur, Member
3465 Waialae Avenue, Suite 300
Honolulu, Hawaii 96816
Telephone: (808) 738-0800 x 202
Fax: (808) 738-0802
2321 Weldon Parkway
St. Louis, MO 63146
Telephone: (866) 760-6000
Fax: (614) 365-2499
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. We will contact you soon with more information about joining NASLEF. If you have any questions, please contact Sabrina Moreno, NASLEF Executive Director, at firstname.lastname@example.org.
An Active Member is defined as:
Active Member benefits include:
A Corporate Member is defined as:
Corporate Member benefits include:
Alabama, District of Columbia, Florida, Georgia, Kentucky, Maryland, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, West Virginia
Delaware, Maryland, New Jersey, Pennsylvania
Illinois, Indiana, Michigan, Minnesota, Mississippi, New York, Wisconsin
Connecticut, Massachusetts, Rhode Island
Arkansas, Colorado, Iowa, Kansas, Missouri, Nebraska, Oklahoma, South Dakota, Texas
Colorado, Montana, North Dakota, South Dakota, Wyoming
Maine, New Hampshire
Indiana, Kentucky, Ohio, Pennsylvania, West Virginia
Illinois, Kansas, Missouri
Brentwood Place, developed by the nonprofit team of In-Fill Housing, Inc., and Tapestry Development Group, is a new construction family community in Forsyth, Georgia. This garden-style development features 79 units, along with a fully-equipped 3,300 square foot community center with a game room, fireplace, kitchen, laundry facility, and covered porch. In addition to spacious apartments, the community also boasts gorgeous outdoor space for residents, including a playground and covered pavilion with a grilling area. Nestled on a 10-acre site just a few blocks south of the city square, Brentwood Place is the first LIHTC development in Forsyth – a thriving small town of working families located in one of Georgia’s most desirable school districts. With very few vacancies at both conventional and affordable properties in the market, this small city had a big need for housing. Surpassing estimates, it took just five months for 79 families to call Brentwood Place home. CAHEC invested more than $6.5 million in equity.
The Market Street Apartments project, located in Wilmington, Delaware, involves the adaptive reuse of three historic commercial buildings located in the heart of Wilmington’s Market Street Historic District. The mixed-income development will include 76 new residential units, with 61 units reserved for working professionals with moderate to low-incomes. The remaining 15 units will be rented at market rate. Market Street Apartments will be specifically marketed as an affordable housing alternative to professionals working in the education system, as typical teacher salaries are within the qualifying limits of these affordable housing units. While targeted to education professionals, Market Street will be open to all individuals meeting the leasing criteria. The development team is led by BPG Real Estate Services (BPG) and Ingerman Management. BPG has been involved in the redevelopment of ten buildings on a less than ½ mile stretch on Market Street surrounding the development and has been at the forefront of the redevelopment of Wilmington. Delaware Community Investment Corporation (DCIC) provided $9 million of equity through Housing Tax Credits and partnerships with the private sector. Market Street is the first development to receive funding from DCIC Capital Fund I, the first Delaware-focused equity investment fund formed since DCIC became part of Great Lakes Capital Fund in late 2013.
The Main Cross Apartments consists of 51 units, 28 one-bedroom, 23 two-bedroom units. All apartments have one bathroom. The complex also has common space including a community room, management and maintenance offices, a common kitchen, and lounge areas on several floors. The total area of the project is 55,098 square feet.
Central Park Towers, a senior affordable housing development, includes the renovation of an 11 story building as well as the new construction of a 6 story adjacent building located in Elgin, Illinois. The development, one of the nation’s largest Rental Assistance Demonstration, or RAD, project, will yield 150 affordable housing units and 14 market rate units. The $33 million project took intensive, dedicated work from various partners. Primary funding for the project came from the Illinois Housing Development Authority’s Housing Tax Credit program and Great Lakes Capital Fund (GLCF), who provided over $14 million in equity. GLCF also provided a Tax Credit Bridge Loan in the amount of $10.5 million. Capital Fund Services (CFS), a GLCF-family company, worked with Love Funding to secure a mortgage through the U.S. Department of Housing and Urban Development/Federal Housing Administration. Additionally, CFS provided a predevelopment loan for the development. Title work for Central Park Towers was provided by Capital Fund Title Services.
Mohouli Heights Senior Phase I is located on 16 acres in Hilo, Hawaii. The project sits on a 6-acre site featuring lush tropical foliage and lava rocks. Comprised of 11 residential buildings and a community gathering area, the entire project is interconnected by covered walkways to provide rain and sun protection.
Phase I consists of 60 576-square-foot rental units. Additional amenities include activity and meeting rooms, gardening areas, on-site parking and laundry rooms. A portion of the master plan will be used for the Hilo Adult Day Care Center.
Housing Vermont partnered with The Champlain Housing Trust to develop Harrington Village, a new neighborhood comprised of five apartment buildings providing a total of 42 spacious, mixed-income family apartments as part of the master plan for a 22-acre parcel located in the heart of Shelburne. Harrington Village shares the parcel with 36 senior apartments and four Habitat for Humanity homes. The project also preserved 13 acres along the LaPlatte River.
LIHTC equity provided $6.3 million of the $10.7 million total development costs. Other sources of funds for Harrington Village included NeighborWorks America, Vermont Housing and Conservation Board, Vermont Department of Housing and Community Development, Town of Shelburne, and several energy efficiency funds. Harrington Village opened July 2014 to strong demand.
This new, mixed-use building is the first phase of the $250 million transformation of Boston’s Jackson Square, a neighborhood that was bulldozed 40 years ago in the name of urban renewal. Immediately adjacent to an MBTA station, the property is a six-story building with 103 units of mixed-income rental housing (35 of which are affordable), 16,200 square feet of commercial/retail space on the ground floor, underground parking, and attractive landscaping. MHIC provided $4.6 million in low-income housing tax credit financing, and $325,000 in predevelopment financing and $5.4 million in New Markets Tax Credit financing for the commercial portion. The Community Builders developed the housing component and Mitchell Properties developed the commercial part. Financing for 225 Centre Street housing also came from MassHousing, the state Department of Housing and Community Development and the City of Boston..
Drasnin Manor is an acquisition/rehabilitation project of 26 family units with ground floor retail space in the lower San Antonio neighborhood of East Oakland. The East Bay Asian Local Development Corporation (EBALDC) is the developer, guarantor and property manager of Drasnin Manor.
There are three one-bedroom, nine two-bedroom and 14 three-bedroom units. Drasnin Manor consists of two and three story buildings centered around a courtyard with a community room, manager’s office and laundry room. Resident services will include an on-site service coordinator provided by EBALDC to coordinate services, classes and programs. Drasnin is conveniently located near various major bus and transit lines.
The property will be financed using tax-exempt bonds placed with Citibank, significant soft debt from the City of Oakland, HCD and an AHP loan from Citibank along with proceeds from 4% LIHTC purchased by Fund XIV. Twenty-five of the units will have Project Based Section 8 provided by the Oakland Housing Authority. Merritt Community Capital Fund XIV invested over $2,700,000 in the project.
MHEG was honored to partner with the Stephen Center and J. Development Company to develop the Pettigrew Emergency Shelter and Permanent Supportive Housing. The Pettigrew facility was carefully and thoughtfully planned out to ensure the continued success of the Stephen Center’s mission. This brand new facility offers so much for those in need in the Omaha community.
The ground level will provide emergency shelter for men, women and families. This level will also have a large cafeteria and kitchen, free pantry, children’s playroom, laundry facility, storage rooms and offices. The street level will house more administrative offices, as well as a wellness center for caseworkers, meeting rooms, a completely kids’ room and a computer center. The second and third floors will offer 62 permanent supportive housing units (comprised of studio, one, two and three-bedroom units), tenant lounges and more laundry facilities. MHEG provided $7.3 million in low-income housing tax credit financing.
Aspen Place Apartments opened its doors in November of 2014, offering a quality new housing option for low-income seniors in Missoula, Montana. Conveniently located at 2500 Great Northern Avenue, this 3-story, 36-unit apartment complex features a modern and efficient design. Public transportation is right outside the front door and the complex is within walking distance of several retailers, banks, restaurants and a movie theater, as well as close proximity to a hospital and post office.
Aspen Place offers 24 1-bedroom units and 12 2-bedroom units; each unit is equipped with central air and heat, full set of appliances, including a washer/dryer set. Residents have access to the on-site community room/kitchen, exercise room, library, garden and walking path. Aspen Place is the first low-income housing tax credit project for seniors to be built in Missoula in several years. Allocated through the Montana Board of Housing, the tax credits were instrumental in the financing of this project. The overall financing package was arranged by Mountain Plains Equity Group Inc. (MPEG), with special thanks given to First Interstate Bank. FIB is the equity investor, as well as the lender for both the construction loan and the permanent mortgage.
Aspen Place is owned by District XI Human Resource Council, Inc. The development team consists of Paradigm V2 Architects, Howard Construction, and Sparrow Management as the property manager. A great collaborative effort by local talent to address senior housing in Missoula, Montana!
Campbell Creek Village is a 36 unit mixed use community located in coastal Boothbay Harbor, ME. The project was an occupied rehabilitation of two existing complexes in total disrepair, some residents living in squalor. Community Housing of Maine (CHOM), a non-profit organization providing advocacy, supportive housing, community inclusion, and stability to homeless and special needs populations across the state, is the developer. CHOM, local community members and organizations, construction and property management and the financial investment of NNEHIF and TD Bank, together transformed not only the living conditions of the existing tenants but created a comfortable and safe haven for all that reside here. Holly Stover from the Maine Department of Health and Human Services said, “For the first time in this place, people are proud of where they live.”
The Commons at Madeline Park in Akron, Ohio involves the $10.5 million construction of 60 one-bedroom units designed to house individuals who are homeless or have special needs. OCCH provided an equity investment of $7.8 million to the project. Developed by Testa Enterprises, Inc. and Community Support Services, The Commons at Madeline Park features on-site 24 hour staff, a two-story great room, a community kitchen/dining room, security cameras, laundry facilitates, storage facilities, case management and interview rooms, a medical exam room, and on-site store. The Commons at Madeline Park also features outdoor sitting areas and a Butterfly Healing Garden.
Each furnished one-bedroom apartment includes an accessible kitchen with a range and refrigerator and full bath. Units also contain an intercom, central air-conditioning, internally monitored security system, emergency call buttons, and window coverings. Community Support Services provides case management support for the development.
The Commons at Madeline Park was developed using a combination of Low Income Housing Tax Credits and an Ohio Housing Trust Fund loan administered through the Ohio Housing Finance Agency (OHFA), a construction loan through FirstMerit Bank, HOME funds through the City of Akron, and a Development Supportive Housing Program grant through the U.S. Department of Housing and Urban Development.
The Salvation Army’s Harbor Light facility at 3010 Washington Avenue was transformed into 58 one-bedroom apartments, all of which are rent-restricted and serve low to very low-income adults emerging from homelessness in St. Louis, with a special preference for veterans. This development is the second phase of a five-phase development located on The Salvation Army’s Midtown Development Campus. The first phase, The Salvation Army Veterans Residence, was also a St. Louis Equity Fund investment.
Future phases of the Midtown Development Campus include:
This investment represents the third partnership between St. Louis Equity Fund and The Salvation Army.
The Warwick Hotel, in Newport News, Virginia, was built in 1928 and now serves as an 88 single-room occupancy residence providing affordable permanent supportive rental housing for formerly homeless persons. The Warwick, as it is called today, was the 2014 J. Timothy Anderson Award recipient for Excellence in Historic Rehabilitation. The rehabilitation of the Warwick meets EarthCraft standards and is 50% more energy efficient than the 2004 International Energy Conservation Code. Total development costs for the project was $8.9 million. Funding sources include $1.1 million state historic tax credit equity and $6.7 million in tax credit equity funding from VCDC.