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.
For more than 22 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 39 states, NASLEF Active Members raise capital for affordable rental housing developments that qualify under the Low Income Housing Tax Credit (LIHTC) program. Collectively through 2015, member funds have raised over $12.7 billion in equity capital for rental housing developments throughout the country, creating or rehabilitating more than 159,863 units of affordable housing in 3,484 developments.
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.
Ohio Capital Corporation for Housing
St. Louis / Kansas City Equity Fund, Inc.
Massachusetts Housing Investment Corporation
In 2015, NASLEF members raised over $1.2B to finance the development and long term affordability of 11,728 homes in communities all across America. The 12 NASLEF members are active in 39 states where our leadership in affordable housing advocacy, connection with community organizations, and knowledge of local markets result in high quality, strategic community investments, especially in underserved markets.
We met in Kansas City last September and we’ll be in Portland, Maine for our fall conference in 2016. Each year I’m inspired at the meeting by the ingenuity, professionalism and compassion evidenced by our members’ work in their communities. NASLEF members are raising more funds for housing than ever before. While housing is our core strength, members are increasingly leveraging their skills and assets to create impact in other related community developments. NASLEF members are investing in programs that support residents, in renewable energy and efficiency projects that reduce greenhouse gases, in preserving and restoring historic buildings, and in transit-oriented commercial developments and mixed-use projects.
NASLEF members represent approximately 10% of the national Housing Credit market. Our members have invested nearly $9B in affordable housing and $2.25B in other community and economic developments. While much has been accomplished, significant challenges remain. We continue to lose affordable housing from our nation’s stock at a time when more than one in four renter households in the U.S. – roughly 11 million – spends more than half of their income on rent, leaving too little for other necessities like food, medical care, and transportation and we continue to lose affordable housing from our nation’s stock.
The federal Low Income Housing Tax Credit program is our workhorse, efficiently stimulating private investment for public purpose since it was created 30 years ago. The Housing Credit’s flexibility means every state can prioritize the funds to drive private investments to the communities, people and programs where it’s most needed. NASLEF members thrive in this environment where the strength of relationships, depth of community knowledge and commitment to mission matter.
To continue to make progress and improve the lives of millions of rent-burdened households, the Housing Credit needs to grow. NASLEF, along with over 1,300 other organizations, supports expanding the Housing Credit resources so that people in all of our communities can have an affordable home.
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.
Calendar year 2015 was a landmark year for the Low-Income Housing Tax Credit program because we finally were able to achieve enactment of a permanent minimum 9% tax credit rate for allocated housing credits. This success was due to the diligent efforts of a broad coalition of affordable housing advocates across the country, including NASLEF members. However, while we were pleased with the enactment of the minimum 9% credit, we are not able to obtain enactment of the minimum 4% credit for acquisitions. It is difficult to pinpoint the reasons for that failure, especially since there was no cost associated with the provision, but that is the risk we always face in federal tax policy since there are typically so few decision makers in the room when a final deal is negotiated. Undoubtedly there was some misunderstanding about what the provision would do.
Our failure to obtain the minimum 4% credit illustrates the high importance of continuing our outreach efforts to elected officials and their staffs to educate them about the tremendous affordable housing needs in the nation and the very successful record of the Housing Credit program.
For the last few years, the Housing Credit community has mostly been on the defensive as we have worked to make sure that the program is saved if Congress enacts fundamental tax reform legislation. However, now with the prospects for tax reform still quite remote, and with the enactment of the permanent 9% credit, the affordable housing community is now setting its sights on a much more ambitious, long-term goal: the enactment of legislation to greatly expand Housing Credit resources through a 50% increase in the Housing Credit allocation cap.
The industry is undertaking this effort because there is such a huge shortage of resources to deal with ever worsening affordable housing crisis. Today, more than a quarter of all renters pay at least half their income in rent, while only one in four eligible, low-income households receive any form of housing support. The Housing Credit is a key resource but there is just not enough of it. Because of its flexibility states are using the program to address a multitude of housing needs, using tax credits to deal with homelessness, to house special needs populations, to preserve federally assisted housing, and to deal with the overwhelming affordable housing needs of families and the elderly.
There are two ways being considered to achieve this objective: 1) a straight increase in the credit cap phased-in 10 percent a year over five years, and 2) giving states the option of trading in a portion of their private activity bond cap for new Housing Credit allocation cap.
The national, grassroots coalition of more than 1,300 organizations advocating for the Housing Credit program, the ACTION campaign, has undertaken a major national campaign in support of more resources for the program. Sometime during 2016, we expect Senator Maria Cantwell (D-WA) to introduce legislation for a 50% increase in the allocation cap, probably phased-in over a five year period. Meanwhile, Senator Sherrod Brown (D-OH) is working on related legislation to obtain the 50% increase by giving states the option to trade-in a portion of their private activity bond cap. This is a little more complicated proposal but should be politically more feasible since it simply permits states to trade -in one federal resource for another. Both Senators are intending to introduce their bills when they obtain a Republican Senate cosponsor. NASLEF members are active participants in the ACTION campaign and have joined this effort to advocate for more resources, although our membership is more focused at this time on the bond conversion proposal which we believe it is more politically attractive.
We don’t know what the future holds for the Housing Credit program but do know that everyone in our industry must be an advocate for both preserving the program in tax reform and increasing program capacity through a cap increase.
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 resident’s 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.
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
Executive Vice President, Cinnaire
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/Kansas City 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:
Hawaii Housing Finance, LLC
Massachusetts Housing Investment Corporation
Merritt Community Capital Corporation
Midwest Housing Equity Group, Inc.
Mountain Plains Equity Group, Inc.
Northern New England Housing Investment Fund
Ohio Capital Corporation for Housing
St. Louis / Kansas City Equity Fund, Inc.
Virginia Community Development Corporation
Forest Hill Apartments, developed by Mills Construction and MC Morgan & Associates, Inc., is a new construction family community in Lexington, North Carolina. This garden-style development features 88 units, along with a fully-equipped clubhouse including a community room, kitchen, laundry facility, library, and computer lab. In addition to spacious apartments, the community also boasts 11 acres of gorgeous greenspace and walkways for residents, including two playgrounds – one for older children and one for younger children – and several picnic shelters and grilling areas. With another new LIHTC property being built directly across the street, Forest Hill Apartments faced some tough obstacles. Excellent teamwork and communication between all project partners led to a hugely successful final product – both construction and leasing finished far ahead of schedule. Before completion of Forest Hill Apartments, Lexington residents had limited access to affordable housing. Now, 88 families proudly call it home. CAHEC invested more than $7 million in equity in this development.
The Flats Phase I is the first phase of a multi-phase, $100 million project to redevelop The Flats neighborhood on the west side of Wilmington. The community of over 450 residential units will be redeveloped in 7 phases. Built in the early 1900’s as workforce housing for employees of Bancroft Mills, a prosperous cotton mill on the Brandywine River, the old two-story row homes are now in poor condition and functionally obsolete. While the current units have rents that are affordable to lower income families, they are not subsidized and tenant-paid utilities are extremely expensive.
Over a 10+ year time frame, the properties will be demolished (except for the exteriors) and replaced with new, larger, energy efficient units that will have modern features and will be affordable to families making between 30 – 60% of AMI. The historic feel and character of the community will be maintained and signature design features will be incorporated.
Key amenities of the overall project will include significantly reduced energy costs, the preservation of blocks of open green space down the center of the development, common space that will be maintained for the residents (rather than individual yards), a community building, and free Wifi for all residents.
The Flats redevelopment will preserve the legacy of William Bancroft, who was dedicated to giving back to the community in which he lived and worked by providing affordable housing and preserving over 1,000 acres for parkland and open spaces.
The Flats Phase I involves the new construction of 72 units. The project received an award of $1,032,705 in 9% Low Income Housing Tax Credits totaling $10,644,893 in equity and will target households with incomes of up to 30%, 40%, 50% and 60% of AMI:
21 one-bedroom garden-style/flat units with rents ranging from $320 – $749;
5 two-bedroom garden-style/flat units, with rents ranging from $377 – $891; and
6 three-bedroom garden-style/flat units, with rents ranging from $426 – $1006.
The proposed site is in an established area west of downtown Wilmington and is near retail stores, restaurants, parks, a library, museum, apartments, condominiums, single-family homes, public transportation, medical care, social services and public safety services. It is part of the “West Side Grows” revitalization initiative.
Hale Mohalu II Senior apartments is a senior community located in Pearl City, on the island of Oahu in Hawaii. This project is on the grounds of the former Hale Mohalu State residential treatment facility for Hansen’s disease patients. The state operated the treatment facility from 1949-1978. The facility was eventually closed in spite of numerous protest by many in the community, including a young legislator named Neil Abercrombie, who would eventually become Governor several decades later.
Hale Mohalu II Senior apartments provides affordable rental units to for those 55 years and older. A total of 163 one bedroom apartments equipped with emergency pull cords, scenic views, air-conditioning and a multi-purpose building with recreational activities. The project is part of a master planned development that will provide future phases for families as well as seniors.
Housing Vermont and Downstreet Housing & Community Development redeveloped a building in the former Waterbury State Office Complex which was damaged in August 2011 during Tropical Storm Irene. A wing, built in the 1950s, was demolished and replaced by a three-story, 23,000-square foot addition connected to the original building which was extensively renovated in accordance with historic preservation standards. The energy-efficient South Main Apartments provide 12 one-bedroom, 13 two-bedroom and 2 three-bedroom apartments. Twenty-one units are available to households with incomes up to 60% of the HUD area median income (for example, $39,960 for a 3-person household), four units for households with incomes up to 80% of the HUD area median ($53,200 for a 3-person household), and two units are available without income restrictions.
Funding totaling $6.75 million from more than a dozen sources was raised to finance the total development cost. HUD’s CDBG-Disaster Relief program, sponsored by Senator Leahy with support from Senator Sanders and Congressman Welch, provided a critical $1 million loan. Housing Vermont’s Green Mountain Housing Equity Fund V invested nearly $3.7 million in federal housing tax credit equity. Other funding sources included state housing credits, CDBG, HOME and NeighborWorks.
A long vacant high school was transformed into 66 units of affordable seniors housing and a spacious new Senior Center. This $20 million renovation is an essential piece of the Town of Webster’s on-going redevelopment of the downtown area — which also includes a new police station, a proposed new library, Main Street infrastructure improvements, a park on the nearby French River, and expansion of municipal parking.
With a larger than average senior population, the town recognized the need for more affordable seniors housing and a new Senior Center. In 2009, the town chose Neighborhood of Affordable Housing, a developer of multi-use housing based in Boston, to redevelop the school. NOAH worked closely with local and state government to secure funding, build the apartments, and transform the school’s former gym into a 9,300-square-foot Senior Center.
MHIC provided $9.4 million in federal low-income and historic housing tax credit financing for this development. Funding also came from a mix of private and public lenders: MassHousing, the Massachusetts Department of Housing and Community Development, NeighborWorks, CEDAC, Citizens Bank, Selective Insurance and Commerce Insurance.
The new apartments include one- and two-bedroom units, all affordable to seniors earning under 60% of the area median income. The Senior Center, which previously was located in a leaky basement nearby, includes a large multi-purpose room with space to seat over 100 people at meals. An open mezzanine level includes a reading room, computer room, exercise room, art space, hair salon, health office and other amenities. The Center is accessible from within the building for the residents of the new apartments and is open to the entire community.
Amenities include: on-site resident services, computer center, community room with kitchen, conference room, library with gas fireplace, large outdoor terrace, media room, bocce-ball court, community garden and a media room. It is a smoke-free, pet-friendly community close to downtown Auburn. There is a bus stop with shelter at its entrance, as well as ample onsite parking.
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.
Baxter Springs Senior Residences, located in Baxter Springs, Kansas, is an adaptive-reuse of a historic school building. Built in 1918, it was the first purpose-built secondary school in Baxter Springs and served as an educational facility until 2013. Today the building offers 28 affordable units for seniors. These one- and two-bedroom units range in size from 556 to 1,068 square feet. BSSR offers its residents brand new energy efficient appliances, on-site laundry facilities, community spaces, weekly and monthly activities, as well as an on-site manager.
Prairie Fire Development Group, LLC, based out of Kansas City, serves as the developer and the property manager for this project. They most recently were awarded the Innovation in Housing and Community Development Ad Astra Award by the Kansas Housing Resources Corporation for this development.
MHEG’s Fund 40, LP provided $4.4 million in equity.
ParkRidge Townhomes opened its doors in October of 2015 in Williston, North Dakota. Situated in a newly developed subdivision, this 36-unit townhome complex is conveniently located near schools, parks, retail shopping centers and a golf course.
The property is dedicated to serving the housing needs of essential service workers (ESW) and their families, those working in law enforcement, healthcare personnel and employees of the county, city and school district. Consisting of 2- and 3-bedroom units, the two-story townhomes offer a spacious open floor plan, modern fixtures and appliances and an attached 2-car garage.
Sponsored by Mountain Plains Equity Group (MPEG), a number of key participants were involved in the development of this project. In particular, the North Dakota Housing Finance Agency (NDHFA) provided $2 million from the Housing Incentive Fund (HIF) to help finance the development of this $7.2 million complex. The financing terms of HIF monies are very favorable, allowing developers the ability to offer a quality home at a rental rate that is affordable and well within the budget of local workers. Especially in Williston, where rental rates have escalated significantly, these modest rates are helping the community to retain and attract necessary workers.
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.”
Templin-Bradley Co. Lofts is a 30-unit rehabilitation mixed income, adaptive reuse project in Cleveland, Ohio developed by Detroit Shoreway Community Development Organization. The historic building once housed the country’s largest distributor of bulbs and seeds but reopened as mixed income housing in the Gordon Square Arts District. Originally built in 1916 on the neighborhood’s main commercial corridor, the building had been vacant since 2006 and had been steadily deteriorating. The $8 million redevelopment features 18 one-bedroom units, 4 two-story live-work units (lower level open for work space, upper level for living area), and 8 two-bedroom units of family housing. The project includes 15 low income housing tax credit units and 15 market rate units located within a single building.
The rehabilitation of the Templin-Bradley Co. Lofts meets Enterprise Green Communities standards and features several parking spaces (including some secured indoor parking) as well as a common area roof deck. Some of the units contain private balconies, skylights, open-concept floor plans, high-end finishes, exposed brick walls and wood flooring. Each unit includes a refrigerator, garbage disposal, range, dishwasher, microwave, central air conditioning, wood flooring, washer-dryer (in-unit), intercom system, security system, and ceiling fan.
Templin-Bradley Co. Lofts was developed using a combination of Low Income Housing Tax Credits administered through the Ohio Housing Finance Agency (OHFA), federal historic tax credits administered by the Ohio Historic Preservation Office, state historic tax credits administered by the Ohio Development Services Agency, a construction loan through Huntington National Bank, funding from the City of Cleveland, an HDAP loan through OHFA, a grant through the National Endowment for the Arts and the Northcoast Brownfield Coalition, and a predevelopment loan through the Ohio Capital Finance Corporation, and affiliate of OCCH. Equity investment was provided by Ohio Capital Corporation for Housing.
Cottages at Cathedral Square provides much needed affordable housing with supportive services for seniors in the Belleville, Illinois area. The development consists of 32 affordable apartments, half of which are one-bedroom garden style units and the remaining are two-bedroom units. The development is complete with a community room, barber shop, health screening/examination room, a fitness center, gardening spaces and offers a variety of supportive services to the residents. St. Louis Equity Fund is pleased to have worked with the Illinois Housing Development Authority and partnered with the Metropolitan Housing Development Corporation and Touchette Regional Hospital, Inc. on this development.
Crescent Square Apartments serves formerly homeless populations and other low-income individuals through the collaboration of a community-based non-profit and multiple jurisdictions in eastern Virginia. This development, completed in late 2015, is EarthCraft certified for green building and very high energy efficiency. Eight apartments are fully accessible, and the entire building meets Universal Design requirements. Amenities include a, fitness room, a community room with a kitchen, an outdoor patio, a computer room, laundry facilities, a 24-hour front desk and an extensive security system. Virginia Supportive Housing (VSH), the non-profit developer/ owner, provides extensive on-site services to Crescent Square residents, applying their finely honed Permanent Supportive Housing model that has proven successful in preventing homelessness in several earlier developments across Virginia.
Through the Housing Equity Fund of Virginia XVIII, L.L.C., VCDC provided $5.5 million in equity investment involving Low Income Housing and Federal Solar Tax Credits, representing its seventh successful partnership with VSH. Other funding sources include the City of Virginia Beach, the City of Norfolk, Virginia Housing Development Authority, Virginia Department of Housing and Community Development, Federal Home Loan Bank of Atlanta, the Virginia Housing Trust Fund, project-based rental assistance from HUD and several private foundations.