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Local Presence, National Impact

For more than 24 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 41 states, NASLEF Active Members raise capital for affordable rental housing developments that qualify under the Low Income Housing Tax Credit (LIHTC) program. Collectively through 2016, member funds have raised over $13.8 billion in equity capital for rental housing developments throughout the country, creating or rehabilitating more than 173,488 units of affordable housing in 3,685 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.

NASLEF Staff

Michelle Foster

Executive Director

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Michelle Foster

Executive Director

    Board Members

    Hal Keller

    Immediate Past President

    Ohio Capital Corporation for Housing

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    Hal Keller

    Immediate Past President

      Bill Shanahan

      Vice President

      Northern New England Housing Investment Fund

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      Bill Shanahan

      Vice President

        John Kennedy

        Treasurer

        St. Louis Equity Fund, Inc.

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        John Kennedy

        Treasurer

          Jim Peffley

          Secretary

          Cinnaire

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          Jim Peffley

          Secretary

            Nancy Owens

            Immediate Past President

            Housing Vermont

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            Nancy Owens

            Immediate Past President

              President's Message

              Hal Keller

              NASLEF President

              Despite the market disruption in late 2016, last year was a successful one for NASLEF members. NASLEF members raised over $1,180,900 to finance the development of 11,728 homes in communities all across America. The 12 NASLEF organizations are active in 41 states where our leadership in affordable housing advocacy, connection with community organizations, and knowledge of local markets creates high quality, strategic community investments, especially in underserved markets.

              We had a wonderful conference last fall in Portland, Maine hosted by the Northern New England Housing Investment Fund and look forward to our 2017 conference in Indianapolis, Indiana hosted by Cinnaire.

              Over the years NASLEF members have grown, diversified and found new ways to serve their development and investment partners, residents and communities. New Market Tax Credits, loan products, enhanced technical assistance and training and philanthropic grants are just some of the expanded services members offer. And each organization is actively engaged in state and local housing and community development initiatives.

              Collectively NASLEF members represent about 10% of the national Housing Credit market, having raised and invested nearly $13.8 B 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. The Housing Credit is the key federal resource to increase the supply of affordable housing and recapitalize existing affordable developments. Administered on the state level, this program has shown to be flexible and resilient with a long track record of success with few failures. State designed allocation plans work well with NASLEF members’ focus on local needs and relationships. NASLEF has and will continue to work with others to preserve and expand the housing credit during the debates on comprehensive tax reform. NASLEF will continue to be a local presence with national impact on affordable housing.

              We look forward to working with our local and national partners in 2017!

              2016 NASLEF Directors

              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

              Bernard T. Deasy

              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

              Hal Keller

              President

              Ohio Capital Corporation for Housing

              John Kennedy

              President & CEO

              St. Louis/Kansas City Equity Fund, Inc.

              Bob Newman

              President & CEO

              Virginia Community Development Corporation

              Membership Opportunities

              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.

              Active Member

              $2,600 + FTE (Full-Time Employees)

              An Active Member is defined as:

              Any organization whose principal employment is that of a regional, state or local equity fund not solely controlled by or managed by a national fund, consultant or third party.

              NASLEF Active Members pay a base fee of $2,600 yearly and an additional yearly amount based on the number of Full-time employees (FTE) within the organization.

              1-10 FTE’s $2,600

              10-24 FTE’s $6,500

              24 + FTE’s $13,000

              Active Member benefits include:

              Association voting privileges.

              Listing of company information in NASLEF’s Membership Directory, website, and other NASLEF publications.

              Participation in networking opportunities, IRR-seminars, special asset management sessions, annual conference, and Executive Director’s meeting.

              Eligibility for service as a Director or Officer on the NASLEF Board.

              Apply Today

              Corporate Member

              $2,500

              A Corporate Member is defined as:

              Any government agency, corporation, syndicator, professional association, broker, consultant, attorney, accountant, or other individual having a professional interest and involvement in the Low-Income Housing Tax Credit (LIHTC) program.

              A national equity fund or consultant actively engaged in the management or co-management of a state or local equity fund.

              Any investors in Active Member funds and state housing finance agencies.

              Corporate Member benefits include:

              Advantageous networking/business opportunities via access to 12 Equity Fund Members in 42 states.

              Listing of company information in NASLEF’s Membership Directory and website.

              Networking/training opportunities in LIHTC at the NASLEF Annual Conference.

              Opportunities to promote your business to the industry.

              Contact with peers who network with specific state industries.

              Apply Today

              Portfolio of Homes Built

              FL CA PA NY DE MD MS IN MI WI MN IL OH ME NH VT MA RI NJ CT WV VA KY NC SC GA AL TN AR MO IA ND SD NE KS CO WY MT OK TX HI1 HI2 HI3 HI4 HI5 HI6

              CAHEC

              Cinnaire

              Hawaii Housing Finance, LLC

              Housing Vermont

              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

              Fund Portfolios

              CAHEC

              Belle Summit Apartments – Richmond, Virginia

              Belle Summit Apartments, developed by Resource Housing Group, Inc. and Landbridge Development, LLC, is a new construction community for families in the Old Manchester Redevelopment Area of Richmond, Virginia. This podium-style development has an urban feel; a gated parking garage sits below 50 residential units that boast skyline views of downtown Richmond and the James River. In addition to high-quality, modern apartments, the community features a technology center, a wellness center, meeting space, and a laundry room. Although the construction of Belle Summit Apartments faced several snags along the way – everything from timing issues to permitting difficulties – excellent teamwork between project partners led to a successful final product. This emerging part of Richmond has continuously faced a high demand for affordable housing. With the completion of Belle Summit Apartments, 50 additional families can now proudly call this great community home. The development adds to the success of a much larger revitalization plan for this up-and-coming area. CAHEC invested more than $6 million in equity in this development.

              Cinnaire

              Pleasant Prospect Homes – Grand Rapids, Michigan

              Pleasant Prospect Homes is a 90-unit affordable rental community comprised of 45 scattered site, duplex homes in Grand Rapids, MI. 30 of the homes were existing structures that underwent significant renovation. An additional 15 duplex homes were infill developments, constructed in place of vacant lots and deteriorated buildings. Of the 90 affordable units, 23 are reserved for Permanent Supportive Housing that targets homeless, chronically homeless or special needs households. The project¹s sponsor, Inner City Christian Federation (ICCF), also renovated a vacant building, converting it to a community space that offers residents a lounge area, work stations, laptop computers, and a conference room where a part-time Resident Support Coordinator provides services.

              Pleasant Prospect Homes provides quality housing for formerly homeless and low-income families and individuals, providing roots and supportive services empowering residents to work their way out of poverty.

              Hawaii Housing Finance, LLC

              Hale Mahaolu Ehiku – Maui, Hawaii

              Hale Mahaolu Ehiku, located on the island of Maui, is an elderly housing campus with 114 one-bedroom units and a managers unit. Hale Mahaolu's concept for Ehiku is "aging in place." At Ehiku, residents enjoy, an on-site dental office, beauty salon, and community center equipped with exercise equipment. Also located at Ehiku is a Maui Adult day Care Center.

              Housing Vermont

              Downstreet Apartments – Barre, Vermont

              Housing Vermont partnered with Downstreet Housing & Community Development to redevelop a former Section 8 housing site into attractive affordable apartments and a new home for Downstreet’s headquarters. The newly constructed Downstreet Apartments, containing 27 one- and two-bedroom energy efficient apartments, features a wood pellet heating system and received an AIA Citation Award for Excellence in Building Design, an Efficiency VT Honor Award in the multi-family housing category and a National Green Building Certification.  The property, located just one block off Main Street, is part of a downtown redevelopment strategy that included new State offices, commercial space, and a new City Center financed in part by Housing Vermont's NMTC program.  
               
              LIHTC equity provided $5.6 million of the $8.5 million total development costs. Other sources of funds included the Vermont Housing and Conservation Board, Vermont Agency of Commerce and Community Development, City of Barre, and Efficiency Vermont. Downstreet Apartments opened in July 2016 to strong demand.

              Massachusetts Housing Investment Corporation

              Welcome Home Apartments – Haverhill, Massachusetts

              Welcome Home Apartments is a 27-unit affordable housing project in three newly constructed buildings developed on two vacant parcels and an underutilized parking lot in Haverhill, Massachusetts by Veterans Northeast Outreach Center (VNOC) and Coalition for a Better Acre (CBA – a longtime MHIC customer). This project serves a critical housing need in the community by providing stable, service-enriched housing to very low-income veterans and their families, many of whom were either homeless or at-risk of homelessness prior to moving into Welcome Home Apartments. VNOC works closely with Veterans Administration hospitals to identify and prioritize veteran families that will benefit from this housing. Veterans and their families have access to the services they need to maintain healthy and productive lives, including: employment services and case management services that will help connect residents to health care, health and wellness classes, community meals, and financial and legal services.

              For this $6.4 million development, MHIC provided $2.5 million in federal low-income housing tax credit financing and was the principal private sector partner in the financing of this project. Other sources of financing included the Massachusetts Department of Housing & Community Development, Pentucket Bank, the North Shore HOME Consortium, the City of Haverhill, Community Economic Development Assistance Corporation and the Affordable Housing Trust. The U.S. Department of Veterans Affairs also provided funding to VNOC for this project.

              Merritt Community Capital Corporation

              Stonebridge Apartments – St. Helena, California

              Stonebridge Apartments is an 80-unit affordable housing property located in St. Helena, California near the Napa River and the hills of the Napa Valley. The property was recapitalized and rehabilitated by EAH Housing: one of the largest and most respected nonprofit housing development and management organizations in the western United States.

              Stonebridge Apartments is a family residential complex with many outdoor amenities: a large soccer field, basketball courts, community gardens, children’s play areas for toddlers and adolescents and a barbeque area. There is also an indoor community center with kitchen, television, library, piano, computer stations and internet.

              The location is within walking distance of stores and services. A town shuttle system which provides access to nearby shopping and the Napa Valley Community College is also available.

              Merritt Fund XVII provided $5.9 million in equity.

              Midwest Housing Equity Group, Inc.

              Victory Place – Grand Island, Nebraska

              MHEG was honored to partner with the Pioneer Group, Inc. to develop Victory Place, a new construction development to provide permanent supportive housing for homeless, senior and at-risk U.S. veterans and their families in Grand Island, Nebraska. Located on the Grand Island VA Medical Center campus, this development offers 20 one-bedroom units and six two-bedroom units. The building will also include case management offices, a common area and meetings rooms, as well as a laundry facility. Victory Place has a 55-year ground lease with the U.S. Department of Veteran Affairs, with the opportunity to extend it an additional 20 years.

              Pioneer Group, Inc. has been redeveloping neighborhoods since 1997 and are based out of Topeka, Kansas.

              MHEG’s Community Fund 45, LP provided $4 million in equity.

              Mountain Plains Equity Group, Inc.

              Northern Place Apartments – Dickinson, North Dakota

              Completed on budget and ahead of schedule, this quality multifamily property consists of 36 new affordable apartments. Northern Place Apartments is located in a residential neighborhood in north-central Dickinson, at 3860 12th Avenue West, in close proximity to essential services that include an elementary school, post office, bank, grocery store and shopping.

              Configured in one 3-story design, the building consists of 2- and 3-bedroom units, each with a patio or deck. Two additional garage buildings provide secure parking for 36 vehicles.

              Alex Burkhalter of Housing Solutions, is the developer and driving force behind this project’s successful completion, complemented by the swift moving contractor, Howard Construction from Missoula, MT. The financing was arranged in large part through the North Dakota Housing Finance Agency (NDHFA) with an allocation of $632,725 in annual tax credits. Working with MPEG as the syndicator, First Security Bank of Missoula, MT served as both the lender and the tax credit equity investor.

              Congratulations to everyone involved in bringing these new homes to deserving families in Dickinson. MPEG is proud to work with this team of professionals.

              Northern New England Housing Investment Fund

              Village Centre – Brewer, Maine

              Village Centre, developed by Community Housing of Maine (CHOM), is a new construction family project in Brewer, Maine. This three story, 54,000 square foot, 48-unit housing project was designed under Passive House standards. Passive House is a standard in energy efficiency that refers to ultra-low energy, high-efficiency buildings, with Village Centre estimated to be over 60% more energy efficient than a typical apartment building. Some of the energy saving measures include; a 100-panel photovoltaic array on the roof, triple-paned windows and super tight insulation with no thermal bridging. Built on a former Brownfield site, it is the second largest passive house in the United States and the largest in a cold climate. In 2016, it was awarded Best Multifamily and Best Affordable Housing project by Passive House Institute US.

              The energy efficiency measures are only one part of CHOM’s ultimate goal to provide livability and accessibility within sustainable affordable housing to some of Maine’s most vulnerable populations. The project partners with local organizations such as Penobscot Community Healthcare and Frannie Peabody Center to identify and house people who are homeless or who have HIV/AIDS with the assistance of specialized vouchers and on-going support services. An additional waitlist preference is given to the blind and visually impaired. Village Centre provides a community room and outdoor playground for families, all within walking distance of downtown Brewer and the Brewer Rec Center. A sheltered bus stop on site allows for alternate transportation.

              NNEHIF’s 481 Fund 3 provided $7.6 million in equity. Additional financing was secured in the form of hard and soft debt from Maine State Housing Authority and the project benefits from a TIF from the city of Brewer.

              Ohio Capital Corporation for Housing

              Harbor Town Senior Residence – Perrysburg, Ohio

              Harbor Town Senior Residence is the first senior tax credit development in Perrysburg, Ohio. The $11 million 69-unit new construction development features one-and two-bedroom units with accessible and universal design features, energy efficient design, and modern amenities, including on-site management, a community room with kitchenette, computer center, laundry facilities, fitness and theater rooms, community gardens, picnic shelter and outdoor seating areas. Homes contain a range, carpet, refrigerator, central air conditioning, garbage disposal, dishwasher, window blinds, kitchen pantry, walk-in closets, linen closets, and a breakfast bar. MV Residential Property Management provides service coordination to the residents. Financing includes a combination of Low Income Housing Tax Credits and a Housing Development Loan administered by the Ohio Housing Finance Agency, a construction loan and Permeant USDA 538 financing provided by River Hills Bank, predevelopment loan from the Ohio Capital Financing Corporation and equity investment provided by Ohio Capital Corporation for Housing.

              St. Louis / Kansas City Equity Fund, Inc.

              Vetter Place Apartments – Pine Lawn

              Vetter Place Apartments is located in the City of Pine Lawn in North St. Louis County and consists of 53 units in a newly constructed multifamily building. The unit mix is comprised of 45 one-bedroom units and 8 two-bedroom units, all of which are tax credit-financed and available for occupancy by residents aged 55 or older with incomes at or below 60% of the area median income. Amenities include an exercise room, a large resident living room with computers and other media, community space and an outdoor garden.

              This development is part of an overall effort aimed at stabilizing the housing stock in Pine Lawn, one of the municipalities in the Vision 24:1 Community Building Initiative. This initiative, which is led by Beyond Housing, the Developer and General Partner of Vetter Place Apartments, represents the 24 municipalities in the Normandy school district with one vision for successful children, engaged families, and strong community. This is the 18th partnership between St. Louis Equity Fund and Beyond Housing.

              Virginia Community Development Corporation

              William Byrd – Richmond, Virginia

              This 11-story building, built in 1925 as the William Byrd Hotel, was located across the street from the Union Train station in Richmond. In 1995, a non-profit developer in partnership with a private for-profit developer converted the building into senior apartments with some ground floor businesses. The acquisition and rehabilitation of this property over twenty years later by the nonprofit Project: HOME, involved the replacement of two elevators, system upgrades, energy improvements and general renovation of 104 apartments using 4% LIHTC and federal and state Historic Tax Credits. The total development costs were $13.4 million. VCDC invested $5,613,000. The balance of funding came from local and state housing trust funds as well as tax-exempt debt from Virginia Housing Development Authority.

              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 resident’s lives. Member funds have developed philanthropic affiliates and foundations that fund programs that assist residents socially, economically, and educationally.

              Examples for 2016 from Member Funds include:

              • The CAHEC/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 2016, CAHEC granted $1,061,000 from the Foundation.
              • Virginia Community Development Corporation (VCDC): In 2008, VCDC established the Vern Henley Special Initiatives Grant Program. This program affirms the belief that affordable housing should provide residents with quality shelter and access to services that foster their success. This holistic approach considers a range of factors that shape success — social, educational, physical, emotional, and economic. In 2016, VCDC awarded $167,240.
              • 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 $14 million in grants to partners have been awarded in these areas: Resident Development Fund, Partners, Neighborhoods, and Community Properties Impact Fund. In 2016, 45 grants totaling $965,982 were awarded (20 for summer camp and the remaining for Wellness, Youth Empowerment and Engagement, Advancement, Enriching the Lives of Seniors and Innovative Strategies). OCCH also awards scholarships to student residents through the Jerry Grier Scholarship program. In 2016, $133,060 was awarded to students.
              • Massachusetts Housing Investment Corporation (MHIC): MHIC operates a Charitable Contribution budget that starts at $25,000. They also have a $50,000 Charles Dahm Tuition Scholarship Fund for [children of] tenants of their properties who can apply for college tuition. Applicants are funded for four years and the amount fluctuates annually.
              • Housing Vermont: A few years ago, Housing Vermont created the Housing Vermont Scholarship. Residents of housing affiliated with Housing Vermont are eligible for a renewable annual scholarship of up to $2,500. Scholarships are available for both degreed and non-degreed programs as well as for those interested in taking classes that lead to certifications. Four scholarships are awarded annually.
              • Merritt Community Capital Corporation: Merritt offers funding for educational advancement. In 2016, Francisco State University awarded $23,434 to 3 students and California State University East Bay awarded $9,215 to 1 student.

              Other funding includes:

              • Providing homeownership grants
              • Funding community programs
              • Funding food banks
              • Providing scholarship opportunities to residents
              • Funding neighborhood development
              • Providing funds for tutoring, computer classes, and summer camp for residents’ children

              Member funds engage development and management partners by providing opportunities for training and education on a regular basis. Examples include:

              • Holding annual affordable housing conferences with industry speakers
              • Providing property management training
              • Providing individualized training to partners
              • Developing training on energy, construction, and asset management
              • Providing compliance training to property managers
              • Offering a training academy to partners which provides property management and maintenance courses

              Member funds recognize that importance of providing technical assistance to partners navigating HUD and Housing Finance Agencies programs. Assistance is given in:

              • Understanding and usage of HOME funds
              • HUD Section 8 regulations
              • Development consulting
              • Understanding RAD and mixed-finance funding
              • Rural development assistance
              • Housing agency programs and funding

              Member funds are actively involved in state and federal housing policy issues, engaging lobbyists, and serving on:

              • Local housing councils and agencies
              • Boards and executive committees of housing trade associations
              • Legislative Advocacy groups

              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:

              • Predevelopment and acquisitions lending products
              • Bridge loan financing
              • Gap financing
              • Construction loan financing
              • Permanent financing