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.
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.
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.
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!
President and Chief Executive Officer
CAHEC
President & CEO
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
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.
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
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.
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.
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.
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
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.
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:
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: